1.    INTRODUCTION

1.1      These Terms of Service represent the agreement between the user (yourself) and us (Bitwealth, a juristic representation of ELA Asset Management) in respect of your (the service user) use and/or access of the platform and or website and/or any associated product or service. By accessing or using the platform, website or any associated product or service, you confirm this Agreement and agree to be bound by it completely and unequivocally.

1.2      You confirm further by continuing to use the platform and/or website and/or any related services that you have read and understood the general terms of services, the privacy policy and {insert}.

2.    INTERPRETATION

2.1      The following definitions and rules of interpretation in this 2 will apply in this Agreement –

2.2.1     “this Agreement” or “Terms of Service” – means these terms of service as a whole;

2.2.2     “Business Day” – a day excluding Saturday, Sunday, or public holiday in South Africa;

2.2.3     “Normal Business Hours” – 8 am to 5 pm local South African time, each Business Day;

2.2.4     “Personal Information” – has the meaning defined in Data Protection Legislation;

2.2.5     “Services” – the cryptocurrency exchange, cryptocurrency trading platform and other services provided or made accessible to you

2.2.6     “User Data” – the data inputted or provided by you, or by us on your behalf to use the Services or facilitate your use of the Services and includes your Personal Information.

3.    RISK NOTICE

3.1      By making use of the Platform and any related services, you are acknowledging and accepting the volatility of trading in cryptocurrency. You further acknowledge and accept that you solely carry the inherent risks associated from this aforementioned volatility.

 

4.    OPENING A USER ACCOUNT

4.1      A Bitwealth User account must be opened before making use of the Beta Fund, Alpha fund or Forex Fund. In alternative you may open the account to access cryptocurrencies and general services provided by the platform.

4.2      When you open this account, you acknowledge and guarantee to us that you:

4.2.1     Are over the age of 18

4.2.2     Are Duly authorized to enter into this agreement

4.2.3     Are the sole owner of the funds invested into the Account and are the only person entitled to the funds and assets held in your account.

5.    KNOW-YOUR-CUSTOMER (KYC) AND ANTI-MONEY LAUNDERING (AML) PROCEDURE AND CHECKS

5.1      You agree to fully and faultlessly provide true, complete, accurate and up-to-date information required to facilitate KYC and AML compliance.

5.2      KYC and AML procedures and checks are required by the Financial Advisory and Intermediary Services Act 37 of 2002, Financial Intelligence Centre Act 38 of 2008 and internal procedures. These procedures facilitate the verification of your identity, your place of residence and source/use of funds to prevent illicit activity.

5.3      We consequently reserve the sole and unrestricted right to refuse or reject a registration at our discretion based on any irregularity or concern that may arise from such procedures, whether at the onboarding of you as a client or at a later stage according to your use of the platform.

6.    USER ACCOUNT SECURITY

6.1      You will be required to log in using your email as a username and are further required to set an appropriate password.

6.2      Such email address with further be verified via OTP.

6.3      Bitwealth is not responsible or liable to you in any way if you do not keep your credentials confidential and secure and as a result information is intercepted by an unauthorized person, either in transit or at your home, business, or other place of access. Bitwealth uses appropriate measures to keep your information secure and confidential while on Bitwealth’s systems but is not responsible for the security of information while on your device. You agree to be responsible for any act or omission by any person accessing the Platfrom or other Bitwealth technology, using your account credentials, or from your computer or smart device.

6.4      You maintain the sole responsibility to guard the security of your email and password and endeavor to prevent unauthorized access. In the event of unathorised access you undertake to inform Bitwealth as soon as possible of the breach.

7.    WITHDRAWALS, DEPOSITS, AND PAYMENTS

7.1      In order to fund your trading activities, you will be required to deposit with us sufficient fiat currency in order to acquire cryptocurrency to trade with.

7.2      Deposited fiat currency will be converted to exclusively into cryptocurrency, which will be allocated to your user account. You may choose the cryptocurrency for conversion, provided that it is supported by us, conversion will be at the applicable rate at the time of conversion.

7.3      Funds must be cleared in order to be accepted, card (Debit or Credit) and electronic transfer are the only methods of payment accepted.

7.4      We reserve the right in our sole discretion, to place limitations on the amounts of fiat currency deposited, with the limit calculated either on singular deposits or as an aggregate of deposits over a specified period of time. These limits will be communicated with 4 days’ notice prior to implementation.

7.5      Once instructions are validated and verified they will be executed within {insert days}

7.6      Withdrawals of cryptocurrency will be paid out in rand as the base currency for conversion, funds can only be paid out to your verified personal South African bank account which is associated with your user account.

8.    ORDER EXECUTION

8.1      Please described the process of execution once instructions are provided. E.g how long it takes, what the limitations are

9.    FUNDS RECEIVED IN ERROR

9.1      You undertake to inform us immediately as to the presence of erroneous funds credited to your account whether in fiat or cryptocurrency not belonging to yourself.

9.2      We reserve the unilateral right to extract such funds present in your account erroneously. Such debit may occur from your own funds should you have misappropriated or in any way utilised the erroneous funds.

10. THE PLATFORM SERVICES

10.1   The platform and its related services will be available 24/7 with the following exceptions:

10.1.1 Planned maintenance carried out during the maintenance of 12 pm and 3 am with 3 business days’ notice

10.1.2 System failures outside of the reasonable control of Bitweath that may necessitated.

10.2   Whilst the platform is available 24/7 subject to the above exceptions please note that user support services are available only during the business hours of 8 am to 5 pm. Our support services will be available through the following means:

10.2.1 Insert (e.g emails, cell numbers, web address)

10.3   Use of the user support service, helpdesk or general over-the-counter services are aimed solely at facilitating your understanding and use of the platform. No information provided through these channels can be considered to constitute market, investment, or financial advice.

11. CHARGES AND PAYMENT

11.1   Where applicable, we will debit the relevant transaction fees in real-time from any funds associated with your user account.

12. OUR OBLIGATIONS

12.1   We undertake to provide the services under this Agreement in accordance the degree of care, diligence and skill that a reasonably prudent service provider would exercise in the circumstances.

12.2   We do not guarantee or warrant that services will not be subject to interruptions or subject to errors.

12.3   We are not responsible for any errors, interruptions or failure falling outside our reasonable control or that which may not have reasonable been preventable or foreseeable or which arise due to the failure of third parties including but not limited to internet providers. {are there additional third parties you want to include}

13. YOUR OBLIGATIONS

13.1   You will warrant and guarantee that you will:

13.1.1 Execute and deliver any authorizations and documents as may be reasonably necessary for Bitwealth to carry out its services under this Agreement.

13.1.2 Ensure that information or documentation provided by you to Bitwealth is accurate, complete, up-to-date and not misleading in any material respect and that you have notified Bitwealth of any information which could be relevant to the performance of  duties under this Agreement.

13.1.3 Acknowledge and accept fully that Bitwealth will be relying on the information or documents provided by you. You will promptly advise Bitwealth of any material changes in your information within 5 business days of such change

13.1.4 Will be solely responsible for all tax returns, filings and reports on any transactions undertaken pursuant to this Agreement and for the payment of all taxes or other liability arising out of, or in connection with, the investments held in your Account.

13.1.5 Be aware of, and solely responsible for all tax consequences arising from your use of services.

13.1.6 Be fully acquainted with and are aware of any capital or exchange control restrictions arising from your use of the Services.

13.1.7 Assume full responsibility for its own compliance with the Exchange Control Regulations and declares that you have familiarised yourself with any and all requirements pertaining to transactions which it intends entering into. Nor Bitwealth, nor ELA Asset Management will be responsible for the client exceeding it Foreign Investment Allowance for the year.

13.1.8 Provide any documents and information that Bitwealth may require to comply with the requirements of relevant anti-money laundering rules, FICA rules, exchange control requirements or any relevant legislative standard or control.

13.1.9 Guarantee to not utilize the services to attempt to circumvent any of your legal obligations including but not limited to taxation requirements, exchange control requirements or anti-money laundering legislation.

14. TERMINATION

14.1   You can close your user account with us at any time on the giving of 30 days’ notice. Your notice or request for closure must and can only be made through your user account at {insert means of cancellation e.g email, via the platform or both}

14.2   We can suspend or close your user account at any time on any of the following grounds, and if we do so, any open or pending transactions will be closed at the then-current rate at the time of suspension or closure by reference to the daily values published on our website:

14.2.1 Breach of any terms of this agreement or of any mandate signed by yourself or of any document related to the services provided.

14.2.2 Attempts to utilize the platform/website to circumvent any rule, law or agreement which may result in the civil or criminal liability of yourself.

14.2.3 Misappropriation or use of funds not belonging solely to yourself or not under your express, full, lawful and sole control.

14.2.4 Attempts to circumvent anti-money-laundering rules or legislation.

14.2.5 Failure to inform Bitwealth of material changes in information within the stipulated time frame.

14.2.6 Failure to take adequate measures to safe guard the security of your device and access to the services including but not limited to negligence with regard to your password or failing to provide for adequate anti-virus or similar software.

14.2.7 Allowing a third party whether an intermediary/broker/ or otherwise to access and manage your funds on the platform.

15. USER DATA, DATA PRIVACY AND PROTECTION, DATA SECURITY

15.1   You acknowledge and guarantee that you have read, understood and agreed to all aspects of the privacy policy and consent further that:

15.1.1 Bitwealth will not be responsible for any loss, destruction, alteration, or disclosure of User Data caused by any third party, except those third parties sub-contracted by us to perform services related to User Data maintenance and backup.

15.1.2 You consent to the sharing of your information to:

a.     our business partners or related companies, in order to provide you with access to the Website, Platform and/or Services in order to provide you with access to the Website, Platform and/or Services, such as data storage service providers,

b.    authorised service providers, banking service providers and/or third party payment processors.legal and regulatory authorities, upon their request, or for the purposes of reporting any breach of applicable laws, accountants, auditors, lawyers and other external professional advisors in terms of written agreements with them;

c.     any relevant party to the extent necessary for the establishment, exercise or defence of legal rights, criminal offences, threats to public security, etc.;

d.    any relevant third party if we sell or transfer all or any portion of our business or assets; and

e.    any relevant third party provider where our Website or Platform uses third party advertising, plugins or content.

f.      Our Website may connect to various social media websites or apps, including, but not limited to, Facebook, Twitter, LinkedIn, Instagram. If you want to use the Website for social media integration, we will share your Personal Information with the relevant social media websites or apps.

15.1.3 You acknowledge and accept that your data may be transferred to different countries for internal business purposes:

a.    We will only transfer Personal Information to third parties in countries with adequate data protection laws or do so in terms of a written agreement with the recipient which imposes data protection requirements on that party as required by Applicable Law.

b.    Please note that when you transfer any Personal Information directly to a third party in another country (i.e. we do not send your Personal Information to the third party), Bitwealth is not responsible for that transfer of Personal Information (and such transfer is not based on or protected by this Policy). Any Personal Information that we receive from a third party country will nevertheless be processed in terms of this Policy.

15.2   You agree to undertake reasonable methods to protect your own data security including but not limited to ensuring you have adequate modes and methods to protect the integrity of your login credentials including your email address and password.  You further guarantee that your device used to access the platform is equipped with sufficient and reasonable controls and anti-virus security. You maintain full responsibility and liability for any failure of yourself to provide for adequate security measures.

15.3   You agree to accept full liability for any unauthorized access by third parties or malicious software impacting your account or access thereto not under the reasonable control of Bitwealth. 

16. LIMITATION OF LIABILITY

16.1   The client agrees to indemnify Bitwealth and ELA Asset Management for any losses or expenses (including, though not limited to, legal costs on the Attorney’s  scale) it may suffer as a result of or arising from or in consequence of:

16.1.1 The clients failure to comply with this agreement.

16.1.2 The provision of incorrect, inaccurate, misleading or fraudulent information and or representation. 

16.1.3 Loss arising from full and faultless performance of the clients instructions

16.1.4 Decisions by the client or advice of the client to or from third parties in an attempt to replicate the conduct of Bitwealth or ELA Asset Management.

16.1.5 An Insolvency event.

16.1.6 Conduct by Bitwealth and/or ELA Asset Management acting in accordance with an applicable law.

16.1.7 Conduct undertaken by Exchange Control and SARS as a result of attempts to evade regulation.

16.1.8 Except for in instances of  gross negligence or intent, the client fully indemnifies and accepts all risk of loss of any or all of the investments and/or capital amount and/or Profit Share due to the inherent risks arising from investment into a novel and speculative Investments.

16.1.9 Your use of the services or platform and conclusion drawn from such use.

16.1.10       The client assumes responsibility for its own compliance with the Exchange Control Regulations and declares that it has familiarised itself with any and all requirements pertaining to transactions which it intends entering into. Nor Bitwealth, nor ELA Asset Management will be responsible for the client exceeding it Foreign Investment Allowance for the year. Except as expressly and specifically provided in this Agreement:

16.2   We specifically reserve the right to cancel or reverse any transaction which is executed wrongly for any reason.

17. FIDUCIARY AND BROKERAGE SERVICES

17.1   We do not endorse, approve or consent to you or any other person operating or using your user account as a brokerage account in connection with any fiduciary or brokerage services.

17.2   We do not permit your utilization of any third party intermediary to operate your account on your behalf.

17.3   Allowing any person, fiduciary service provider or broker to operate or use your user account, is solely at your own risk and may result in the termination of your account.

18. GENERAL

18.1   The terms and conditions of this document are the conditions in force at the date of your access to the platform and/or the website and shall not be superseded or modified except with written consent and signature of both parties.

18.2   By accessing the platform and/or website you agree to all terms of service completely.

18.3   No oral representation by Bitwealth shall form part of this agreement, and all conditions, warranties or other terms implied by statue of common law are hereby excluded to the fullest extent permitted by law.

18.4   Should any of the terms under this agreement be deemed unenforceable or illegal, the remaining terms will nevertheless continue in force and effect.

18.5   This Agreement, the privacy policy, and, general terms and conditions as available on the website constitutes the entire contract amongst the Parties and no provisions, terms, conditions, stipulations, warranties or representations of whatsoever nature, whether express or have been made by the Parties or on their behalf except as are recorded herein.

18.6   The Client shall not be entitled to cede, assign or otherwise transfer any of its rights, Profit Shares or obligations under and in terms of this Agreement without the prior written consent of Bitwealth, unless as set out in this Agreement.

19. FORCE MAJEURE

19.1   Except for the obligation to pay monies due and owing, no Party shall be liable for any delay or failure in performance due to an event:

a.    beyond the reasonable control of the Party;

b.    which was not reasonably foreseeable at the time of conclusion of this Agreement; and

c.     that the Party could not have reasonably avoided or overcome, or at least its effects.

19.2   The obligations and rights of the defaulting Party shall be extended for a period equal to the period during which such event prevented such Party’s performance, provided that if such period exceeds 30 (thirty) days, then any Party shall be entitled to terminate this Agreement immediately on written notice while the defaulting Party’s performance continues to be prevented.