Terms of Use

Last Updated: September 2024

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 Africa Ltd., 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 Africa Ltd. In these Terms of Use, “Obiex”, “we”, “us” or “our” means Obiex Africa Ltd., 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, loan, 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;
If you provide a valid email address and password; and
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;
Not permit any other person to use or access your User Account or login information;
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;
Not interfere with or attempt to impair our computer systems or transit software viruses, worms, other harmful files or other malware;
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;
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;
Ensure that all information that you provide to us is current, complete and accurate (including your contact details);
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;
not use the Platform or Services for: wire transfer money orders;
as a means to transfer funds between bank accounts;
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
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;
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
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
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
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.Closure Of Your Account

You may close your Obiex Account by submitting a closure request to [email protected]. Obiex will action such requests once (i) the sum of all Local Currency and digital currency balances in your Obiex Wallet(s) is below the Minimum Closure Amount; and (ii) no transactions have taken place in your Obiex Account for a period of at least 30 days.

Such requirements are designed to protect you from loss and Obiex will not action a closure request until they are satisfied.

You accept and acknowledge that, once your Obiex Account is closed:

you will have no further access to it;

Obiex will be under no obligation to notify you of, or provide to you, any digital currency sent to any receive address associated with your Obiex Account; and

Obiex reserves the right (but has no obligation) to delete all of your information and account data stored on our servers, and also reserves the right to retain any information that is required for legal or operational reasons.

If at the date of closure of your account any Local Currency or digital currency remains in your Obiex Wallet(s) (i.e. funds amounting to less than the Minimum Closure Amount), you accept and agree that Obiex shall retain such funds and that you shall have no further claim to them. The Minimum Closure Amount shall be USD10.00 or the equivalent in your Local Currency.

You accept and agree that Obiex shall not be liable to you or any third party in relation to the closure of your Obiex Account, the termination of access to your Obiex Account, or for the deletion of your information or Obiex Account data.

To reactivate your account, send an email to [email protected] We will contact you and proceed with the necessary verifications or investigations to allow you to re-access your account.

8. Restrictions and Termination

7.1. We reserve the right to suspend, limit, restrict, or deactivate your access to the Platform and Services, including your User Account, under various circumstances:

Upon receiving serious complaints about you from any other person.
If you attempt to gain unauthorised access to the Platform or another member's User Account.
If there are technical or operational difficulties.
If your conduct, whether related to the Platform or not, poses risks to the Platform, the Services, or other users.
If you use or attempt to use the Platform for illegal or criminal activities.
If your use of the Platform is subject to any pending investigation, litigation, or government proceeding.
If you fail to pay or fraudulently pay for any transactions.
If you make use of addresses that have been exposed to scams or continue to do so even after it has been brought to your attention.
In case of breach of the Terms.
If your behaviour is deemed unacceptable at our discretion.
If you fail to remedy a breach of the Terms within 30 days' written notice from us.
If your conduct may bring us into disrepute or adversely affect our reputation or image.
Upon receiving a valid request from a law enforcement or government agency.

We will make reasonable efforts to restore your access within 14 days once you demonstrate, reasonably, that the reason for suspension, limitation, restriction, or deactivation no longer exists.

7.2. Additionally, we may terminate these Terms and cease providing the Services and the Platform under the following circumstances:

If we cease to conduct business or undergo an insolvency event as defined by applicable law.
If any insolvency procedure under the Companies and Allied Matters Act, 2020 is instituted or occurs.

7.3. Upon termination of these Terms and/or termination of your User Account by us, you will lose access to the Platform and Services.

9. 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:
give any warranties of merchantability, fitness for a particular purpose and non-infringement;
warrant that the Platform and/or the Services will be compatible with your equipment; or
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;
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
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;
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”).
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.
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.
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:

Review, audit and monitor (manually or through automated means) your use of the Platform and/or the Services;
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;
respond to any claims or complaints about any content you submit, or act or omissions by you;
respond to your customer service requests; and
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 while executing any documents, to give full effect to this clause.

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: https://obiex.finance/legal/terms.html .

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.