Bitselah

Introduction

Bitselah provides digital and financial services in compliance with applicable laws. This Terms of Use agreement, which forms a binding agreement between Bitselah ("we," "us," "our") and you ("you," "your") outlines the rules and guidelines for using our services, including our website, mobile app, and any other offerings. Your use of our services indicates your unconditional acceptance of these terms, including our Privacy Policy and any applicable laws and regulations. If you disagree with any part of this agreement, please discontinue use of our services. We encourage you to carefully read and understand this agreement, as it outlines your rights and responsibilities when using our services. If you do not agree to be bound by this Agreement, please do not access or use the Platform or any of the Services. We reserve the right to modify this Agreement at any time, and your continued use of the Platform or any of the Services indicates your acceptance of any changes.

User Agreement

Age Requirement:

Are at least 18 years old or the legal age in your jurisdiction. You acknowledge that you are legally permitted to use our platform and services.

Capacity to Contract:

Have the capacity to enter into binding contracts. You ensure that you are mentally capable and authorized to agree to these terms.

Lawful Use:

Will use the platform only for lawful purposes. You agree to use Bitselah's services for legitimate and lawful activities, complying with all applicable laws and regulations. Through your use of Bitselah, you represent and warrant that:

You are at least 18 years old or the legal age in your jurisdiction, whichever is greater.
You have the legal capacity to enter into binding contracts and are not prohibited from using our services.
You will only use the platform for lawful purposes, including but not limited to:
1. Compliance with all applicable laws and regulations.
2. Not using the platform for fraudulent or illegal activities.
3. Not using the platform to infringe on the rights of others.
4. Not using the platform to transmit harmful or malicious code.

You further agree to:

Provide accurate and truthful information when using our services.
Maintain the confidentiality of your account and login credentials.
Not share your account or login credentials with anyone.
Comply with all applicable laws and regulations when using our services.

Account Registration

You must register an account to access Bitselah services, providing accurate, current, and complete information during registration, and maintain the confidentiality of your account credentials, including your username and password, notifying Bitselah immediately of any unauthorized use or security breach.

Security

You agree to implement robust security measures, including two-factor authentication (2FA), to protect your account, and acknowledge that Bitselah is not liable for any losses arising from your failure to secure your account, including unauthorized access or theft of funds.

Trading and Exchange

Cryptocurrency trading involves significant risks, including market volatility, and Bitselah does not guarantee profits or losses, and transactions are final and irreversible once confirmed on the blockchain or within our platform.

Payments

Payments for services are processed through secure channels, with fees disclosed upfront and non-refundable unless explicitly stated, and you are responsible for paying all applicable fees and taxes associated with your use of Bitselah services.

Intellectual Property

All content on Bitselah, including trademarks, designs, software, and text, is protected by intellectual property laws, and you may not reproduce, distribute, or use Bitselah content without explicit permission, except as authorized by applicable law.

Disclaimer of Warranties

Bitselah services are provided "as is" without warranties of any kind, express or implied, and we do not guarantee uninterrupted or error-free services, and we may modify or discontinue certain features or services at any time, without notice or liability.

Limitation of Liability

Bitselah is not liable for any losses caused by market fluctuations, third-party service disruptions, unauthorized access due to user negligence, or other circumstances beyond our control, including any indirect, special, incidental, or consequential damages.

Governing Law

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, without giving effect to any principles of conflict of laws. Any disputes arising out of or in connection with these Terms shall be resolved through arbitration in accordance with the Arbitration and Conciliation Act (ACA) of Nigeria and the Rules of the Lagos Court of Arbitration (LCA), as amended from time to time.

General Provisions

These Terms constitute the entire agreement between you and Bitselah regarding your use of our services, and supersede all prior or contemporaneous agreements, whether written or oral, and if any provision of these Terms is held invalid or unenforceable, the remaining provisions will remain in effect, and our failure to enforce any right or provision in these Terms will not be deemed a waiver of such right or provision. As a condition for using Bitselah, you acknowledge that you have read, understood, and agree to be bound by these terms. If you do not agree to these terms, please do not use our platform or services.

Introduction

Bitselah is committed to preventing and detecting money laundering, terrorist financing, and other financial crimes. Our AML program is designed to ensure that our platform is not used for illegal activities. We adhere to strict AML practices to ensure the integrity of our platform and protect our users.

AML/KYC Requirements

To ensure compliance with AML regulations, we require all users to complete a Know Your Customer (KYC) process, which includes:

Government-issued ID verification: We verify the identity of our users through government-issued IDs such as passports, driver's licenses, or national IDs. This ensures that users are who they claim to be.
Proof of residence: We require users to provide proof of residence, such as utility bills or bank statements, to ensure that they are who they claim to be.
Source of funds: For high-value transactions, we require users to provide information on the source of funds to ensure that they are legitimate. This includes documentation such as pay stubs, tax returns, or proof of inheritance.

Customer Due Diligence

We assess the risk profile of each user to determine the required levels of monitoring. Enhanced Due Diligence (EDD) is applied to high-risk users or transactions. This includes:

Risk assessment: We assess the risk profile of each user based on factors such as location, transaction history, and other relevant information.
Monitoring: We monitor user transactions to detect suspicious activity. This includes monitoring for unusual patterns, such as sudden changes in behavior or large transactions.
EDD: We apply EDD to high-risk users or transactions. This includes additional verification steps, such as verifying the source of funds or requiring additional documentation.

Transaction Monitoring

We monitor transactions for:

Unusual patterns: We detect unusual patterns in user transactions, such as sudden changes in behavior or large transactions.
Transactions with blacklisted entities or sanctioned jurisdictions_: We prevent transactions with entities or individuals on sanctions lists or in sanctioned jurisdictions.
Suspicious activity: We monitor for suspicious activity, such as attempts to obscure transaction sources or destinations.

Reporting Suspicious Activity

We report suspicious transactions to the Financial Intelligence Unit (FIU) or relevant authorities. Users are prohibited from attempting to obscure transaction sources or destinations. We also report suspicious activity to the relevant authorities.

Record Keeping

We retain KYC records and transaction data for a minimum of [Insert Duration] to comply with regulatory obligations. This ensures that we can provide necessary information to regulatory authorities in the event of an investigation.

Compliance

We regularly audit our AML practices to ensure full compliance with evolving regulations. Our AML program is designed to ensure that our platform is not used for illegal activities. We also ensure that our employees and agents are trained on AML procedures and requirements.

User Responsibilities

Users are required to:

Provide accurate and truthful information during the KYC process
Update their information if there are any changes
Not attempt to obscure transaction sources or destinations
Not use our platform for illegal activities

Consequences of Non-Compliance

Failure to comply with our AML policies and procedures may result in:

Account suspension or termination
Reporting to regulatory authorities
Legal action

Amendments

We reserve the right to amend this AML policy at any time to ensure compliance with evolving regulations.

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