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.
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