Last Updated 2018-06-01
1. Terms & Conditions
1.1 Acceptance of terms
The Terms constitute a legally binding agreement between you and Coin Buyers Club (Pty) Ltd, which is a company incorporated under the laws of South Africa. For the purposes of these Terms, any reference to “we” “us” “our” “CBC” “Coin Buyers Club” and/or any similar term shall be construed as reference to Coin Buyers Club (Pty) Ltd.
By registering with us or using our services you unconditionally accept these Terms and agree to be bound by and act in accordance with them. You also accept and agree that you are solely responsible for understanding and complying with all laws, rules, regulations and requirements of the jurisdiction in which you live that may be applicable to your use of Coin Buyers Club’s services, including but not limited to, those related to export or import activity, taxes or foreign currency transactions.
Please read these Terms carefully before using Coin Buyers Club services as they affect your legal rights and obligations.
From time to time Coin Buyers Club may update our terms. Please check back regularly to check any updates to these terms. We will do our best to notify you of any changes to our terms which affect your rights and obligations. Notices of changes will be posted on our website or sent out via email to the address you register with.
Coin Buyers Club wants to help as many people as we can however in order to comply with local regulation. By using Coin Buyers Club Services you expressly warrant and represent that:
- You are 18 years of age or over and have full legal capacity to accept these Terms.
- You will only transact with Coin Buyers Club using your own name
- You are not a resident of the United States of America
- You are not using Coin Buyers Clubs services for any illegal activity
Coin Buyers Club provides services related to Bitcoin. We do not provide investment advice.
Cryptocurrency markets are volatile and fluctuate significantly in short time frames, please make sure you understand the risks involved in any transaction before participating in said transaction or signing up for any Coin Buyers Club Services.
It is your responsibility to assess your financial situation and risk tolerance before signing up for Coin Buyers Club Services. You accept and agree that you are solely responsible for any decision to use our services or purchase or sell any digital assets.
1.5 Communication Methods
Coin Buyers Club communicates digitally with our clients. You agree that any communications, agreements, contracts, documents etc will be provided to you digitally through our website or on email. You consent to receiving all communications digitally.
You agree that you will maintain access to a device with internet access and a valid email address to access these communications and that you will store these communications for your reference.
You assume full responsibility for providing Coin Buyers Club with a valid email address to which we can send our communications. Any communication sent to the email address provided to us will be considered to have been received by you. Should your email address change you will need to update your address via our website or by contacting our support team.
1.6 Identity Verification
While ID verification is not currently required by law due to the lack of regulation around bitcoin we reserve the right to request full KYC/FICA documentation in future should this become a legal requirement. In such a circumstance we may suspend processing any transactions or services on your behalf until valid KYC/FICA documentation is received and verified.
We also reserve he right, in our sole discretion, to request ID verification or terminate your account if we believe that you have used false information to sign up or should you refuse to provide requested information.
Should ID verification be required:
- we take no responsibility for any delay in processing of transactions on your behalf.
- You agree that Coin Buyers Club may retain provided documents and ID information for as long as the law requires of us even if you terminate your relationship with Coin Buyers Club.
1.7. FIAT Transactions
Coin Buyers Club may accept FIAT currency deposits for some of the services we provide.
Payments will only be accepted from an account held in your own name. No third party deposits are allowed under any circumstances. Please take note we do not accept any Cheque or Cash deposits. Should you deposit a cheque or cash into our account a minimum of 10% of the deposit amount plus bank charges will be deducted from your deposit & the balance will be refunded to you after you log a request with our support team and after the deposit has fully cleared in our account.
Should you wish to make payment in cash please contact support first and we will accommodate you if possible.
1.7.2 Withdrawals / Sales
Should Coin Buyers Club need to make payment to your in FIAT currency you will need to provide a bank account registered in your own name. We cannot pay to a third party account under any circumstances.
You are responsible for providing accurate and complete details to us so that we can process your withdrawal and you agree that under no circumstances will Coin Buyers Club be under any obligation to reverse or amend any withdrawal.
Coin Buyers Club will make all reasonable efforts to process withdrawal/sale requests as quickly as possible but we cannot guarantee a timeline for these transactions and agree that we have no liability should a withdrawal/sell transaction take longer than expected.
1.8. Bitcoin / Cryptocurrency transactions
Coin Buyers Club processes bitcoin buy & sell transactions on behalf of clients on a regular basis. We will always endeavour to get the best rate possible at the time of the trade however we cannot guarantee any specific rate as the markets are continually moving. Any rate or price quoted to you is simply an indication of current market pricing and does not represent a guarantee of the price your trade will be processed at.
Coin Buyers Club will always provide a report of trade rates and balances after each trade.
Fees for bitcoin services are clearly shown when signing up or specific services, please take note of these and make sure you understand them before signing up for any service. Completing the signup process indicates that you accept and understand the fee structure.
Bitcoin transaction fees for Bitcoin purchases are covered by Coin Buyers Club, any other Bitcoin network fees will be paid from your bitcoin balance.
1.9. Account inactivity / Legacy contact
Coin Buyers Club may, under certain circumstances store Digital assets on your behalf. Should we be unable to reach you for an extended period of time and your account is inactive you may provide us with a legacy contact who will then be given access to your account.
Please note that this legacy contact will then have full access to your digital assets and be able to transact on your behalf.
Legacy contacts will only be contacted after a minimum of 1 year of no contact with yourself.
1.10 Account closure or suspension
Coin Buyers Club reserves the right to close or suspend services where:
- we reasonably suspect your account is being used for unlawful or fraudulent activities
- we reasonably suspect your account to be connected to money laundering, financing of terrorism, fraud or other financial crime
- we reasonably suspect you of violating these Terms
- we reasonably suspect you of trying to circumvent BitCaw security or controls.
- we are compelled to do so by a prima facie valid subpoena, court order, or other binding order of a government or regulatory authority; or
- your name appears on a government or international body sanctions list.
Coin Buyers Club will provide you with notice of any decision to suspend or close your account with us using the provided email address on file unless prevented from doing so by a legal or regulatory process or requirement or where such notice may compromise Coin Buyers Club’s security. You agree that Coin Buyers Club shall have no liability to you in connection with the suspension or closure of you account with us.
1.11 Financial Advice
Under no circumstances does any information contained on the Coin Buyers Club website or any related website, or provided to you by any employee, agent or affiliate of Coin Buyers Club, constitute financial, investment or other professional advice.
You are solely responsible for any decision to store, buy or sell digital assets, and such decision should take into account your risk tolerance and financial circumstances. You should consult your legal or tax professional in relation to your specific situation.
You are solely responsible for determining whether, and to what extent, any taxes apply to any transactions you carry out through Coin Buyers Club, and for withholding, collecting, reporting and remitting the correct amounts of tax to the appropriate tax authorities.
1.13 Disclosure of warranties
Coin Buyers Club and any related products or services are offered on a strictly “as-is” and “where-available” basis and Coin Buyers Club expressly disclaims, and you waive, all warranties of any kind, whether express or implied.
1.14 Limitation of liability & Indemnity
In no event shall Coin Buyers Club, its operating entities or any other affiliates (including their respective directors, members, employees or agents) be liable to you for any direct, indirect, special, consequential, exemplary or punitive damages or any other damages of any kind, including but not limited to loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, whether in contract, tort or otherwise, arising out of or in any way connected with your use of, inability to use, or unavailability of Coin Buyers Club Services, including without limitation any damages caused by or resulting from any reliance upon any information received from Coin Buyers Club, or that result from mistakes, omissions, interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission or any failure of performance, whether or not resulting from a force majeure event, communications failure, theft, destruction or unauthorised access to Coin Buyers Club’s records, programmes or services.
In no event will any liability of Coin Buyers Club, its operating entities or any other affiliates (including their respective directors, members, employees or agents) arising in relation to your use of Coin Buyers Club’s Services, exceed (in aggregate) the fees earned by Coin Buyers Club in connection with your use of our services in the three month period immediately preceding the event giving rise to the claim for liability.
To the maximum extent permitted by law, you agree to indemnify Coin Buyers Club, its operating entities or any other affiliates (including their respective directors, members, employees or agents) against any action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurred directly or indirectly arising from your use of or conduct in relation to Coin Buyers Clubs Website or Services, or from your violation of these Terms.
You and we agree to notify the other party in writing of any claim or dispute that arises in relation to the Coin Buyers Club Website or related websites or services or these Terms, within 30 days of such claim or dispute arising. You and we further agree to attempt informal resolution of any Dispute prior to bringing a claim in any court or other body.
Governing law and jurisdiction. This agreement shall be governed by and construed in accordance with South African law, subject to any local mandatory rights you may have. You and we agree to submit all disputes, claims or controversies (including non-contractual Disputes, claims or controversies) arising out of or in connection with these Terms, or the breach, termination, enforcement or interpretation thereof (together, Disputes), to the non-exclusive jurisdiction of the courts of South Africa.
Class or representative action waiver. To the maximum extent permissible by law, you and Coin Buyers Club each agree that each may bring any Dispute against the other only in your or its individual capacity, and you and it waive any right to commence or participate in any class action or other representative action or proceeding against the other. Further, where permissible by law, unless both you and Coin Buyers Club agree otherwise, no court may consolidate any other person’s claim(s) with your Dispute, and may not otherwise preside over any form of representative or class proceeding.
For the avoidance of doubt, if this Class or representative action waiver is found by any court of competent jurisdiction to be invalid, void or unenforceable, the remainder of this Disputes clause shall remain valid and enforceable.
Your privacy is Important to us at Coin Buyers Club. We take this very seriously.
2.1 Data Collected
In order for us to operate securely and serve you we need to record certain information including:
- personal information provided when completing forms on our websites
- logs of website access including IP addresses and browser data
- Email communication with our staff
- Trade history including cryptocurrency wallet addresses
- other details provided in terms of our service offerings.
2.2 How we use your data
We make use of the information we collect to:
- verify your identity
- track usage of our services and websites
- improve our offerings and expand our product and services range
- to enhance security of our services
- for audit, compliance and risk management
- for any other purpose that is required or permitted by any law, regulations, guidelines or relevant regulatory authorities.
2.3 Disclosure of personal information
We commit to never disclose your personal information except in the following circumstances:
- to companies and organisations that assist with processing of transactions that you have requested.
- law enforcement, regulatory and government agencies only when required by law.
- to other third parties specifically authorized by you.
We will otherwise treat your personal information as private and confidential and will not disclose your information to anyone outside Coin Buyers Club.
2.4 Additional Terms
- Coin Buyers Club will retain your personal information as required by law and as per these terms
- Entire agreement. These Terms constitute the entire agreement and understanding between you and Coin Buyers Club and supersede all previous communications and previous versions of these terms.
- Severability. If any single section of these terms is found to be illegal, invalid or unenforceable in thole or part under the law such provision or part thereof shall be deemed not to form part of these Terms but the legality, validity and affordability of the balance of the Terms will remain in force and effect.
- Assignment. You may not assign or transfer any of your rights or obligations under these Terms without Coin Buyers Club’s prior written approval. You give Coin Buyers Club your approval to assign or transfer these Terms in whole or in part, including but not limited to: (i) a subsidiary or affiliate; (ii) an acquirer of Coin Buyers Club’s equity, business or assets; or (iii) a successor by merger.
- Force Majeure. Coin Buyers Club shall not be liable for any delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control.
- Headings. Section headings in these Terms are for convenience only, and shall not govern the meaning or interpretation of any provision of these Terms.