Terms of Purchase/ Sale of BSV from/ to Centbee

Updated 19 September 2023

PLEASE READ THIS END-USER AGREEMENT CAREFULLY. BY USING THE CENTBEE WEBSITE (THE “SITE”) AND APPLICATION (THE “APP”), YOU (THE “USER”) ARE INDICATING YOUR ACCEPTANCE TO BE BOUND BY THE TERMS AND CONDITIONS OF THIS END-USER AGREEMENT.

1.  Terms of Purchase of BitcoinSV from Centbee:

1. Definitions:

1. ‘Consideration’ – The Consideration payable for the purchase of BSV shall be the amount of South African Rands that the user wishes to convert to BSV.

2. ‘BSV’ – means ‘Bitcoin Satoshi Vision’, or ‘Bitcoin SV’, and these terms shall be interchangeable.

3. ‘Quoted Quantity’ – shall be the quantity of BSV that Centbee offers User for purchase, having regard to the amount of Consideration bid by User, after deduction of applicable fees; and shall be calculated as follows:
   (Consideration net of fees) divided by (‘Quoted Exchange Rate’).

4. ‘Quoted Exchange Rate’ – shall be the rate of exchange as quoted by Centbee and shall be the amount of South African Rands required by the User to purchase one (1) BSV i.e. ZARBSV. This exchange rate shall be calculated as a function of ZARUSD and USDBSV as quoted on major foreign currency and cryptocurrency exchanges globally and shall be in close approximation thereof.

5. ‘Deposit’ – the term ‘Deposit’ shall have the meaning prescribed to it as per The Bank’s Act (Act No. 94 of 1990).

6. ‘Centbee’ means ‘Centbee (Pty) Ltd’.

2. By accepting this Sales Contract, you as the ‘User’ agree to Centbee’s Terms of Use policy and End-User Agreement, as published on the website www.centbee.com from time to time.

3. By accepting this Sales Contract, you as User agree to purchase the Quoted Quantity of BSV for agreed upon Consideration.

4. The agreed-upon Consideration shall immediately be payable upon acceptance of this Sales Contract and fulfillment of the suspensive condition contemplated in paragraph 1.5.

5. This Sales Contract shall include a suspensive condition, the condition being the requirement of User to accept Quoted Quantity. Should User not accept Quoted Quantity offered for sale, this Sales Contract shall be deemed not to have come into existence and Centbee shall return any Consideration to User.

6. The User accepts that any transference of any Consideration to Centbee shall not constitute a Deposit as defined under paragraph 1.1(e), and accordingly the non-fulfilment of suspensive condition contemplated in paragraph 1.5, which might require Centbee to return funds to User, will not constitute a Deposit as defined.

7. By accepting this Sales Contract, you as User acknowledges and accepts the risks associated with purchasing BSV or cryptocurrency and assert to understand that BSV trades on the open market and is susceptible to periods of high price volatility and may result in sudden losses of some or all of your BSV or the Rand equivalent thereof.

8. By accepting this Sales Contract, you agree that nothing contained in this Sales Contract constitutes any Financial Advice or Intermediary Services of any kind whatsoever, and you as User accepts fully the consequences of your actions, whether made in error or otherwise. 

9. In terms of Centbee’s Terms of Use, Centbee will not be held liable for any BSV purchased, sent or sold fraudulently by a User, or by using any other means of deception, identity theft, or misrepresentation. Centbee cannot be held liable for purchases, transfers or sales of BSV made fraudulently, where; for example, a victim’s online banking account credentials and OTP mechanism has been compromised by a fraudster, and such credentials were used to purchase BSV from Centbee. Centbee acts in good faith based on the information and knowledge available to it at the time of the transaction. Without prior knowledge of a customer account or bank account being compromised, Centbee is not able to block or reverse payments. Centbee acts on the premise that the User making the purchase or sale, does so using their own bank account details. If a person’s bank account credentials has been compromised, and they have been defrauded, that is to be resolved between the bank and their customer. Centbee as the merchant, and by the nature of our instant settlement of the BSV purchased, is not in position to block or reverse the transaction without prior knowledge of the fact that the transaction is fraudulent. Furthermore, and in line with national payments rules, EFT’s are treated as irrevocable by Centbee.

10. You hereby declare that you are entering into this business relationship for the purpose of digital cash transactions. You hereby declare that each transaction processed through the Centbee app is for this purpose. Transactional limits may be applied by Centbee, and you hereby agree to such limits and not to attempt to circumvent such limits. By agreeing to these terms and conditions you assume responsibility to ensure that you do not surpass your single discretionary allowance for the transfer of funds out of the Republic of South Africa. The single discretionary allowance is an allowance with an overall limit of R1 million per calendar year, which a South African resident over the age of 18 years may avail of.

11. You hereby declare that you are entering into this business relationship in your own personal capacity, and not acting on behalf of any business, organization or other person. You further declare that you are over 18 years of age.

12. You hereby declare that the source of funds being used for each transaction is from your personal employment.

2. Terms of Sale of BitcoinSV to Centbee (Cash Withdrawals):

13. Definitions:

1. ‘Gross Withdrawal Amount’ – the Gross Withdrawal Amount shall be the amount of South African Rands that the User wishes to convert from the sale of the Offered Quantity of BSV, prior to the deduction of any service fees.

2. ‘Nett Withdrawal Amount’ – shall be the Gross Withdrawal Amount, less service fees charged by Centbee;

3. ‘BSV’ – means ‘Bitcoin Satoshi Vision’, or ‘Bitcoin SV’, and these terms shall be interchangeable.

4. ‘Offered Quantity’ – shall be the quantity of BSV that the User offers Centbee for purchase, having regard to the Gross Withdrawal Amount required by User, and shall be calculated as follows:
   (Gross Withdrawal Amount) divided by (‘Quoted Exchange Rate’).

5. ‘Quoted Exchange Rate’ – shall be the rate of exchange as quoted by Centbee and shall be the amount of South African Rands required by the User to sell one (1) BSV i.e. ZARBSV. This exchange rate shall be calculated as a function of ZARUSD and USDBSV as quoted on major foreign currency and cryptocurrency exchanges globally and shall be in close approximation thereof.

6. ‘Centbee’ means ‘Centbee (Pty) Ltd’.

14. By accepting this Sales Contract, you as the ‘User’ agree to Centbee’s Terms of Use policy and End-User Agreement, as published on the website www.centbee.com from time to time.

15.  By accepting this Sales Contract, you as User agree to sell the Offered Quantity of BSV for the agreed upon Nett Withdrawal Amount.

16.  The agreed-upon Nett Withdrawal Amount shall be payable by Centbee on the same business day as the acceptance of this Sales Contract and execution of the transaction. If the transaction date falls on a weekend, or public holiday, Centbee will process the payment on the next immediate business day. Centbee will affect transfer via Electronic Funds Transfer (EFT), and funds may take up to 2 business days to clear into the designated bank account.

17.  Centbee shall make payment into the designated bank account provided and captured by the User. If the User enters incorrect banking details, Centbee will not be held liable for this loss, and will not reprocess the payment. It is the responsibility of the User to ensure that they capture their banking details correctly.

18.  This Sales Contract shall include a suspensive condition, the condition being the requirement of the User to accept Nett Withdrawal Amount. Should the User not accept Nett Withdrawal Amount offered for purchase, this Sales Contract shall be deemed not to have come into existence and Centbee shall return any BSV paid by the User.

19. The User accepts that any transference of any BSV to Centbee shall not constitute a Deposit as defined under paragraph 1(e), and accordingly the non-fulfilment of suspensive condition contemplated in paragraph 5, which might require Centbee to return funds to the User, will not constitute a Deposit as defined.

20. By accepting this Sales Contract, you as User acknowledge and accept the risks associated with purchasing or selling BSV or cryptocurrency and assert to understand that BSV trades on the open market and is susceptible to periods of high price volatility and may result in sudden losses of some or all of your BSV or the Rand equivalent thereof.

21. By accepting this Sales Contract, you agree that nothing contained in this Sales Contract constitutes any Financial Advice or Intermediary Services of any kind whatsoever, and you as User accepts fully the consequences of your actions, whether made in error or otherwise.

22. You hereby declare that you are entering into this business relationship for the purpose of digital cash transactions. You hereby declare that each transaction processed through the Centbee app is for this purpose. Transactional limits may be applied by Centbee, and you hereby agree to such limits and not to attempt to circumvent such limits. By agreeing to these terms and conditions you assume responsibility to ensure that you do not surpass your single discretionary allowance for the transfer of funds out of the Republic of South Africa. The single discretionary allowance is an allowance with an overall limit of R1 million per calendar year, which a South African resident over the age of 18 years may avail of.

23. You hereby declare that you are entering into this business relationship in your own personal capacity, and not acting on behalf of any business, organization or other person. You further declare that you are over 18 years of age.

24. You hereby declare that the source of funds being used for each transaction is from your personal employment.