Terms and Conditions

Registration And Onboarding

Where any part of the Platform requires you to register in order to use it, you are obliged to provide accurate and complete registration information. It is your responsibility to update and maintain any changes to that information by altering your details as appropriate.

The Platform shall allow you access to use registration areas of the Platform on the basis that:

• You satisfy all the eligibility criteria stipulated in clause 3 below;
• Your personal details including your email address and password are personal to you and may not be used by anyone else;
• You submit and consent to all verification of all KYC documentation, including but not limited to BVN validation and anti-money laundering checks that may be conducted by Skyewallet in compliance with applicable laws;
• You will not use your Skyewallet Account for or in relation to any illegal or prohibited activity in violation of any laws, statutes, ordinances or regulations;
• You shall not maliciously create accounts for the purpose of abusing the functionality of the Platform, or other users, nor do you seek to pass yourself off as another user;
• You are responsible for all activities that occur under your account, regardless of whether the activities are undertaken by you, your employees or a third party (including a spouse, children and other relatives) and, except to the extent caused by our breach of this Terms.
• We and our affiliates shall not responsible for unauthorized access to your account, and you will contact us immediately you notice an unauthorized third party may be using your account or if your account information is lost or stolen; and
• You shall comply at all times with the terms herein (as may be amended from time to time).
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By opening a Skyewallet Account, you expressly warrant and represent that:

• You are 13 years of age or over and have full capacity to accept the Terms and enter any transaction available through the Platform;
• You will not open, or attempt to open, a Skyewallet Account under any name except your own; or use your Skyewallet Account to carry out transactions on behalf of a third party;
• You will follow the Skyewallet business account application process if you seek to open and use a Skyewallet Account for a non-individual legal entity (e.g. a company, trust or partnership); You will not have more than one Skyewallet Account; use or access any Skyewallet Account other than your own; or assist any other person in obtaining unauthorised access to any Skyewallet Account;
• You will provide security for transactions carried out through your Skyewallet Account by ensuring there is sufficient Local Currency or digital currency (as the case may be) in your Skyewallet Account in advance of any transaction;
• You will not allow or facilitate the deposit of Local Currency into your Skyewallet Account unless that deposit is made in accordance with the Deposit requirements stated on our website from time to time;
• You will not allow or facilitate the withdrawal of Local Currency from your Skyewallet Wallet to a bank account held in the name of a third party (see Withdrawals);
• You will not use your Skyewallet 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 Skyewallet’s Export Controls and Sanctions requirements.

We retain the absolute right to prevent you from accessing the Platform, without prejudice to any of our accrued rights, where the Platform, at our sole discretion, consider that you have, or are contravening the Terms.

By opening a Skyewallet Account you accept and agree that Skyewallet 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 Platform or any Skyewallet Account in a manner that is inconsistent with the letter or spirit of these Terms.

Risks

Before using the Platform, you should ensure that you understand the risks involved in buying, selling or trading digital currencies. Digital currency markets are 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 digital currencies are explained on the risk warning page of the Skyewallet website. There may be additional risks not identified in these Terms or in the risk warning page.

You should carefully assess whether your financial situation and risk tolerance is suitable for buying, selling or trading digital currency. You accept and agree that you are solely responsible for any decision to buy, sell, trade or otherwise hold or deal with digital currency

Identity Verification

The Skye Wallet

Deposits

Where your identity has been verified, you may deposit Local Currency into your Skyewallet by depositing funds into a Skyewallet verified merchant bank account (a “Deposit”).

Details of the Skyewallet verified merchant bank account into which you must make the Deposit will be provided to you by Skyewallet, and any such bank account will be held and operated by a Skyewallet verified merchant operating in your country or region. You accept and agree that any information you provide to Skyewallet may be shared with such local entity, which will process Local Currency transactions in accordance with Skyewallet’s instructions.

The payment methods by which you may Deposit Local Currency will depend upon the country you are in, and are set out on the Fees and Features page of the Skyewallet website (for the purposes of these Terms, the “Supported Deposit Methods”). Where you have made a Deposit using a Supported Deposit Method, and have adhered to the Deposit Requirements (explained below), your Deposit will be allocated to your Skyewallet.

Due to legal and operational constraints, you must strictly adhere to the following Deposit requirements (the “Deposit Requirements”):

• You may only make a Deposit from a bank account (or other Supported Deposit Method) held in your own name. You must not allow any third party to make a deposit into your Skyewallet; You may only Deposit Local Currency from a bank account (or other Supported Deposit Method) compatible with the deposit methods available in your country or region;
• You may only make Deposits denominated in the Local Currency associated with your Skyewallet For example, in you have a NGN wallet, you must only make deposits in Nigerian Naira;
• You must not use cash or cheques to make a Deposit. Skyewallet reserves the right to refuse any Deposit made by cash or cheque. Should Skyewallet decide, in its sole discretion, to allow a Deposit by cash or cheque on an exceptional basis, the allocation of such Deposit will be delayed to allow fraud and compliance checks to take place, and a Cash Deposit Penalty (see the Fees and Features page of the Skyewallet website) may be deducted from it. Any Skyewallet Account that receives more than one cash or cheque deposit may, at Skyewallet’s sole discretion, be suspended indefinitely.

You agree to abide by the Deposit Requirements and agree and accept that failure to do so may cause delay in or failure of any Deposit reflecting in your Skyewallet Wallet, and/or restriction, suspension or termination of your Skyewallet Account.

Allocation of deposits. When you request to make a Deposit through your Skyewallet, you will be provided with a Reference Number or Unique Deposit Amount. To permit timely and successful allocation of a Deposit to your Skyewallet, you must use the Reference Number or Unique Deposit Amount when you make an online bank transfer or use any other Supported Deposit Method. Skyewallet will not be responsible for any delay in or non-allocation of Deposits to your Skyewallet where you fail to specify the required Reference Number or Unique Deposit Amount.

Deposits may take time to reflect in your Skyewallet due to bank processing times, operational processes, and/or failure by you to adhere to the Deposit Requirements. Under no circumstances will Skyewallet have any liability to you in relation to any delay in or failure of a Deposit reflecting in your Skyewallet.

Skyewallet will make all reasonable efforts to allocate Deposits that do not meet the Deposit Requirements. However, any Deposits less than the Minimum Unallocated Deposit Amount that cannot be allocated within a one month period will be retained by Skyewallet and you accept and agree that you shall have no further claim or entitlement to such funds. The Minimum Unallocated Deposit Amount shall until otherwise determined by Skyewallet be NGN999.00 or the equivalent in your Local Currency.

Withdrawals

Where you have added your local bank account details to your Skyewallet Account, you may withdraw funds from your Skyewallet to your bank account (a “Withdrawal”). Skyewallet will process Withdrawals in accordance with your instructions. You are solely responsible for ensuring that any Withdrawal instructions provided to Skyewallet, including the relevant bank account number, are complete and correct and you accept and agree that under no circumstances will Skyewallet be under any obligation to reverse or amend any Withdrawal.

Skyewallet will make all reasonable efforts to process Withdrawals each business day, in accordance with the Deposit and Withdrawal Schedule on the Skyewallet website, but you accept and agree that Skyewallet provides no guarantee in relation to the Withdrawal processing period.

Withdrawals to the bank account of any third party are expressly prohibited. You agree not to make, or attempt to make, any Withdrawal of funds from your Skye wallet Wallet to the bank account of a third party and accept that any such Withdrawal may be refused and/or result in the restriction, suspension or termination of your Skyewallet Account.

Fees

Account Security

Skyewallet takes security very seriously. However, you are solely responsible for:

• Maintaining adequate security and control over your Skyewallet Account sign-in details, including but not limited to any passwords, personal identification numbers (PINs), API keys, or any other codes associated with your Skyewallet Account;
• Keeping your contact details up to date so that you can receive any notices or alerts we may send to you in relation to security (see Electronic communications);
• Maintaining security and control over the email mailbox, phone number and devices associated with your Skyewallet Account.

Failure to take the above measures, and any other security measures available to you, may result in unauthorised access to your Skyewallet Account and the loss or theft of any digital currency and/or Local Currency balances held in your Skyewallet or any linked bank account(s). Skyewallet shall have no liability to you for or in connection with any unauthorised access to your Skyewallet, where such unauthorised access was due to no fault of Skyewallet, and/or any failure by you to act upon any notice or alert that we send to you.

The security of your Skyewallet Account may be compromised, or interruption caused to it, by phishing, spoofing or other attack, computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect your computer or other equipment. Skyewallet strongly recommends that you regularly use reputable virus screening and prevention software and remain alert to the fact that SMS, email services and search engines are vulnerable to spoofing and phishing attacks.

Care should be taken in reviewing messages purporting to originate from Skyewallet and, should you have any uncertainty regarding the authenticity of any communication, you should log in to your Skyewallet Account through the Skyewallet website (specifically, https://www.skyewallet.com), and not any other domain name or website purporting to be, or to be related to, Skyewallet) to review any transactions or required actions. To the maximum extent permitted by applicable law, you accept and agree that you have full responsibility for all activity that occurs in or through your Skyewallet Account and accept all risks of any unauthorised or authorised access to your Skyewallet Account.

Service Availability

While we will do everything we can to provide continuous operations, Skyewallet does not provide any warranty in relation to the availability of the Platform or your Skyewallet Account. Without limiting the generality of the foregoing, we do not guarantee continuous access to the Platform or your Skyewallet Account and make no representation that the Platform, Skyewallet API, your Skyewallet Account and/or any products or services offered therein will be available without interruption; or that there will be no delays, failures, errors, omissions or loss of transmitted information.

Transactions On Digital Currency Networks

When you use your Skyewallet Account to send or receive digital currency, the transaction must be confirmed and recorded in the public ledger associated with the relevant digital currency network (e.g. the Bitcoin network). That digital currency network is solely responsible for verifying and confirming any such transactions. Skyewallet cannot confirm, cancel or reverse transactions on a digital currency network, other than confirming to you that the network has completed the transaction. You accept and agree that:

• Once submitted to a digital currency network, a transaction will be unconfirmed for a period of time pending sufficient confirmation of the transaction by the network. A transaction is not complete while it is in a pending state. Funds associated with transactions that are in a pending state will be designated accordingly, and will not be included in your Skyewallet balance or be available to you to conduct transactions;
• When you send digital currency from your Skyewallet Account, you are authorising us to submit your transaction request to the relevant digital currency network. Once a transaction request has been submitted to the relevant digital currency network, the network will automatically complete or reject the request and neither you or Skyewallet will be able to cancel or otherwise modify your transaction.
• Digital currency networks are operated by decentralised networks of independent third parties. They are not owned, controlled or operated by Skyewallet so we cannot ensure that any transaction details you submit will be confirmed by the relevant digital currency network. You agree that any transaction details you submit may not be completed, or may be substantially delayed, by the digital currency network used to process the transaction.

Network protocols and operating rules. The underlying software protocols that govern the operation of the Supported Digital Currencies are open source. Accordingly, anyone can use, copy, modify, and distribute them and Skyewallet has no ownership of or control over these protocols. By using the Platform, you accept and agree that:

• Skyewallet is not responsible for the operation of any digital currency network’s underlying software protocols and makes no guarantee as to their availability, security, or functionality; the underlying software protocols are subject to sudden changes in operating rules (known as “forks”), and that such forks may materially affect the value, function, and/or name of any digital currency you store in your Skyewallet Account. Should a fork occur, Skyewallet may, with or without notice to you, temporarily suspend our operations and, in our sole discretion, decide whether or not to support either branch of the forked protocol entirely; and
• In the event Skyewallet decides not to support a branch of a forked protocol, you will not be given access to the assets on that fork. Those assets will be securely held by Skyewallet and we will not buy or sell them.

Indemnity And Limitation Of Liability

Neither we nor our directors, officers, employees or agents shall be liable for any losses, damages, costs or expenses incurred or suffered by you under these Terms unless arising directly from our or their respective gross negligence, wilful default or fraud. In no circumstances shall we have any liability for consequential loss or special damage.

We shall not be liable for any partial or non-performance of our obligations hereunder by reason of any cause beyond our reasonable control, including without limitation any breakdown, theft, destruction, malfunction or failure of transmission, communication or computer facilities, industrial action, acts and regulations of any governmental or supra national bodies or authorities or the failure of any relevant third party, intermediate broker, agent or principal of ourselves, custodian, sub-custodian, dealer, exchange, clearing house or regulatory or self-regulatory organisation, for any reason, to perform its obligations. You will make all your own decision to access and/or use our Platform or to enter into or execute any Transaction and/or Contract. You acknowledge and agree that our Platform does not and will not serve as the primary basis for any of your investment decisions concerning your Skyewallet Account. You are solely responsible for any investment decisions you make with respect to products identified on our Platform and neither we, nor our directors, officers, shareholders, partners, members employees, agents, service providers, legal representatives and/or Affiliates (together our ‘Associates’) shall be responsible for determining whether any Transaction you enter into is suitable, appropriate or advisable. Neither we, nor our Associates are and will be, by virtue of providing the Platform, an advisor or fiduciary for you or any Authorized Person. Without limitation, neither we nor any of our Associates shall be liable for any loss arising from any act or omission of any Agent, Broker, Authorized Person or other third party who performs services for you.

Representation Waranties

You represent and warrant to us, and agree that each such representation and warranty is deemed repeated each time you open or close a Transaction by reference to the circumstances prevailing at such time, that:

• The information provided to us in your application form and at any time thereafter is true and accurate in all respects;
• You are duly authorised to execute these Terms, to open each Transaction and to perform your obligations hereunder and thereunder and have taken all necessary action to authorise such execution, delivery and performance;
• You will enter into this Terms and open each Transaction as principal;
• Any person representing you in opening or closing a Transaction will have been, and (if you are a legal entity) the person entering into this Terms on your behalf is, duly authorised to do so on your behalf;
• Where applicable, you have obtained all governmental or other authorisations and consents required by you in connection with this Terms and in connection with opening or closing Transactions and such authorisations and consents are in full force and effect and all of their conditions have been and will be complied with;
• Execution, delivery and performance of these Terms and each Transaction will not violate any law, ordinance, charter, by-law or rule applicable to you, the jurisdiction in which you are resident, or any agreement by which you are bound or by which any of your assets are affected;
• If you are an employee or contractor of a financial services firm or any other firm that has control over the financial transactions in which its employees and contractors deal, you will give us proper notice of this and of any restrictions that apply to your dealing;
• You will use the services offered by us pursuant to these Terms in good faith and, to this end, you will not use any electronic device, software, algorithm, or any trading strategy (‘Device’) that aims to manipulate or take unfair advantage of the way in which we construct, provide or convey our prices. You agree that using a Device whereby in your dealings with us you are not subject to any downside market risk will be evidence that you are taking unfair advantage of us;
• You have considered your own financial circumstances, needs and objectives and concluded that dealing in transaction activities is appropriate for you. You warrant that you understand the risks, terms and conditions of Transactions entered into by trasacting on the Platform, (regardless of information supplied by Skyewallet) and are willing to take on those risks; Skyewallet does not, nor do any of its directors, officers, agents or employees, guarantee repayment of capital or payment of Income in relation to any funds deposited or any Transactions undertaken;
• No part of any funds remitted by you have been the proceeds of any illegal activity or used for any terrorist financing or money laundering activities. You agree to provide such information related to your business and financial affairs as may be reasonably requested by Skyewallet in order to comply with the Anti-Money Laundering Act or other legislative requirements

Personal Data And Privacy

You acknowledge that by opening an account with us and opening or closing Transactions, you will be providing us with personal information within the meaning of the NITDA Draft Guidelines of 2021. You consent to us processing all such information for the purposes of performing the contract and administering the relationship between you and us. You consent to our disclosing such information:

• Where we are required to by law;
• To Associated Companies;
• To service providers and business partners with whom we have a mutual relationship;
• to such third parties as we deem reasonable;
• where it is necessary in order to prevent crime;
• and to such third parties as we see fit to assist us in enforcing our legal or contractual rights against you including but not limited to debt collection agencies and legal advisors.

You authorise us, or our agents acting on our behalf, to carry out such credit and identity checks as we may deem necessary or desirable, including requesting a reference from your bank from time to time and you agree to assist us, where necessary, in obtaining such a reference. You authorise us or our Associated Companies to telephone or otherwise contact you at any reasonable time in order to discuss any aspect of our business or of our Associated Companies’ business or of our Partner’s business. If you do not wish us or our Associated Companies or our Trading Partners to so contact you for any direct marketing activities, you must inform us in writing.

Restriction, Suspension And Termination

Financial Advice

Under no circumstances does any information contained on the Platform, or provided to you through your Skyewallet Account or by any employee, agent or affiliate of Skyewallet, constitute financial, investment or other professional advice.

You are solely responsible for any decision to store, buy or sell digital currency, and such decision should take into account your risk tolerance and financial circumstances. For more information on the risks involved. You should consult your legal or tax professional in relation to your specific situation.

Taxes

You are solely responsible for determining whether, and to what extent, any taxes apply to any transactions you carry out through your Skyewallet Account, and for withholding, collecting, reporting and remitting the correct amounts of tax to the appropriate tax authorities.

Prohibited Activities

You must not use your Skyewallet Account to undertake any of the activities or categories of activity set out in this section (each a “Prohibited Activity”):

• Violation of any laws, statutes, ordinance or regulations;
• Undertaking, facilitating or supporting criminal activity of any kind, including but not limited to, money laundering, terrorist financing, illegal gambling operations or malicious hacking;
• Abusive activity, including but not limited to:
  1. imposing an unreasonable or disproportionately large load on Skyewallet’s infrastructure, or otherwise taking any action that may negatively affect the performance of the Platform or Skyewallet’s reputation;
  2. attempting to gain unauthorised access to the Platform or any Skyewallet Account;
  3. transmitting or uploading any material to the Platform that contains viruses, Trojan horses, worms, or any other harmful programmes;
  4. or transferring your Skyewallet Account access or rights to your Skyewallet Account to a third party, unless as required by law or with Skyewallet’s prior consent.
• Paying in to or otherwise supporting pyramid schemes, Ponzi schemes, matrix programmes, “get rich quick” schemes, multi-level marketing programmes or high-yield investment programmes;
• fraudulent activity, including but not limited to taking any actions that defraud Skyewallet or a Skyewallet customer, or the provision of any false, inaccurate, or misleading information to Skyewallet;
• transactions involving items that may help facilitate or enable illegal activity; promote or facilitate hate, violence or racial intolerance; are considered obscene; or may be stolen goods or the proceeds of crime;
• transactions involving TOR markets, online gambling sites or mixers;
• sale or purchase of narcotics or controlled substances;
• and intellectual property infringement.

By opening a Skyewallet Account, you confirm that you will not use your account to undertake any of the above-listed Prohibited Activities or any similar or related activity.
Activities subject to the prior written approval of Skyewallet. Unless you have obtained the prior written approval of Skyewallet, you accept and agree that you will not use your Skyewallet Account to conduct or operate any of the following business activities or categories of activity: money services, including but not limited to money or digital currency transmission, currency or digital currency exchange or dealing, payment service providers, e-money or any other financial services business; gambling or gaming services; charitable or religious / spiritual organisations; consumer lending services, including but not limited to secured and unsecured loans, cash advances, payday lending; investment funds, asset management, or brokerage services. We reserve the right to restrict, suspend or terminate your Skyewallet Account if we suspect, in our sole discretion, that you are using, or have used, your Skyewallet Account in association with any of the activities listed above, or any similar or related activity, without having obtained the prior written approval of Skyewallet.

Disclaimer of Waranties

The Platform, your Skyewallet Account and any related products or services are offered on a strictly “as-is” and “where-available” basis and Skyewallet expressly disclaims, and you waive, all warranties of any kind, whether express or implied. Without limiting the generality of the foregoing, the Platform, your Skyewallet Account, and any related products or services are offered without any warranty as to merchantability or fitness for any particular purpose.

Limitation of Liability

In no event shall Skyewallet, 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 the Platform and/ or your Skyewallet Account, including without limitation any damages caused by or resulting from any reliance upon any information received from Skyewallet, 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 Skyewallet’s records, programmes or services.

In no event will any liability of Skyewallet, its operating entities or any other affiliates (including their respective directors, members, employees or agents) arising in relation to your use of the Platform or your Skyewallet Account, exceed (in aggregate) the fees earned by Skyewallet in connection with your use of your Skyewallet Account in the six month period immediately preceding the event giving rise to the claim for liability.

The above limitations of liability shall apply to the fullest extent permitted by law in the applicable jurisdiction. Because some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages, some of the limitations in this section may not apply to you.

Force Majeure

Skye wallet will not be liable for any loss resulting from your use of the Platform, including, but not limited to, failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, unauthorized access, the malfunction of electronic or mechanical equipment, personal computer and any lines thereto, theft, operator errors, or due to any force majeure (e.g., severe weather, earthquake, flood, fire or other acts of God), and strikes or other labour problems, or to any other cause beyond the reasonable control of Skyewallet.

Queries, Complaints And Disputes

All queries and complaint should be raised with our customer support department through the support page on the platform.

Without prejudice to any of our other rights to close a Transaction under this Terms, in any case where we are in dispute with you in respect of a Transaction or alleged Transaction or any communication relating to a Transaction, we may, at our absolute discretion and without notice, close any such Transaction or alleged Transaction, where we reasonably believe such action to be desirable for the purpose of limiting the maximum amount involved in the dispute, and we will not be under any obligation to you in connection with any subsequent movement in the level of the Transaction concerned.
This Terms and each Transaction entered into with you is in all respects governed by Nigerian Law and the courts of Nigeria will have non-exclusive jurisdiction to settle any disputes that may arise in relation thereto.