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OTC Crypto and Foreign Exchange

OTC Crypto and Foreign Exchange

Last updated: 2025-02-10

  1. General

  1. These Product Terms for the OTC Service shall be supplemental to and is read together with the Terms of Service and Additional Documents. The Product Terms, Terms of Service and Additional Documents constitute a legally binding agreement between you and FiveWest.
  1. This version of the Product Terms for the OTC Service shall replace and supersede any previous agreements between us with respect to the OTC Service that may have been accepted, or otherwise made available on, the Site or Portal. By utilising the OTC Service, you agree that you have read, understood and accepted the Product Terms and agree to be bound and act in accordance with them.
  2. FiveWest may amend these Terms from time to time without providing any prior notice. Therefore, it is your responsibility to ensure that you regularly check the Site or Portal to determine if the Terms have been updated.
  3. FiveWest will do their best to notify you of any changes to the Terms that will materially affect your rights and obligations, however we cannot provide such guarantee.
  4. The continued use of the OTC Service after any amendment to the Terms constitutes your acceptance of such Terms as modified by such amendment. If you do not accept the Terms or any amendment thereof, you must immediately stop using the OTC Service and notify FiveWest accordingly.

  1. OTC Service

  1. FiveWest can assist with:
  1. intermediary services for the buying and selling of crypto assets (including stablecoins);
  2. the trading, conversion or exchange of fiat currency or other value in crypto assets (including stablecoins);
  3. the trading, conversion or exchange or crypto assets (including stablecoins);
  4. remittance services using crypto assets.
  1. Trade Instruction
  1. To enter into an OTC Transaction on the basis of a Price provided by FiveWest, you may do so by entering into a Trade Instruction. Each Trade Instruction must include such details as requested by FiveWest from time to time, depending on the type of OTC Transaction you are looking to enter into, including but not limited to the relevant trading pairs, the Price (which must be the latest Price received by FiveWest), the amount and any other applicable information requested by FiveWest or any other condition applicable to the OTC Transaction.
  2. FiveWest shall have no obligation to accept any Trade Instruction and may do so in its sole discretion.
  3. Where any Trade Instruction is ambiguous or inconsistent with any other Trade Instruction, FiveWest shall be entitled to rely and act upon any Trade Instruction in accordance with any reasonable interpretation thereof which FiveWest believes in good faith to be a correct interpretation.
  4. A Trade Instruction submitted by or on your behalf on an Agreed Communication Channel constitutes an offer to enter into OTC Transaction between you and FiveWest on the terms set out in such Trade Instruction, which may be accepted or rejected by FiveWest in its sole discretion. FiveWest may reject a Trade Instruction for any reason and nothing in these Terms or otherwise obliges FiveWest to enter into any OTC Transaction with you or any notice to you.
  5. A Trade Instruction which is not received by FiveWest for any reason, including failure or delay of any Agreed Communication Channel, shall be deemed rejected. Once a Trade Instruction is submitted to FiveWest, a Trade Instruction cannot be withdrawn, cancelled or amended by you unless permitted by FiveWest in its sole discretion.
  6. Execution of a Trade Instruction by FiveWest, which shall occur upon express confirmation by FiveWest to you through an Agreed Communication Channel that the related OTC Transaction is “complete” or otherwise been executed, will constitute a binding agreement to an OTC Transaction between FiveWest and you on the terms of the relevant Trade Instruction. You acknowledge and agree that an OTC Transaction cannot be cancelled, amended or unwound once you entered into without the consent of both parties regardless of whether the corresponding Trade Instruction was provided as a result of any inaccuracy or error by you, including in relation to the terms of the OTC Transaction.
  7. FiveWest shall notify you of the execution of a Trade Instruction and entry into the OTC Transaction through an Agreed Communication Channel but any failure or delay in providing such notice shall not affect the effectiveness of such OTC Transaction.
  8. Upon Agreement, FiveWest may provide you with a written confirmation, setting out the terms of the OTC Transaction (a “Trade Confirmation”). You are responsible for comparing any Trade Confirmation or other record of any OTC Transaction on the Portal entered into between you and FiveWest pursuant to the OTC Services to your own records of OTC Transactions entered into with FiveWest and shall notify FiveWest of any discrepancies.

  1. Orders

  1. You may submit Orders to FiveWest through an Agreed Communication Channel by specifying the terms of such Order in the manner as directed by FiveWest from time to time. In addition, you may amend or cancel existing Orders by contacting FiveWest through the Agreed Communication Channel provided such Orders have not been accepted or executed. FiveWest may in its sole discretion accept or reject any request to amend or cancel an Order. If you have amended your Order prior to execution and FiveWest accepts the amended Order, the amended Order will be treated as a new Order placed by you.
  2. FiveWest in its sole discretion accept or reject any Order and any such acceptance or rejection shall be effective upon determination by FiveWest.
  3. An Accepted Order may be executed by FiveWest in whole or in part at any time after acceptance but by no later than the latest time for execution (if any) specified by you (“the Expiry Time”).

  1. OTC Transactions

 

  1. You acknowledge that the OTC Services are provided on a non-advised basis, meaning FiveWest will not provide you with any advice as to the merits of any OTC Transaction and you are solely responsible for any decisions taken in respect of any Trade Instructions, Order or OTC Transactions made.
  2. You acknowledge and agree that you bear the sole responsibility for any reporting of OTC Transaction as may be required under applicable law.
  3. You are required to provide FiveWest with the nominated bank account details or wallet address that will be used for Settlement, both of which must be in the name of the entity or individual who has onboarded and been approved by FiveWest. In the event that Settlement must occur in a third party bank account or wallet address, FiveWest has the discretion to request additional documentation from you, which documentation must be provided and FiveWest may delay Settlement until such time the documentation has been received and approved.  
  4. In the event that you cancel an accepted Trade Instruction, accepted Trade Order or OTC Transaction, you acknowledge and agree that you will be liable for any outstanding amounts due or owing under the terms of the Trade Instruction, Trade Order or OTC Transaction. In addition, you will be liable for any damages, losses or additional costs suffered by FiveWest as a result of such cancellation, and such amounts shall be payable by demand.
  5. Any errors or omissions made by you in the Trade Instruction or Order must be immediately reported to FiveWest. Neither party shall be entitled to dispute or vary the details once a Trade Instruction or Order has been accepted.
  6. Any quoted Price provided by FiveWest will expire within 1 (one) minute from the quoted Price being provided, unless the aforementioned time period is allowed by FiveWest in their sole discretion.
  7. You must ensure that when a Trade Instruction or Order is accepted or confirmed, you hold sufficient funds in your FiveWest Wallet, alternatively the funds must be transferred to your FiveWest Wallet by close of business the day on which the Trade Instruction or Trade Order is confirmed or accepted, unless otherwise agreed by FiveWest. Failure to do so may result in you incurring additional fees or penalties.

  1. Warranties and Representations

 

  1. You represent and warrant that:
  1. you have the power and authority to execute, deliver and carry out the terms of these Terms;
  2. you are under no obligation, covenant or restriction either regulatory or contractual which restricts you from entering into these Terms and performing any obligations under these Terms;
  3. you are duly incorporated and validly existing under the laws of the jurisdiction in which you are incorporated in (if a legal entity);
  4. you are duly licensed, registered and authorised to operate its business in accordance with all applicable laws, regulations and regulatory requirements. You are required to maintain such licenses and authorisations throughout the duration of these Terms and to promptly notify FiveWest of any changes that may affect their ability to lawfully conduct business;
  5. to comply with the applicable laws;
  6. the funds and/or crypto currencies (including stablecoins) utilised in the OTC Transaction have at all times be sourced or derived from legitimate activities only;
  7. the individuals from the entity that has onboarded in the Agreed Communication Channel are regarded as Authorised Individuals, unless specified otherwise in writing.
  8. the Authorised Individual(s) have the full capacity and authority to create, negotiate and enter into OTC Transaction on behalf of the applicable onboarded entity.

  1. Limitation of Liability and Indemnification

 

  1. To the fullest extent permissible in law, the Client unconditionally and unreservedly indemnifies and holds Fivewest, its Affiliates, directors, officers, employees, consultants, contractors, other representatives and agents harmless against all loss, damages, claims, liabilities and costs, of whatsoever nature, however arising and whensoever arising which may directly or indirectly arise out of or in connection with:
  1. a breach by you of any of these Terms, including the Terms of Use and Additional Documentation;
  2. any claims against FiveWest resulting from a failure by you to comply with the applicable law; and/or
  3. any disputes between you and FiveWest of whatsoever nature;
  4. the negligent, wilful or fraudulent act or omission of you and/or the Authorised Individual(s) in carry out or failing to carry out its obligations under these Terms.
  1. Fivewest, its operating entities and any other Affiliates (including their representative directors, members, employees or agents) shall not be held liable to you for any indirect, special or consequential 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, damage to reputation, whether in contract, delict or otherwise, arising out or any way connected to these Terms.
  2. There are a number of intrinsic risks, including but not limited to:
  1. Failure, defects, hacks, exploits, errors or protocol failures or unforeseen circumstances occurring in respect of a crypto currencies or fiat currencies or the technologies or economic systems on which the crypto currencies or fiat currencies rely;
  2. Losses due to fraudulent or accidental transactions;
  3. Attack on the protocol or technologies on which digital assets or Major or Exotic Currencies or Crypto Currencies depends, including but not limited to distributed denial of service, sybil attack, phishing, social engineering, hacking, smurfing, malware, spoofing.
  4. You indemnifies Fivewest to the fullest extent permissible in law, should an event occur referred to in paragraph 4.3 and acknowledges and agrees that Fivewest shall not be held liable to the Client for damages, loss or claim of any kind.

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