Terms of Use
Last Updated: June 2021
These Terms of Use (the “Terms”) apply to you when you access and use our
Platform and our Services (as defined below) that are offered by Obiex Inc.,
trading as Obiex, and set out how you may use and access the Platform and
the Services.
By accessing the Platform and/or Services and/or creating a User Account,
you are agreeing to these Terms and entering into a legally binding
agreement with Obiex. In particular, you are acknowledging and agreeing that
you have read and understood the “Risks of Trading and/or Holding Digital
Currency” section in clause 3 below. If you do not agree to these Terms, you
must not create a User Account and must cease using our Platform and
Services immediately.
1. The Platform and the Services
1.1 The website obiex.com, together with its related mobile applications,
(collectively the “Platform”) is operated by Obiex Inc. In these Terms of
Use, “Obiex”, “we”, “us” or “our” means Obiex Inc., and any reference to
“you” or “your” means you, the person or entity who accesses and/or uses the
Platform and/or the Services.
1.2 The Platform enables individuals who sign up to use our services to
acquire digital currency (which may also be known as cryptocurrencies,
e-money, virtual money, alt-coins) (together, “Digital Currency”). Our
services include the trade, purchase, sale and exchange of Digital Currency
using the Platform (collectively the “Services”).
2. Registration and Eligibility
2.1 If you wish to access and receive the Services, you must sign up once by
creating an account in accordance with the requirements of the Platform (a
“User Account”).
2.2 You may only create a User Account:
- If you are at least 18 years old;
-
If you provide accurate, complete and truthful information as required by
our User Account creation process;
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If you provide a valid email address and password; and
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Consent to us contacting you about your User Account and your User Profile
(including to verify the personal information that you have provided to us
in your User Account and User Profile) or the Services.
2.3 By creating a User Account, you authorise Obiex to use your personal
information to make enquiries to verify your identity either directly or
through third parties, in order to protect our Platform, Services and other
users against fraud or illegal activities and to meet our anti-money
laundering requirements. If we are not satisfied with the outcome of such
enquiries, we may terminate your User Account immediately or refuse to let
you create such a User Account.
2.4 It is your responsibility to maintain the confidentiality and security
of any information that may be used to access your User Account, including
your log-in information or password. You must notify Obiex immediately of
any unauthorised access or use of your account, password or any other
applicable breach of our Platform and Services by submitting a support
request on our website. You understand that anyone accessing your User
Account will be able to enter into transactions using your User Account, and
Obiex has no obligation to verify or take any steps to verify any
instruction received from you or appearing to be sent by you.
2.5 Importantly, you agree that you will:
-
Not share your password, login information, or other security related
information with any other person that may allow them to access your User
Account;
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Not permit any other person to use or access your User Account or login
information;
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Notify us if there has been, or you suspect there will be, any
unauthorised use of your User Account; and
-
Only create one User Account, you will not register as a user under
multiple personas (whether false or not).
3. Risks of Trading and/or Holding Digital Currencies
3.1 You acknowledge and agree that:
-
The trading and/or holding of Digital Currency is unlike traditional
currencies, goods or commodities in the market: it involves significant
and exceptional risks and the losses can be substantial. You should
carefully consider and assess whether trading or holding of digital
currency is suitable for you depending upon your financial circumstances
and tolerance to risk and you should take independent financial advice;
-
We have not advised you to, or recommended that you should, use the
Platform and/or Services, or trade and/or hold Digital Currencies;
-
Once a transaction involving the transfer of Digital Currencies has been
completed, it is impossible to reverse it;
-
Unlike other traditional forms of currency, Digital Currency is
decentralised and is not backed by a central bank, government or legal
entities. As such, the value of Digital Currencies is extremely volatile
and may swing depending upon the market, confidence of investors,
competing currencies, regulatory announcements or changes, technical
problems or any other factors. Obiex Finance makes no warranties or
representations as to the future value of any Digital Currencies and
accepts no liability for any change in value of your holdings;
-
You must exercise extreme caution whenever you select, store or transmit
your private keys that relate to the Digital Currency in your holdings. If
another person learns your private key then they can take your funds. If
you forget or lose your private key or password, you acknowledge that (i)
we do not keep a record of that private key; (ii) that we cannot provide a
back-up; (iii) you will not be able to access your wallet or any of the
Digital Currency within it; and (iv) you will lose your Digital Currency;
-
If you choose to provide us with an address to send your Digital Currency
to, it is your sole responsibility to ensure that you have entered a
correct and valid address. Obiex is not responsible or liable for any loss
of Digital Currency due to you providing us with an incorrect address, and
-
Obiex is not responsible or liable for your holdings in any way, including
for any misappropriation, loss or theft of your Digital Currencies. You
acknowledge that it is important for you to take precautions when
transferring and storing your Digital Currencies and that you should
familiarise yourself with the security measures available when using an
e-wallet service or other device for storage. You acknowledge that you
should always take a greater degree of care and precaution to secure your
passwords when operating in a digital environment, and
-
Obiex is not responsible for providing any support, advice or
communication regarding your Digital Currencies once they have been
received by you. This includes, but is not limited to, hard forks, mainnet
swaps and airdrops.
3.2 You acknowledge that we do not issue financial products or provide any
financial advice and no offer or other disclosure document has been, or will
be, prepared in relation to the Services, the Platform and/or any of the
Digital Currencies, under the Investments and Securities Act (ISA) 2007 or
any other similar legislation.
4. Appointment
4.1 You appoint Obiex, and Obiex accepts the appointment, to act as your
agent for the purchase, sale or exchange of Digital Currency that you have
ordered through your User Account on our Platform, in accordance with these
Terms.
5. Your Obligations
5.1 You acknowledge that we will process your transactions through the
Platform in accordance with your instructions, and you should carefully
verify all instructions before placing any orders for Digital Currency. If
there is an error in those instructions, then that is your risk and we do
not accept any responsibility or liability.
5.2 The purpose of our Platform and Service rules is to facilitate a safe
and enjoyable experience for all users. When you use our Platform or
Services, you warrant and agree that you will:
- Comply at all times with Nigerian Laws;
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Not interfere with or attempt to impair our computer systems or transit
software viruses, worms, other harmful files or other malware;
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Not use a robot, spider, scraper or other unauthorised automated means to
access the Platform or the Services or any content shown on the Platform;
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Not attempt to gain unauthorised access to any part of the Platform or the
Services, including attempting to gain access to a User Account other than
yours;
-
Not attempt to reverse engineer, disassemble or otherwise attempt to
construct, copy or replicate the Platform's source code, formulas or
processes;
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Ensure that all information that you provide to us is current, complete
and accurate (including your contact details);
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Not use the Platform and/or the Services to engage in any restricted or
criminal activities, including:
- financing terrorist organisations;
- money laundering;
- illegal gambling;
- Fraud;
-
distributing or funding drugs and drug paraphernalia; or
- malicious hacking;
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not use the Platform or Services for: wire transfer money orders;
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as a means to transfer funds between bank accounts;
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to carry out any act that is illegal in Nigeria or in the jurisdiction
where the person carrying out the activity is resident, domiciled or
located; or
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commercial purposes which are competitive to the Platform or our business
or which would otherwise be detrimental or prejudicial to our interests in
any way;
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only use the Platform and the Services to purchase Digital Currency on
your own behalf, and not on behalf of anyone else;
-
not use systematic, repetitive or other related methods which are designed
to generate or obtain repetitive and repeated amounts of data or other
information from or to the Platform or which may otherwise place an
unreasonable load on the infrastructure of the Platform; and
-
not do anything else that may interfere with or negatively affect the
operation of our Platform, the Services or other users' use and enjoyment
of the Services and/or the Platform.
5.3 Obiex encourages you to report any problems or vulnerabilities with our
Platform and Services by submitting a support request on our website.
6. Transactions and Service Fees
6.1 To purchase Digital Currency using the Services, you must:
-
Sign in to your User Account or sign up for an account if it is your first
time;
- Select your chosen Digital Currency; and
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Insert the amount of crypto you want to sell. The Naira equivalent will
display on the dashboard.
-
You acknowledge that this rate: is not fixed and given the volatile nature
of Digital Currencies, may have changed by the time that we purchase the
relevant Digital Currency on your behalf; and
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You pay zero transaction fees when trading your crypto with Obiex. It is
free to trade on our Platform.
6.2 The sale of any Digital Currency on the Platform is deemed to take place
in Nigeria. On completion of the sale, you are deemed to take possession of
your Digital Currency in Nigeria.
6.3 The Services are subject to exchange rates at the time of our purchase,
sale or exchange of the relevant Digital Currency on your behalf. These
rates may vary from those shown at the time that you place your order. Obiex
accepts no responsibility or liability for any change in such rates that
result in a loss of value occurring during processing of your order.
6.4 We reserve the right to delay, suspend or cancel a transaction if:
-
We believe the transaction may include, enable or be linked to illegal
activity, including the activities outlined in clause 5.2;
-
There are technical reasons that prevent us from completing the
transaction; or
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We receive a request from a law enforcement or government agency to do so.
6.5 We may exercise our rights under clause 6.4 at our sole discretion and
are not required to provide our reasons for doing so.
7. Termination
7.1 Obiex may suspend, limit, restrict or deactivate the access to the
Platform and Services, including your User Account, if:
-
We receive a serious complaint or multiple complaints about you from any
other person;
-
You gain or attempt to gain unauthorised access to the Platform or another
member's User Account;
- There is a technical or operational difficulty;
-
We consider any conduct by you (whether or not that conduct is related to
the Platform or the Services) puts the Platform, the Services or other
users at risk;
-
You use or attempt to use the Platform in order to perform illegal or
criminal activities;
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Your use of the Platform is subject to any pending investigation,
litigation or government proceeding;
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You fail to pay or fraudulently pay for any transactions;
- You breach these Terms;
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We, in our reasonable discretion deem your behaviour to be unacceptable;
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You breach these Terms and, where capable of remedy, fail to remedy such
breach within 30 days' written notice from us specifying the breach and
requiring it to be remedied;
-
Your conduct may, in our reasonable opinion, bring us into disrepute or
adversely affect our reputation or image; and/or
-
We receive a valid request from a law enforcement or government agency to
do so.
We will use reasonable endeavours to restore your access to the Platform and
Services, including your User Account, within 14 days of you demonstrating
to us, acting reasonably, that the reason for such suspension, limitation,
restriction or deactivation no longer exists.
7.2 We may also terminate these Terms and cease to provide the Services and
the Platform if we cease to conduct business or undergo insolvency event,
meaning that where that party becomes unable to pay its debts as they fall
due, or a statutory demand is served, a liquidator, receiver or manager (or
any similar person) is appointed, or any insolvency procedure under the
Companies and Allied Matters Act, 2020 is instituted or occurs.
7.3 Upon termination of these Terms and/or our termination of your User
Account, you will lose access to the Platform and Services.
8. Service Limits, Disclaimers and Limitations of Liability
8.1 No warranties
-
You acknowledge that any transactions that you enter into, using the
Platform or the Services are entirely at your own risk. While we will take
reasonable care to ensure that the information available on or accessed
through the Platform and/or the Services is correct, you are solely
responsible for the actions you take in reliance on that information.
-
The Platform and the Services are provided on an “as is” and “as
available” basis. Other than to the maximum extent permitted at law, we
give no express warranties, and disclaim and exclude all implied
conditions or warranties, as to the Platform and the Services. Without
limiting the foregoing we do not:
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give any warranties of merchantability, fitness for a particular purpose
and non-infringement;
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warrant that the Platform and/or the Services will be compatible with your
equipment; or
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warrant that the Platform and/or the Services will be free from errors,
loss, destruction, interruption, corruption (including corruption of
data), or that the Platform and/or the Services will be timely or secure.
-
You acknowledge that the Platform does not contain all information that
you will require in order to evaluate whether or not you should invest,
use or trade in a Digital Currency. We also do not warrant the accuracy or
correctness of information displayed on the Platform and we give no
warranties or guarantees or accept any liability (except that which cannot
be excluded by law) in relation to the statements, representations and
information displayed on the Platform
-
You should independently satisfy yourself as to the accuracy of all
information provided through the Platform.
8.2 Limitation of liability
-
To the maximum extent permitted by law, we will not be liable for any
loss, cost, damage, liability, claim or expense which may arise out of, or
in connection with, the use of this Platform and/or the Services, or the
use of or reliance on information contained on or linked to this Platform,
including from any:
- corruption or loss of data or other information;
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malware that may be transmitted to your computer by use of the Services
and/or the Platform;
-
interruption, suspension or discontinuance of the Platform or the
Services; or
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time delays or time differences between the time shown and recorded on our
systems and the time shown and recorded on your own computer or mobile
device and systems (as the date and time that you see when you use the
Services is based on the date and time settings of your own computer or
mobile device).
-
To the extent permitted by law, in no event will Obiex be liable for any
special, indirect, incidental, punitive, exemplary, aggravated, economic
or consequential damages, howsoever caused (including due to negligence of
Obiex, its employees or agents or resulting from any third party) which
arise out of, or in connection with any breach of contract (being these
Terms), equity, common law, statutory duty or by reason of any
representation, implied warranty or other condition.
8.3 Liability cap
Notwithstanding clause 8.2.1, if we are found to be liable for any loss,
cost, damage or expense arising out of or in connection with your use of the
Platform or the Services or these Terms, our maximum aggregate liability to
you will be limited to two times the total value of the transaction
involved.
8.4 Force Majeure
We have no liability to you for any lack of performance, unavailability or
failure of the Platform and/or the Services, or failure to comply with these
Terms, due to circumstances out of our control, including a pandemic,
natural disaster, change of law, regulations or policy, or an event of force
majeure.
9. Indemnity
9.1 To the maximum extent permitted by law, you indemnify us from and hold
us harmless against any and all loss or damage, liabilities, penalties,
fines, expenses (including reasonable professional/client fees) and costs
which arise out of or relate to:
- Your use of the Platform and/or the Services;
- Any breach of these Terms or our Privacy Policy;
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Any information that you provide to us via this Platform; or
- Any damage that you may cause this Platform.
9.2 This indemnification includes without limitation, liability relating to
intellectual property rights and breaches of privacy.
10. Use of our Platform and Services
10.1 Security
You acknowledge that:
-
The transmission of information over the internet (including to or from
the Platform) is not completely secure or error free. In particular,
emails to or from us and information submitted to or accessed via this
Platform may not be secure and you should use discretion in deciding what
information you send to us via these means; and
-
Emails to and from us may undergo email filtering and virus scanning,
including by third party contractors. We do not warrant that such filters
and scans will be effective in removing viruses or other potentially
harmful code.
10.2 Linking
-
This Platform may contain links to other websites (“Third Party
Websites”).
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We make no representation or warranty as to, and are not responsible or
liable for, the Third Party Website, the accuracy, legality, decency or
any other aspect of any content that is on that Third Party Website
(“Third Party Content”) nor for any infringement of third party
intellectual property rights as a result of hosting links to Third Party
Websites and Third Party Content on the Platform.
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All statements, representations, offers, products or services provided
through Third Party Websites and Third Party Content are the sole
responsibility of the operator of the Third Party Website or the author of
the Third Party Content and in so far as such links to Third Party
Websites or Third Party Content are hosted on the Platform they are done
so at the request of the operator or author for the purposes of promoting
their offers, products and services. Except where expressly stated
otherwise, we do not act as agent, representative, partner or in any other
capacity on behalf of such operator or author. The inclusion of a Third
Party Website does not imply our endorsement, recommendation or support of
the applicable website or any information, opinions, third party goods or
third party services referred to on it.
10.3 Cookies
We may use cookies to identify your computer on our server and so we can
track your use on our Platform. In some instances, cookies may collect and
store personal information about you. Such personal information will only be
used by us in accordance with our Privacy Policy.
10.4 Supported mobile devices and browsers
-
For optimum performance, we recommend that you use the latest version of
your current Web browser to access the Platform. It is the intent of Obiex
that all of its Web pages and Web-based applications will work well with
Google Chrome and the current stable release and one previous release of
Mozilla Firefox, Apple Safari, and Microsoft Edge.
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Web browsers that are fully compatible with these browsers and older
versions of these browsers may also be suitable, but Obiex does not design
or maintain services, or test for browsers that are not listed above.
11. Auditing and Monitoring
11.1 As part of any Obiex compliance program (to manage compliance with
these Terms of Use and any law or requirement by any authority), we reserve
the right to:
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Review, audit and monitor (manually or through automated means) your use
of the Platform and/or the Services;
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Take any action we deem appropriate in our sole discretion in accordance
with our policies, including suspending or terminating your User Account,
editing, removing or blocking any content that we deem inappropriate or
unacceptable, and in the case of any illegal or suspected illegal
activity, reporting any matters to the appropriate authority; and
-
Access, collect, preserve or disclose information about your use of the
Services and/or the Platform (including your communications and content
you submit) as is necessary to:
- comply with any legal process;
- enforce these Terms;
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respond to any claims or complaints about any content you submit, or act
or omissions by you;
- respond to your customer service requests; and
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protect the rights, property, safety of us, any user or the public.
12. Intellectual Property
12.1 All Intellectual Property Rights in and to the Platform, the Services,
and the software and other material underlying and forming part of the
Platform and the Services (“Platform Material”) is owned by us (and/or our
suppliers and licensors), except where expressly stated in these Terms or
elsewhere on the Platform.
12.2 When using this Platform and/or the Services, we grant you a limited,
non-exclusive, non-transferable, revocable licence to access and use those
software, tools or applications only as required for your use of the
Platform and the Services and as expressly permitted in these Terms.
12.3 You may download and print content from this Platform for your own
personal or internal business purposes only. You must not use, reproduce,
store, publish, adapt, communicate to the public, distribute to third
parties, amend, create derivative works from any part of the Platform or the
Services without our prior written consent or otherwise do anything that
would infringe our Intellectual Property Rights in the Platform or the
Platform Material.
12.4 Reference on the Platform to any companies, products, services,
branding, offers or other information, by trade name, trademark or otherwise
does not constitute or imply endorsement, sponsorship or recommendation by
us or the respective trademark owner.
12.5 We reserve all right, title and interest not expressly granted under
this licence to the fullest extent possible under applicable laws and you
agree to do anything necessary, including executing any documents, to give
full effect to this clause 13.
13. Privacy
Any personal information we collect about you via this Platform will only be
used and disclosed by us in accordance with our Privacy Policy.
14. Amendments to these Terms
14.1 We may amend or modify (“Amendments”) these Terms in whole or in part
by posting a link to the revised version at least 7 days' in advance of the
effective date of any amendment on the homepage of our website
www.obiex.africa.
14.2 If you continue to use the Platform and/or the Services after the
expiry of any notice period, you will be deemed to have accepted the
Amendments, which will apply to your use of the Platform and Services going
forward. If you do not agree with the Amendments, in whole or in part, you
must not access the Platform or the Services.
15. General
15.1 These Terms are governed by the laws of Nigeria. Any and all disputes
arising under this Agreement shall be settled exclusively before courts of
competent jurisdiction in Nigeria.
15.2 By using our Platform, you accept that it is your responsibility to
determine whether and to what extent, any taxes apply to any transactions
you conduct through our Services.
15.3 If any provision of the Terms are held to be invalid, unenforceable or
illegal for any reason, that provision must be read down to the extent
necessary to preserve its operation. If it cannot be read down it must be
severed, and the remaining parts of the Terms will remain in full force and
effect.
15.4 If we do not exercise or enforce any rights available to us under these
Terms that does not constitute a waiver of those rights.
15.5 You may not assign, transfer and/or subcontract any of your rights
under these Terms.
15.6 We may provide you with notices, including notices relating to these
Terms by way of electronic communications, including by email or other
electronic communication on the Platform or through the Services.
15.7 For any complaints about our Services, please contact us at
[email protected].
15.8 For any other questions about the Platform or the Services, please
contact us at [email protected].
15.9 In these Terms, (a) words importing the singular include the plural and
vice versa; (b) the words “including” means “including but not limited to”;
and (c) words importing gender include all genders.
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