Using the 80eight app
1. INTRODUCTION
1.1. This document, including the Intermediary Agreement, sets out the Terms and Conditions between the client (“You”) and 80eight to open an Account and receive Services from 80eight primarily in the provision of your Crypto Asset Investment, via the 80eight trading platform (“Trading Platform”).
1.2. There are clauses in this Agreement that require your careful consideration. (To assist you, those terms which may limit any of your rights, or, which provide for specific acknowledgements or warranties required by/from you, are in bold font. You acknowledge that you have read and appreciated the importance of the terms and clauses in bold font).
1.3. These terms and conditions are legally binding and enforceable by and against either Party. By completing your registration on the Trading Platform, you acknowledge that you have read the Agreement and that you fully understand its contents. You agree that these terms and conditions govern all your Trading with us. These terms and conditions are subject to our standard Website Terms of Use and your Intermediary Mandate. Should you require us to explain any of the terms and conditions to you, you can submit an email to [email protected], which will generate a ticket requesting assistance with the terms and conditions.
1.4. 80eight is an authorised Financial Services Provider (“FSP”) with FSP number 49010 in terms of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS”) to provide advice and intermediary services in respect of various financial products, including Crypto Assets executed on the Trading Platform.
2. DEFINITIONS
2.1. Account: means your 80eight trading platform account with the corresponding account number opened in terms of this Agreement for your Trading in Crypto Assets, under which all your Trading is recorded and reconciled.
2.2. Account holder: means you, the person identified when registering for an account and signing this Agreement, and in the context of corporate entities, “Account Holder”, “Client”, or “you” means the corporate entity acting through its authorised User.
2.3. Affiliate: Any subsidiary (whether direct or indirect) of 80eight Proprietary Limited.
2.4. Annexures: means all annexures attached to this Agreement, as may be amended or supplemented from time to time.
2.5. Asset transfer instruction: refers to sending messages via a communications network to coordinate such transfers with third parties, whether or not such third parties are also subscribers of the trading Service.
2.6. Asset wallet: is assigned to each Crypto Exchange supported Crypto Asset, with an internal deposit address.
2.7. Calendar day: Any day of the week, including Saturday, Sunday and official public holidays in any jurisdiction.
2.8. Cost profile: refers to all applicable fees charged to your Account with 80eight as published on the website or otherwise communicated to you, as per clause 3.3, that may include, but are not limited to, fees in relation to execution and exchange trading transactions, data fee commissions, brokerage fees, regulatory fees, administration fees and/or access fees, specific products and/or service fees.
2.9. Crypto exchange: refers to a platform for customers to trade crypto assets or Cryptocurrencies for other assets.
2.10. Crypto asset: means a Crypto representation of value that –
2.10.1. is not issued by a central bank, but is capable of being traded, transferred or stored electronically by natural and legal persons for the purpose of payment, investment and other forms of utility;
2.10.2. applies cryptographic techniques; and
2.10.3. uses distributed ledger technology.
2.11. Dollar or USD: The United States Dollar.
2.12. Fiat currency: refers to the legal tender declared as such by the reserve bank of the country or jurisdiction where the Accountholder is situated.
2.13. 80eight platform: refers to the 80eight trading platform, where purchase or transfer Crypto Assets and other related transacting occurs.
2.14. High-risk locations: means countries listed by the Financial Action Task Force (https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions.html) such as Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Democratic People’s Republic of Korea, Democratic Republic of the Congo, Gibraltar, Haiti, Iran, Jamaica, Jordan, Mali, Morocco, Mozambique, Myanmar, Panama, Philippines, Senegal, South Sudan, Syria, Tanzania, Turkey, Uganda, United Arab Emirates, Yemen.
2.15. Intermediary Mandate: means the trading agreement entered between you and 80eight for financial services on a non-discretionary basis.
2.16. Investment: means the purchasing, selling or trading in Crypto assets.
2.17. KYC: refers to the “know-your-customer” process that 80eight has put in place before entering into a business relationship or conducting transactions with its clients. As part of this process, 80eight may request various information necessary to identify Users, verify their identity, scrutinise and investigate user transactions, and comply with any applicable law or regulation.
2.18. Minting: this is the process of creating and issuing new units of a specific security token. This process involves the creation of fresh tokens or burning them to the circulating supply.
2.19. Multi-Party Computation (MPC): refers to a third-party provider’s software in which each device signing into your trading account, a key share is generated on the device and two corresponding key shares are generated on separate Intel SGX enclaves at third-party’s cloud service providers.
2.20. Order: An Order is a conditional instruction given to us through the Trading Platform or telephone trading to either buy or sell a certain Crypto Asset.
2.21. Parties: 80eight and the Account holder, and Party means, as the context requires, any one of them.
2.22. Personal Information: Has the meaning ascribed to this term in POPIA.
2.23. POPIA: refers to the Protection of Personal Information Act, of 2013, applicable in the South African jurisdiction.
2.24. Private Keys: refers to the special access utility which renders the ability to authorise transactions.
2.25. Recovery Passphrase: refers to a sequence of words, typically used to create and secure private keys which act as a backup in the event that access to a Wallet is lost.
2.26. Service(s): means 80eight in our capacity as agent, intermediates in the sale, purchase and/or transfer of Crypto Assets, and through the use of the Trading Platform, stores the purchased and/or transferred Crypto Assets. This also includes the key backup and recovery.
2.27. Service Bureau: means an arrangement where third parties are permitted to access and use the Software, directly or indirectly, by any means to process data.
2.28. Spot Trading: means the market price of the digital asset at the exact time of purchase/sale.
2.29. Trade or trading: refers to the act of buying, selling, or exchanging financial instruments assets, such as Crypto Assets, when utilising the Trading Platform.
2.30. Users: refers to all individuals, or institutions that access, download or use the Trading platform and who meet the criteria and conditions stipulated by 80eight.
2.31. Vault: this is where your Asset wallets are stored through a third party service provider software. Each Vault account can contain one Asset wallet for each asset type.
2.32. ZAR or Rand: refers to the South African Rand.
The definitions clause is not exhaustive. You will find other terms defined elsewhere in this Agreement.
If any provision in a definition confers rights or imposes obligations on you or us, the effect is given to it as a substantive provision of this Agreement.
Any reference in this Agreement to a person means any natural person or corporate entity.
3. USER ACCOUNT OPERATION
3.1. Registration
3.1.1. It is mandatory for all clients to register for a trading Account through the following link: https://accounts.80eight.io/en/register.
3.1.2. Upon registration, you must choose your username and password.
3.1.3. You must capture all your Account details. You will not be considered an Account Holder until your live Account has been duly accepted by 80eight in terms of this Agreement.
3.1.4. You are under an obligation to keep your Account details safe and not share them with other parties
3.2. Deposits
3.2.1. Your funds must be deposited into 80eight’s client trust bank account as required in clause 4.1 of the Intermediary mandate, following which your Account will be credited with the corresponding value.
3.2.2. Alternatively, you may deposit Crypto Assets directly into your Asset Wallet address, provided to you by 80eight.
3.3. Purchasing and selling
3.3.1. The Trading platform allows you to place an order to “buy” Crypto Assets from the 80eight platform.
3.3.2. The Trading platform allows you to sell on a Crypto Exchange any Crypto Assets which are allocated to your Wallet.
3.3.3. The Trading platform further allows you to transfer Crypto Assets to other wallet addresses furnished by yourself and subject to wallet address sanctions checks as mentioned in clause 5.1.2 below.
3.3.4. Trades on the Trading platform are performed as real-time market orders, i.e. orders that are executed immediately when you enter your order. However, quoted prices and execution prices will be obtained and given before trading.
3.4. Telephone/WhatsApp or Telegram instruction
3.4.1. If the Trading platform is not accessible due to the website being unavailable, you may give trading instructions via telephone, WhatsApp or Telegram on one of our designated trading lines (“Telephone Trading Instructions”), provided that you answer all of the security questions asked of you to the satisfaction of 80eight.
3.4.2. The Telephone/WhatsApp or Telegram feature, you may utilise as your preferred method of executing your trades. For further details on telephone instructions, see Annexure D – Telephone trading available in the intermediary Mandate.
3.5. Withdrawals
When you register for a trading account, you are required to provide your bank account details as a method for Fiat currency withdrawals or provide an asset wallet address for Crypto Assets withdrawals. For further information on the withdrawals, see “Annexure E – Withdrawals”, available in the intermediary Mandate.
4. CLIENT OBLIGATIONS
4.1. User Account
4.1.1. You must capture all your Account details. You will not be considered an Account Holder until your live Account has been duly accepted by 80eight in terms of this Agreement. You should not keep a written record of your Account details or give them to any other person.
4.1.2. You will contact us immediately when you become aware of or suspect that:
a) any unauthorised person has gained access to your Account details;
b) your Account details have been lost, stolen or misused; or
c) any other breach of security has occurred.
4.1.3. You will change your Account details immediately when you become aware of or suspect any one of the circumstances set out above.
4.1.4. As part of this process, you are committed to supplying accurate and comprehensive information during the account registration process and agree to update any details furnished to 80eight within 30 calendar days to ensure the accuracy and integrity of the provided information.
4.1.5. While each User is permitted to maintain a singular primary Account at any given time, the option to establish one or multiple subaccounts under the main Account is available with the explicit consent of 80eight.
4.1.6. You warrant not to authorise nor assist others to:
a) Bypass, disable, or engage with features of the Trading platform that relate to security or enforce usage restrictions on the service.
b) Breakdown, reverse engineer, modify, translate, change, or decompile any part of the service or uncover its source code, except and solely to the extent allowed by applicable law in spite of this limitation.
c) Utilise the Trading platform on a service bureau or time-sharing basis, or offer services to third parties that don’t comply with this Agreement.
d) Share, duplicate, lease, rent, sublicense, transfer, assign, sell, or in any way hand over the Trading platform or any of the Accountholder’s rights linked to it.
e) Violate or misuse password protections governing access to the Trading platform.
f) Disrupt or attempt to disrupt the proper operation or integrity of the Trading platform.
g) Use the Trading platform in any unlawful manner or in contradiction to the terms of this Agreement.
h) Use 80eight’s name, logo, or trademarks without obtaining prior written consent.
i) Erase, eliminate, obscure, or in any way modify any copyright, trademark, and other intellectual property rights notices of Trading or any other third parties found in or on the service or any of its components.
j) Utilise the Trading platform to perform comparisons, competitive analysis, penetration testing, vulnerability assessments, identification of security vulnerabilities, or other benchmarking activities, either independently or in conjunction with any other hardware, without obtaining the prior written consent of 80eight.
k) Utilise the Trading platform in ways other than those allowed in this Agreement.
4.2. Account Security
4.2.1. The actions of individual Users may pose risks. You agree to treat your access credentials (such as username and password) as Personal Information and not to disclose such information to any third party.
4.2.2. You also agree to be solely responsible for taking the necessary security measures to protect your Account and personal information.
4.2.3. You are solely responsible for the safekeeping of your Account and password. You are responsible for all trading under your Account.
4.3. Fees
The fees payable are in terms of clause 5 of the Intermediary Mandate, and charges are listed in Annexure C – Fees of the Intermediary Mandate.
5. 80eight OBLIGATIONS
5.1 Verification
5.1.1. By registering an account with 80eight, you are implicitly consenting to furnish the necessary personal information for identity verification.
5.1.2. 80eight will use this information to authenticate your identity and detect potential instances of money laundering, terrorist financing, fraud, and other illicit financial activities using a third-party system.
5.1.3. 80eight’s utilisation, collection, and sharing of this information will adhere to the guidelines outlined in our Privacy Policy.
5.1.4. In addition to the provision of said information, you hereby permit us to retain a record of this data for the duration of your active Account and a retention period of five (5) years or longer following the closure of your Account.
5.1.5. This retention aligns with global industry standards for data storage. Moreover, you are authorising us to conduct necessary inquiries, either directly or through third parties, to verify your identity or to safeguard both your interests and 80eight’s against financial crimes such as fraud.
5.1.6. Data that is essential for confirming your identity may encompass, but is not limited to, details such as your name, email address, contact information, phone number, username, government-issued identification, date of birth, and other pertinent information gathered during the process of account registration.
5.2 Account Security
5.2.1. 80eight is committed to maintaining the security of User entrusted funds. This is achieved through the implementation of industry-standard protection such as the third-party service provider’s multi-layer security matrix layers MPC, Intel SGX, and a deposit address authentication network to deliver the most impenetrable system on the market.
5.2.2. 80eight is solely responsible for the backup of the Recovery Passphrases. The recovery passphrase will be used to recover the Private Key Share. 80eight will implement appropriate technical, organisational and security measures to make sure that Users have access to their individual Recovery Passphrase.
5.2.3 80eight utilises the third-party provider provided Full Key Recovery Package. The initiation to retrieve Full Key Recovery Package is conducted as soon as possible.
5.2.4. 80eight performs sanity testing on the trading platform following a setup of each Trading Vault account, exchange or counterparty connection by receiving a Crypto Asset to an Asset wallet that is stored in a Vault and executing a transaction from the Trading platform.
5.3 Allocation of funds and assets
5.3.1. 80eight must credit your trading account with the value of the Fiat currency deposited into the trust bank account (See Annexure B – Funds and Asset allocation available in the intermediary Mandate).
5.3.2. Alternatively, 80eight will credit your trading account with the Crypto Assets deposited into your Asset wallet (See Annexure B – Funds and Asset allocation available in the intermediary Mandate).
5.4 Custody
5.4.1. Client Funds
a) Fiat funds are deposited into a trust bank account, which is segregated from the operational bank account of 80eight.
b) When you complete a deposit, a reconciliation is conducted by 80eight as described in “Annexure B – Funds and Asset allocation”, available in the intermediary Mandate.
5.4.2. Crypto Assets
a) 80eight stores the Crypto Assets in Asset wallets, which are stored securely with a third-party wallet storage provider.
b) 80eight stores the full Private Key in Trading SaaS’ separate data centres, with only ourselves having access to such Private key.
c) Further, 80eight backs up the Recovery Passphrases, which will be used to recover the Private Key in the event data is lost in the Trading platform.
5.5 Telephone instruction
5.5.1. Should 80eight receive telephone/WhatsApp/Telegram trading instructions in terms of clause 3.4 above, only instructions that you give to one of our authorised traders will be accepted, and they cannot be given by leaving a message on voicemail facilities.
5.5.2. All calls may be recorded by 80eight and may be used for any purpose including, but not limited to, the confirmation of your Telephone Trading Instructions and, where applicable, for security, regulatory, contractual and other legal requirements. Such records will be 80eight’s sole property, and you accept that they will constitute evidence of the communications between us.
5.6. Settlement
80eight will pay out Fiat currency withdrawal requests to your Fiat bank account, as furnished by you during onboarding or changed at any time during the validity of this Agreement. Any Crypto Asset transfer requests will be made to the wallet address provided by you at onboarding or amended by yourself during the duration of this Agreement.
6. WARRANTIES AND UNDERTAKINGS
6.1 Each Party warrants that:
6.1.1 It has the power and authority and has taken all corporate action required to enter into and fully perform obligations in this Agreement, and, its entry into and performance of this Agreement do not and will not violate any agreement to which it is bound; and
6.1.2 It will comply with all applicable laws, rules, regulations, and ordinances in its performance of this Agreement.
6.2 80eight warrants that:
6.2.1. The applicable risk disclosures are available on our website 80eight and updated from time to time.
6.2.2. The Trading platform will perform materially in accordance with the applicable documentation;
6.2.3. The Crypto asset operations adhere to all relevant laws and regulations. This encompasses but is not restricted to, compliance with laws and regulations pertaining to consumer protection, the FAIS Act, anti-bribery, and anti-corruption, as well as those concerning money laundering and the financing of terrorism.
6.2.4. In the transfer or purchase of Crypto Assets, where a counterparty to a low or zero confirmation transaction that is unsuccessful in being added to the blockchain (for any reason) has credited the full value of the transaction to the destination wallet, 80eight acknowledges that it may be required by the crediting counterparty to resubmit the transaction to the relevant blockchain, and 80eight will make reasonable efforts to do so.
6.2.5. 80eight represents and warrants that an account with a third-party financial institution has been established which is capable of holding and transmitting fiat currencies in connection with the use of the transfer assist service to coordinate transfers of fiat currency. In such cases, the Trading Platforms’ sole responsibility is to relay information between us and the third-party financial institution with which you maintain an independent account relationship.
6.2.6. Any modifications to the introducing broker arrangement will be communicated to you in accordance with the communication channels specified in these terms and conditions.
6.3 Upon registering for the trading Account, you represent and warrant that:
6.3.1. If you are an individual, you have reached the age of at least 18 years or have attained the legal age necessary to establish a binding agreement according to relevant laws;
6.3.2. Whether you are an individual, a legal entity, or any other type of organisation, you possess the complete legal capacity and the requisite authorisations to engage in these Terms and Conditions;
6.3.3. You have not been previously suspended or excluded from utilising the Trading Platform;
6.3.4. You do not currently hold an active trading Account;
6.3.5. You are neither a resident nor located within, nor attempting to access the Trading Platform or 80eight services on behalf of an entity or individual resident or located in a region deemed high-risk;
6.4. In instances where you act as an employee or representative of a legal entity, and you enter into these Terms and Conditions on their behalf, you assure and warrant that you retain all necessary rights and permissions to legally bind said legal entity and, further, that you have the authority to access and employ the Trading platform and our services on their behalf; and
6.5. Your utilisation of the Trading platform and the Services offered by us will remain in compliance with all applicable laws and regulations, both concerning you personally and the legal entity whose interests you represent. This includes but is not restricted to, regulations covering anti-money laundering, anti-corruption, and counter-terrorism financing.
6.6 You will prevent unauthorised access to or use of the Trading platform and notify us promptly of any such unauthorised access or use.
6.7 Should you choose to utilise the services of an introducing broker to access 80eight Services, you acknowledge that 80eight reserves the right to change or terminate the relationships with introducing brokers at any time without prior notice.
7. EXCLUSION ON LIABILITIES
7.1. 80eight shall assume no responsibility for any loss or damage of the Recovery Passphrase, arising out any reliance upon any information received from 80eight, 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 80eight’s records, programmes or services. that is not caused by our negligence or breach of these terms and conditions.
7.2. You assume full responsibility for the consequences of any and all unsuccessful transactions which are not caused by the failure of the Trading Platform.
7.3. 80eight assumes no liability for any loss or consequences caused by authorised or unauthorised use of your account credentials, including but not limited to information disclosure, information release, consent or submission of various rules and agreements by clicking on the website, online agreement renewal, etc.
7.4. Notwithstanding any of the above, under no circumstances shall 80eight, its affiliates (including their directors, members, employees, or agents), be liable to you for any direct, indirect, special, consequential, exemplary, or punitive damages, including but not limited to loss of profit, revenue, business, opportunity, or data, arising from your use of, inability to use, or unavailability of the 80eight Site and/or your Trading Account.
7.5. Under no circumstances shall 80eight 's liability, arising from your use of the 80eight Site or your Trading Account, surpass (in total) the fees earned by 80eight from your Trading Account in the twelve months immediately preceding the incident leading to the claim of liability.
7.6. Introducing brokers may facilitate the initiation and execution of trades on your behalf. While we strive to ensure the reliability of these introducing brokers, 80eight takes no responsibility for their services, actions, or the outcome of trades conducted through their introduction.
7.7. 80eight assumes no responsibility for any damage resulting from (including, but not limited to, any damage to your Trading Account):
7.7.1. Any modifications or alterations of the Trading platform, its functionality or capabilities that are not made by us or our agents; and/or
7.7.2. By malicious code, malware, bots, worms, trojans, backdoors, exploits, cheats, fraud, hacks, hidden diagnostics, or other mechanisms to disable security or content protection that results from Accountholder’s network or system.
7.7.3. Any damages resulting from any breach of either 80eight or Trading confidentiality obligations herein.
7.8 You agree to defend and indemnify 80eight and all its Affiliates and hold them harmless from and against any and all claims, proceedings, damages, injuries, liabilities, losses, costs, and expenses (including reasonable attorneys’ fees and litigation expenses) relating to or arising from any breach by you of this Agreement, any Applicable Law or FSCA determination. This means that if you do not comply with the terms of this Agreement, any Applicable Laws or determination by the FSCA, you will have to pay for any of the above losses and expenses caused to 80eight, Affiliates, or any third party because of your breach.
8. INTELLECTUAL PROPERTY RIGHTS
8.1. You acknowledge and agree that the copyrights, trademarks, service marks and all other intellectual property or other rights to any information distributed to or received by you, whether sent by 80eight or on its behalf, by any means (including but not limited to by Internet electronic communication or mobile phone), together with any advertising media, website or other material connected to the Trading Platform and in any databases that contain or constitute the information, will remain our sole and exclusive property.
8.2. You will not permit or facilitate, and will take steps to prevent any sale, re-distribution, dissemination, re-publication or redisplay of the information referred to in clause 8.1, however received, to any third party.
8.3. The Trading platform is a valuable trade secret of Trading, and any disclosure or unauthorised use thereof will cause irreparable harm and loss to Trading. The Trading platform is not for sale and is 80eight’s sole property. All rights, titles, and interests, including any intellectual property rights evidenced by or embodied in, attached, connected, and/or related to the service and any and all improvements and derivative works thereof are and shall remain owned solely by 80eight. This Agreement does not convey to you any interest in or to the Trading platform other than a limited right to use in accordance with clause 1. Nothing herein constitutes a waiver of Trading’ intellectual property rights under any law.
9. TERMINATION
You or 80eight may close your Account in terms of the Non-discretionary Mandate. If your Account is closed, you are still responsible for all debts or obligations you owe to 80eight and with respect to any previous or pending Trades.
10. VARIATION OF THE TERMS AND CONDITIONS
10.1 80eight may vary these terms and conditions at any time. The variation will be effected by publishing the new version of the Agreement on the website and communicated to you in your preferred method of communication. It will apply to all your trading with 80eight as from 10 Business Days after the date of publication unless it is impracticable in the circumstances to do so.
10.2 You acknowledge that by continuing to have an Account with 80eight or engaging in any Trading activity using the Trading platform, which includes making payments or withdrawals in accordance with clauses 3.2 and 3.5, you agree to be bound by any new version of the terms and conditions, published on the website, emailed to you or delivered to you in hard copy or by any other manner from time to time.
10.3 Any amended terms and conditions, as published on 80eight’s website, will supersede any previous agreement on the same subject matter and will govern any Trade or Order entered into after, or outstanding on, the date the amended Agreement comes into effect.
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