Terms of Use

ACCEPTANCE OF TERMS

Thank you for choosing Fast Exchange SA. The following Terms and Conditions and the Privacy Policy (together, the “Terms”) apply to any person that registers for and/or opens a Fast Exchange SA Account through Fast Exchange SA's website or any associated mobile applications, website, or APIs (together, the “Fast Exchange SA Site”).

The Terms constitute a legally binding agreement between you and Fast Exchange SA, a company incorporated under the laws of South Africa. For the purposes of these Terms, any reference to “we,” “us,” “our,” “Fast Exchange SA,” and/or any similar term shall be construed as a reference to Fast Exchange SA.

By registering for and opening a Fast Exchange SA Account, 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 the Fast Exchange SA Site and/or your Fast Exchange SA Account, including but not limited to, those related to export or import activity, taxes, or foreign currency transactions. Depending on your country of residence, you may not be able to use all the functions of the Fast Exchange SA Site.

Please read these Terms carefully before using the Fast Exchange SA Site because they affect your legal rights and obligations. Importantly, the helpful summaries in the drop-down sections below each clause are not binding on you or us. Only the official wording of the Terms of Use is binding.

AMENDMENT OF TERMS

Fast Exchange SA may amend the Terms from time to time. You should visit the Fast Exchange SA website regularly to check when the Terms were last updated (as displayed at the top of this document) and to review the current Terms. We will do our best to notify you of any amendments to the Terms that we consider likely to materially affect your rights and obligations. Any such notice will be posted on the Fast Exchange SA Site or sent by email to the address associated with your Fast Exchange SA Account (see Electronic Communications).

The continued use of your Fast Exchange SA Account after any amendment to these Terms constitutes your acceptance of the Terms, as modified by such amendment. If you do not accept the Terms or any amendment to them, you must immediately stop using the Fast Exchange SA Site and your Fast Exchange SA Account.

Summary:

ELIGIBILITY

By opening a Fast Exchange SA Account, you expressly warrant and represent that:

You are 18 years of age or over and have full capacity to accept the Terms and enter any transaction available through the Fast Exchange SA Site;

You will not open, or attempt to open, a Fast Exchange SA Account under any name except your own; or use your Fast Exchange SA Account to carry out transactions on behalf of a third party;

You will follow the Fast Exchange SA Business account application process if you seek to open and use a Fast Exchange SA Account for a non-individual legal entity (e.g., a company, trust, or partnership);

You will not have more than one Fast Exchange SA Account; use or access any Fast Exchange SA Account other than your own; or assist any other person in obtaining unauthorized access to any Fast Exchange SA Account;

You will provide security for transactions carried out through your Fast Exchange SA Account by ensuring that you have either (i) deposited enough Local Currency into a Fast Exchange SA bank account to acquire sufficient credit in your Fast Exchange SA Wallet or (ii) hold sufficient cryptocurrency, (as the case may be) in your Fast Exchange SA Account Wallet in advance of any transaction;

You will not allow or facilitate the deposit of Local Currency into your Fast Exchange SA Account unless that deposit is made in accordance with the Deposit Requirements (see Deposits);

You will not allow or facilitate the withdrawal of Local Currency against the credit in your Fast Exchange SA Wallet to a bank account held in the name of a third party (see Withdrawals); and

You will not use your Fast Exchange SA Account for or in relation to any illegal activity, any Prohibited Activity, in violation of any laws, statutes, ordinances, or regulations, or in breach of Fast Exchange SA’s Export Controls and Sanctions requirements.

Any capitalized terms used in this Eligibility section shall have the meaning given to them in these Terms. Reference in these Terms to “Local Currency” means fiat or government-issued currency, which in South Africa is Rand (ZAR).

By opening a Fast Exchange SA Account, you accept and agree that Fast Exchange SA may, without further notice and in its sole discretion, terminate, suspend, or restrict the account of any customer who uses, or who we reasonably suspect may be using, the Fast Exchange SA Site or any Fast Exchange SA Account in a manner that is inconsistent with the letter or spirit of these Terms.

RISKS

Before using the Fast Exchange SA Site, you should ensure that you understand the risks involved in buying, selling, or trading cryptocurrencies. Cryptocurrency markets can be volatile, and prices can fluctuate significantly, which could result in sudden and significant increases or decreases in the value of your assets. This market volatility and other risks involved in buying, selling, or trading cryptocurrencies are explained on the Risk Warning page of the Fast Exchange SA website. There may be additional risks not identified in these Terms or in the Risk Warning.

You should carefully assess whether your financial situation and risk tolerance are suitable for buying, selling, or trading cryptocurrency. You accept and agree that you are solely responsible for any decision to buy, sell, trade, or otherwise hold or deal with cryptocurrency, and that Fast Exchange SA does not, and will not, offer you any financial advice in connection with your use of, or transactions you conduct on, Fast Exchange SA’s platform.

Terms and Conditions - Waiting Period and Fund Release

1. Introduction

These terms and conditions govern the waiting period and fund release process for purchases made through the payment gateway ("Gateway") provided by Fast Exchange SA ("Fast Exchange," "we," "us," or "our"). By using the Gateway, you ("Customer," "you," or "your") agree to comply with these terms and conditions.

2. Waiting Period

2.1 Duration: Purchases made through the Gateway are subject to a waiting period of 3 to 5 business days ("Waiting Period"). The Waiting Period commences from the time of the transaction initiation.

2.2 Reason: The Waiting Period is necessary because the Gateway holds funds for a predetermined period, typically 72 hours, before releasing them to Fast Exchange SA. This waiting period is imposed by the Gateway's policies and procedures.

3. Fund Release

3.1 Processing Time: Fast Exchange SA will process transactions and release funds to customers once all funds are released from the Gateway. The processing time for fund release is contingent upon the completion of the Waiting Period.

3.2 Disbursement: Upon completion of the Waiting Period and receipt of funds from the Gateway, Fast Exchange SA will promptly initiate the disbursement of funds to customers. However, the actual receipt of funds by customers may be subject to the processing times of their respective financial institutions or payment methods.

4. Customer Obligations

4.1 Acknowledgment: By using the Gateway, you acknowledge and agree to the Waiting Period and fund release process outlined in these terms and conditions.

4.2 Patience: You agree to exercise patience and understanding during the Waiting Period and acknowledge that Fast Exchange SA is reliant on the policies and procedures of the Gateway for fund release.

5. Limitation of Liability

5.1 Exclusion of Liability: Fast Exchange SA shall not be liable for any loss, damages, or inconvenience incurred by customers arising from the Waiting Period or fund release process, including but not limited to delays in transaction processing or fund disbursement.

5.2 Indemnification: You agree to indemnify and hold Fast Exchange SA harmless against any claims, losses, liabilities, or expenses arising from your use of the Gateway and the Waiting Period and fund release process.

6. Miscellaneous

6.1 Modification: Fast Exchange SA reserves the right to modify or update these terms and conditions at any time without prior notice. Any changes will be effective immediately upon posting on our website or notification via email.

6.2 Governing Law: These terms and conditions shall be governed by and construed in accordance with the laws of South Africa, without regard to its conflict of law principles.

ELECTRONIC COMMUNICATIONS

You accept and agree that:

any communications, agreements, notices, and/or any other documents (together “Communications”) relating to your Fast Exchange SA Account or your use of Fast Exchange SA’s services will be provided to you electronically by posting them on the Fast Exchange SA Site, emailing them to the email address you have provided to us, or through any other form of electronic communication. You consent to receiving all Communications electronically;

you will at all times have available to you the necessary hardware and software to receive, access, and retain Communications sent to you electronically, including a device with an internet connection and a valid and accessible email address;

you assume full responsibility for providing Fast Exchange SA with a valid and accessible email address to which any Communications may be sent, and for ensuring that email address and any other contact information is kept up to date. Any Communication sent to the email address you have provided to us will be deemed to have been received by you. You can amend your contact information by signing in to your Fast Exchange SA Account and accessing the Settings page.

You may at any time withdraw your consent to receiving Communications electronically by contacting support@fastexchange.com. You acknowledge that failure to give, or withdrawing, consent to receiving Communications electronically puts the security of your Fast Exchange SA Account at risk (see Account Security) and that Fast Exchange SA reserves the right to close your Fast Exchange SA Account in the event you fail to give, or withdraw, your consent to the receipt of Communications electronically.

IDENTITY VERIFICATION

Fast Exchange SA implements and maintains the highest standards of Know Your Customer (“KYC”) processes and controls as part of our commitment to combating fraud and assisting in the prevention of money laundering and terrorist financing.

To ensure we meet these standards, our customers are required to provide certain personal details and documents when opening a Fast Exchange SA Account (“Identity Verification”). The nature and extent of the Identity Verification required will depend upon which of our supported countries you are resident in, and the deposit and withdrawal limits that you wish to apply to your Fast Exchange SA Account. In certain circumstances, Fast Exchange SA may also perform enhanced due diligence (“EDD”) procedures in relation to your Fast Exchange SA Account. You accept and agree that you will remain subject to such procedures at all times.

Fast Exchange SA reserves the right to, at any time:

restrict or suspend your Fast Exchange SA Account when we, in our sole discretion, consider it necessary to carry out further Identity Verification and/or EDD; or

terminate your Fast Exchange SA Account if you provide, or we suspect you have provided, false information or refuse to provide information we require for Identity Verification and/or EDD.

You accept and agree that there may be delays in accessing your Fast Exchange SA Account, or in carrying out transactions through your Fast Exchange SA Account, while we undertake any Identity Verification and/or EDD procedures.

Retention of information. Fast Exchange SA is required to retain certain information and documentation obtained as part of the Identity Verification and EDD procedures. These requirements apply even when you have terminated your relationship with Fast Exchange SA. We reserve the right to keep such information and documentation for the required period, and you accept and agree that information and documentation you provide to Fast Exchange SA may be retained by us, including following the closure of your Fast Exchange SA Account.