ABF Trade Connect (Pty) Ltd, trading as ABF Swap SA
Version [2.0] | Effective date: [27.09.2026]
Important notice. Please read these Terms carefully before opening an Account or using the Services. They contain provisions that limit or exclude the Company’s liability, place risks and responsibilities on the User, require the User to indemnify the Company, and record acknowledgements made by the User. These provisions are found, in particular, in clauses 15, 16, 20 and 20.11. Dealing in Cryptocurrency involves a high degree of risk, including the risk of losing the full amount invested. The Company does not provide financial advice.
1.1. These Terms and Conditions (the “Terms”) govern the legal relationship between the User and the Company in respect of the use of the Platform and the provision of the Services. By creating an Account, or by accessing or using the Platform or any of the Services, the User confirms that the User has read and understood these Terms and agrees to be bound by them.
1.2. These Terms, together with the Privacy Notice, the Price Schedule and any supplementary terms that the Company makes available for a particular Service or category of User (such as terms applicable to business Accounts, or the terms of a Partner that the User is required to accept), constitute the Agreement between the User and the Company. No separate signed agreement is required for the User to gain Full access to the Platform. In case of conflict, supplementary terms that expressly apply to a particular Service shall prevail over these Terms in respect of that Service only.
1.3. A necessary condition for concluding the Agreement and using the Platform is also reading and accepting the Privacy Notice and other applicable policies published on the Website.
1.4. Company information. The Services are provided by ABF Trade Connect (Pty) Ltd, a private company incorporated in the Republic of South Africa with registration number 2022 / 248074 / 07, whose registered address is 21 Third Street, Kleinmond, Overstrand, Western Cape, 7195, South Africa. The Company can be contacted by e-mail at [support@abfswap.com] and, in respect of compliance matters, at compliance@abfswap.com.
1.5. Regulatory status. The Company is an authorised financial services provider licensed by the Financial Sector Conduct Authority (“FSCA”) under the Financial Advisory and Intermediary Services Act, 37 of 2002 (“FAIS Act”), with FSP number 52818, to render intermediary services in respect of crypto assets (license Category I ). The Company’s license details may be verified on the FSCA website (www.fsca.co.za). The Company’s Key Individual and FIC Compliance Officer is Bertie George Schamrel (contact: compliance@abfswap.com). The Company is an accountable institution under the Financial Intelligence Centre Act, 38 of 2001 (“FIC Act”), registered with the Financial Intelligence Centre under organisation ID 79123 .
2.1. In these Terms, unless the context indicates otherwise, the following words and expressions have the meanings set out below:
ABF Trade Connect (Pty) Ltd shall mean the company incorporated under the laws of South Africa with registration number 2022 / 248074 / 07 and registered address at 21 Third Street, Kleinmond, Overstrand, Western Cape, South Africa, 7195, hereinafter referred to as “we”, “us”, “our”, “ABF Swap SA” and “Company”.
ABF Swap SA is a trade name of ABF Trade Connect (Pty) Ltd
Account shall mean the User’s account on the Platform, opened in the User’s name upon successful completion of registration and customer due diligence, through which the User accesses the Services and which includes the User’s vWallet(s).
Agreement shall mean these Terms and the other documents referred to in clause 1.2, as amended from time to time.
Applicable Law shall mean all laws, regulations, directives, conduct standards, guidance notes, public compliance communications and binding requirements of any competent authority applicable to the Company, the User or the Services, including the FAIS Act, the FIC Act, the Consumer Protection Act, 68 of 2008, the Electronic Communications and Transactions Act, 25 of 2002, the Protection of Personal Information Act, 4 of 2013 (“POPIA”), the Exchange Control Regulations, 1961 (and any regulations replacing them) and tax legislation, each as amended from time to time.
Business Day shall mean any day other than a Saturday, Sunday or public holiday in the Republic of South Africa.
Counterparty CASP shall mean a crypto asset service provider, virtual asset service provider or other financial institution, other than the Company, that sends Cryptocurrency to or receives Cryptocurrency from the Company on behalf of its customer.
Cryptocurrency shall mean a crypto asset, being a digital representation of value that is not issued by a central bank, is capable of being traded, transferred or stored electronically and is recorded on a distributed ledger, including (but not limited to) Bitcoin (BTC), Ether (ETH), Tether (USDT) and other digital assets, available in connection with the Services. Where the context requires, references to Cryptocurrency are to Supported Cryptocurrency.
Deposit shall mean the receipt of Supported Cryptocurrency into the User’s vWallet from an external blockchain address, and Deposit Address shall mean a blockchain address generated on the Platform for the User for the purposes of receiving a particular Supported Cryptocurrency over a particular Supported Network.
Exchange Transaction shall mean a purchase of Supported Cryptocurrency with Fiat Currency, a sale of Supported Cryptocurrency for Fiat Currency, or an exchange of one Supported Cryptocurrency for another, executed by the Company on the User’s Order.
Fiat Currency shall mean South African Rand (ZAR) and such other government-issued currency as the Company may support from time to time in connection with the Services.
Full access to the Platform shall mean registering on the Platform, completing the Company’s customer due diligence to its satisfaction, concluding the Agreement and gaining access to the Account and the vWallet.
Internal Transfer shall mean a transfer of Supported Cryptocurrency from the User’s vWallet to the vWallet of another User, as described in clause 11.
Linked Bank Account shall mean a bank account held in the User’s own name with a bank approved by the Company], which has been verified by the Company and linked to the User’s Account.
Operation shall mean any action, instruction or transaction performed or ordered by the User through the Platform, including an Exchange Transaction, a Deposit, a Withdrawal or an Internal Transfer, in particular a transaction resulting in a change of the balance of the User’s vWallet.
Order shall mean an instruction given by the User through the Platform to enter into an Exchange Transaction.
Partners shall mean third-party service providers engaged by the Company in connection with the Services, including banks, liquidity providers, custody technology providers, identity verification providers and Travel Rule solution providers.
Payment Transactions shall mean a Deposit, a Withdrawal or an Internal Transfer of Cryptocurrency into, from or between vWallets.
Platform shall mean the platform operated by the Company under the trade name ABF Swap SA, including any website or mobile application for accessing the platform, which enables Users to deposit, exchange, transfer and withdraw Cryptocurrency and to use the other Services.
Price Schedule shall mean the schedule of fees, charges and limits applicable to the Services, as published on the Website and within the Platform from time to time.
Privacy Notice shall mean the Company’s privacy notice published on the Website, as amended from time to time.
Quote shall mean the exchange rate and other terms of a proposed Exchange Transaction displayed to the User on the Platform before the User places an Order.
Self-hosted Wallet shall mean a wallet for Cryptocurrency that is not hosted by the Company or by any Counterparty CASP and whose private keys are controlled by the holder of the wallet.
Services shall mean the services provided by the Company to the User through the Platform as described in clause 3, including the execution of Exchange Transactions and Payment Transactions, the opening and maintenance of the Account and vWallet, the safekeeping of Supported Cryptocurrency on behalf of the User, and any other operations required for the vWallet to function correctly.
Supported Cryptocurrency shall mean a Cryptocurrency that the Company supports on the Platform from time to time, and Supported Network shall mean, in respect of a Supported Cryptocurrency, a blockchain network over which the Company accepts Deposits and processes Withdrawals of that Supported Cryptocurrency, each as displayed on the Platform.
System shall mean the software, hardware and infrastructure used by the Company to operate the Platform and provide the Services.
Travel Rule has the meaning given in clause 12, and Travel Rule Information shall mean the information about the originator and the beneficiary of a transfer of Cryptocurrency that the Company is required to obtain, hold and transmit under the Travel Rule.
User shall mean a natural person, or a legal entity acting through an authorised individual, who has opened an Account and is bound by these Terms.
vWallet shall mean the User’s virtual wallet on the Platform, recorded in the Company’s books, that reflects the Supported Cryptocurrency held by the Company in custody on behalf of the User and allows the User to deposit, store, exchange, transfer and withdraw Supported Cryptocurrency. The private keys relating to the blockchain addresses on which Users’ Cryptocurrency is held are generated, held and controlled by the Company; the User accesses the vWallet by means of the User’s login credentials and authentication factors. Wallets provided by third parties (external wallets) are not vWallets.
Website shall mean www.abfswap.io and any other website operated by the Company in connection with the Services.
Withdrawal shall mean a transfer of Supported Cryptocurrency from the User’s vWallet to an external blockchain address, as described in clause 10.
2.2. In these Terms, headings are for convenience only and do not affect interpretation; words in the singular include the plural and vice versa; words denoting a natural person include a legal entity; the words “including” and “in particular” are not words of limitation; and a reference to any law includes that law as amended or replaced and any subordinate legislation, directive or binding guidance issued under it.
3.1. By gaining Full access to the Platform, the User obtains access to the Services, which the Company shall provide on the terms and under the conditions indicated in the Agreement.
3.2. Certain Services may be provided in cooperation with Partners. The User’s use of such Services may additionally be subject to the terms of the relevant Partner, which the User must accept before using the Services concerned. The User shall each time be duly informed about the identity of the Partner and the applicable terms before accepting them.
3.3. Subject to the Agreement, the following Services are available to Users:
3.4. Capacity of the Company. Unless the Company informs the User otherwise before an Order is executed, the Company acts as principal and counterparty to each Exchange Transaction and executes it at the rate stated in the Quote accepted by the User. The Company may obtain liquidity from Partners, including other crypto asset trading venues and liquidity providers. The rate quoted to the User may include a spread over the rate at which the Company is able to obtain or dispose of the relevant Cryptocurrency, which constitutes remuneration of the Company in addition to the fees set out in the Price Schedule.
3.5. No advice. The Services are provided on an execution-only basis. The Company renders intermediary services and does not furnish advice as defined in the FAIS Act. The Company does not assess whether any Operation is suitable for the User, and no information made available through the Platform or by the Company’s employees constitutes a recommendation to enter into any Operation.
3.6. Conflicts of interest. Where the Company acts as principal, its interests may differ from those of the User. The Company manages such conflicts in accordance with its conflict of interest policy, adopted under the FAIS Act and available on the Website, including by quoting rates that reflect prevailing market conditions and by disclosing its fees and spread before an Order is placed.
3.7. The Services are not available in every jurisdiction. The Company may restrict or withdraw particular Services, Supported Cryptocurrencies or features for Users in certain jurisdictions or risk categories.
4.1. The Company may freely determine which Cryptocurrency, and over which Supported Network, may be deposited into, held in, exchanged through or withdrawn from a vWallet. Before supporting a Cryptocurrency, the Company performs due diligence of the Cryptocurrency, including an assessment of its technology, liquidity, legal characteristics and money laundering, terrorist financing and proliferation financing risks. The Company may use the services of Partners for this purpose.
4.2. The Company does not guarantee the value of any Cryptocurrency at any given time. Information about Supported Cryptocurrencies and Supported Networks will be visible in the vWallet. Under no circumstances should the User attempt to use the vWallet to store, send, request, or receive cryptocurrency that is not a Supported Cryptocurrency, or to send Supported Cryptocurrency over a network that is not a Supported Network. All such erroneously transmitted cryptocurrency may be permanently lost. Where recovery is technically possible, the Company may, but is not obliged to, attempt it and may charge the recovery fee set out in the Price Schedule.
4.3. The Company may cease to support a Cryptocurrency or Supported Network for legal, regulatory, security, liquidity or risk reasons. Save where Applicable Law or urgent security considerations require otherwise, the Company will give the User at least [30] days’ notice, during which the User may sell, exchange or withdraw the affected Cryptocurrency. If the User does not do so, the Company may sell it at the prevailing market rate and credit the proceeds, less applicable fees, to the User’s Linked Bank Account or vWallet.
4.4. Unless expressly announced by the Company, the Services do not support airdrops, staking, governance rights, side-chains, tokens issued on top of a Supported Network or any other functionality that supplements or interacts with a Supported Cryptocurrency, and the Company has no obligation to claim, credit or distribute any such asset or benefit to the User.
5.1. Custody. Supported Cryptocurrency credited to the User’s vWallet is held by the Company in custody on behalf of the User. The Company holds the private keys to the blockchain addresses on which Users’ Cryptocurrency is held and protects them with security measures that include keeping a substantial portion of Users’ Cryptocurrency in offline (cold) storage, multi-signature or equivalent authorisation controls and restricted, logged access.
5.2. Omnibus addresses. The Company may hold the User’s Supported Cryptocurrency together with that of other Users in blockchain addresses controlled by the Company and used solely for Users’ assets. The Company is not obliged to create a segregated blockchain address for each User unless required by Applicable Law, but will not hold Users’ Cryptocurrency in the same blockchain addresses as its own Cryptocurrency.
5.3. The User is entitled at any time to withdraw Supported Cryptocurrency to an external wallet, subject to clause 10 and the other provisions of the Agreement. Cryptocurrency available for withdrawal will be visible upon initiation of such withdrawal. Before ordering a withdrawal, the User is obliged to verify the range of cryptocurrencies and networks supported by the external wallet provider.
5.4. The Company will record the User’s Cryptocurrency in its books as belonging to the User, separate and apart from anyone else’s Cryptocurrency and from the Company’s own property and funds.
5.5. The Company’s records will at all times provide for the separate identification of the assets owned by each User, and the Company will reconcile its records against the balances held on the relevant blockchain addresses at least daily. The Company is not authorised to use Cryptocurrency held in vWallets for its own account in any way; in particular, the Company will not lend, hypothecate, pledge, stake, rehypothecate or otherwise encumber or use any User’s assets held in a vWallet, except to the extent necessary to execute the User’s own Operations.
5.6. The User, as the owner of the Cryptocurrency in the vWallet, shall bear all risk of loss of value of such assets, in particular the risk of value fluctuations. Ownership of the Cryptocurrency does not pass to the Company, and the Company maintains its records so that Users’ Cryptocurrency can be identified as not forming part of the Company’s assets.
5.7. The Company does not grant to any third party a security interest in the Cryptocurrency held in a vWallet.
5.8. The Company may use Partners to provide custody technology or sub-custody services. In that case the Company shall exercise due skill, care and diligence in selecting and monitoring them, shall ensure that Users’ Cryptocurrency held by them is identified as held for Users, and shall remain responsible to the User for the safekeeping of the User’s Cryptocurrency in accordance with this clause 5.
5.9. No interest, yield or other return accrues to the User on Cryptocurrency held in the vWallet.
6.1. The User may place Orders to buy, sell or exchange Supported Cryptocurrency through the Platform for the pairs of Supported Cryptocurrency and Fiat Currency displayed on the Platform, within the minimum and maximum amounts shown on the Platform.
6.2. Quotes. Before the User places an Order, the Platform will display a Quote stating the assets and amounts to be exchanged, the exchange rate, the applicable fees, the amount the User will receive and the period during which the Quote is valid. Quotes reflect prevailing market conditions and are valid only for the period displayed; if the User does not accept a Quote within that period, it lapses and a new Quote must be requested.
6.3. Orders. An Order is placed when the User accepts a Quote on the Platform. By accepting a Quote, the User authorises the Company to execute the Exchange Transaction at the quoted rate and to debit the User’s vWallet or apply the User’s Fiat Currency accordingly. The User must ensure that sufficient assets are available to settle the Order and all applicable fees.
6.4. Finality and confirmation. Once executed, an Exchange Transaction cannot be cancelled or reversed by the User. A confirmation of each executed Exchange Transaction, showing the assets and amounts exchanged, the rate, the fees and the date and time of execution, will be available in the User’s Account.
6.5. Manifest errors. If an Exchange Transaction is executed at a rate that is manifestly erroneous, for example as a result of a technical malfunction, incorrect market data or an obvious error in the Quote, the Company may, acting reasonably and in good faith, cancel the Exchange Transaction or amend it to the correct rate, provided that it notifies the User as soon as practicable and in any event within two Business Days of execution. On cancellation, the User and the Company shall be restored to the position they were in before the Exchange Transaction.
7.1. To fund a purchase of Supported Cryptocurrency, the User must transfer Fiat Currency by electronic funds transfer from the User’s Linked Bank Account to the bank account designated for this purpose on the Platform (the “Collection Account”), using the unique payment reference provided by the Platform. Cash deposits, cheques and payments from third parties or from accounts not held in the User’s own name are not accepted.
7.2. Fiat Currency received from the User is received solely for the purpose of executing the User’s Order. It does not constitute a deposit, does not bear interest for the User, and is held in the Collection Account, separately from the Company’s own funds, pending execution of the Order or its return to the User.
7.3. Once the Fiat Currency has been received and allocated to the User, the Platform will display a Quote and the purchase will be executed when the User accepts it. Where the User has given a standing instruction on the Platform to purchase a specified Supported Cryptocurrency on receipt of funds, the Company will execute the purchase at the rate quoted at the time the funds are allocated, and the User bears the risk of price movements between the time of payment and the time of allocation.
7.4. The purchased Supported Cryptocurrency, less applicable fees, is credited to the User’s vWallet upon execution. The Company does not convert Fiat Currency into any intermediate Cryptocurrency unless this is disclosed in the Quote.
7.5. If Fiat Currency cannot be allocated to the User (for example because the payment reference is missing or incorrect, or the payment originates from a third party or an account not held in the User’s name), or if the User does not place an Order within five Business Days after the funds are allocated, the Company will return the funds to the originating bank account, less any bank charges incurred, unless Applicable Law requires the Company to withhold, freeze or report them.
8.1. The User may sell Supported Cryptocurrency held in the vWallet for Fiat Currency by accepting a Quote on the Platform. Upon execution, the Supported Cryptocurrency sold is debited from the User’s vWallet.
8.2. The Company will pay the Fiat Currency proceeds, less applicable fees, by electronic funds transfer to the User’s Linked Bank Account, normally within one Business Day after execution. Proceeds are paid only to a bank account held in the User’s own name and verified by the Company; the Company does not make payments to third parties.
8.3. The User is responsible for ensuring that the details of the Linked Bank Account are complete and correct. The Company is not liable for any delay or loss resulting from incorrect bank details provided by the User or from the processing times of banks and payment systems. If the Company is unable to pay the proceeds, it will hold them in an account designated for Users’ funds, without interest, until the User provides valid details of a bank account in the User’s own name.
9.1. The User may exchange one Supported Cryptocurrency held in the vWallet for another Supported Cryptocurrency by accepting a Quote on the Platform. Upon execution, the Cryptocurrency sold is debited from the vWallet and the Cryptocurrency purchased, less applicable fees, is credited to it.
9.2. Exchange rates between Cryptocurrencies are determined by the Company on the basis of prevailing market rates and may include a spread as described in clause 3.4. Where no direct market exists for a pair, the Company may execute the exchange through one or more intermediate assets; the Quote will reflect the combined effect of all steps, and the User will not bear any further price movement once the Quote has been accepted.
10.1. Deposits. The User may deposit Supported Cryptocurrency into the vWallet by transferring it to a Deposit Address generated for the User on the Platform. The vWallet will only be credited with Supported Cryptocurrency received at a Deposit Address generated for the User and associated with that Supported Cryptocurrency and Supported Network.
10.2. A Deposit is credited to the vWallet after the transaction has received the number of network confirmations the Company requires for the relevant Supported Network and after completion of the screening and Travel Rule checks described in clauses 10.3 and 12. Until then the Deposit is shown as pending and cannot be used.
10.3. The Company screens Deposits using blockchain analytics and other tools to identify links to sanctioned persons, darknet markets, mixing services, fraud, stolen funds or other illicit activity. Where a Deposit presents an elevated risk, the Company may delay crediting it, request information on the source of the Cryptocurrency and the sending wallet, return it to its source where permitted by Applicable Law, or freeze it and report it to the competent authorities as required by Applicable Law.
10.4. If any Cryptocurrency or Fiat Currency is credited to the User in error, the User must promptly notify the Company and has no entitlement to it. The Company may reverse the erroneous credit and, where the User has already disposed of the assets, the User must return equivalent assets or their value on demand.
10.5. Withdrawals. The User may instruct the Company to make a Withdrawal by submitting an instruction on the Platform specifying the Supported Cryptocurrency, the Supported Network, the destination address and the amount, together with the Travel Rule Information required under clause 12.
10.6. The User is solely responsible for the accuracy of the destination address and the Supported Network selected. Blockchain transactions are irreversible: Cryptocurrency sent to an incorrect address or over an incorrect network cannot be recovered by the Company.
10.7. To protect the User, the Company may require additional authentication of a Withdrawal instruction (including two-factor authentication or e-mail confirmation), may require destination addresses to be added to an approved address list before use, and may apply a holding period of up to [24] hours to Withdrawals to newly added addresses or following changes to the User’s security settings.
10.8. The Company will normally broadcast a Withdrawal to the relevant network within 2hours after the instruction has been authenticated and all checks have been completed, but does not guarantee any particular processing time and may process Withdrawals in batches. Once a Withdrawal has been broadcast to the network it cannot be cancelled.
10.9. The network fee payable to the validators or miners of the relevant network and the Company’s Withdrawal fee set out in the Price Schedule are deducted from the User’s vWallet. The network fee shown before confirmation is an estimate and may vary with network conditions.
11.1. The User may make an Internal Transfer to the vWallet of another User by identifying the recipient on the Platform using the identifier the Platform provides for that purpose. Internal Transfers are recorded in the Company’s books and are not broadcast to a blockchain network.
11.2. Internal Transfers may only be made to Users whose Accounts are active and fully verified. Before executing an Internal Transfer, the Platform will display the recipient’s name or other identifying information so that the User can confirm that the recipient is correct; the User is responsible for that confirmation.
11.3. An Internal Transfer is executed immediately upon the User’s confirmation and is final. The Company will not reverse an Internal Transfer at the User’s request unless the recipient consents or the Company is required to do so by Applicable Law or a court order.
11.4. The Company does not act as an escrow agent and has no responsibility for any arrangement between the User and the recipient, including the delivery or quality of any goods or services for which an Internal Transfer is made.
11.5. Internal Transfers are subject to the Travel Rule, and to the same limits, screening and monitoring as Withdrawals. A transfer from the User’s vWallet to a wallet held with another provider is a Withdrawal governed by clause 10.
12.1. The Company complies with the FIC Act, Directive 9 issued by the Financial Intelligence Centre in respect of crypto asset transfers and related guidance, and any other Applicable Law implementing Recommendation 16 of the Financial Action Task Force (together, the “Travel Rule”). Under the Travel Rule the Company must obtain, verify, hold and transmit Travel Rule Information for transfers of Cryptocurrency, irrespective of their value.
12.2. For every Withdrawal and Internal Transfer, the User must provide the Travel Rule Information requested by the Platform, including the full name of the beneficiary, the destination address, whether the destination is a Self-hosted Wallet or a wallet held with a Counterparty CASP and, in the latter case, the name of the Counterparty CASP. The User confirms that all information provided is complete and accurate.
12.3. The Company transmits Travel Rule Information to Counterparty CASPs securely, before or at the same time as the transfer is executed, using a Travel Rule solution provided by a Partner (Sumsub). The User acknowledges that this involves disclosing the User’s personal information to Counterparty CASPs and Partners, which may be located outside South Africa, as required by Applicable Law and described in the Privacy Notice.
12.4. A transfer will not be executed until the required Travel Rule Information has been obtained. Where the information is incomplete or cannot be verified, or where the Counterparty CASP cannot receive it or does not meet the Company’s due diligence requirements, the Company may delay, suspend or refuse the transfer.
12.5. Where the User sends Cryptocurrency to, or receives it from, a Self-hosted Wallet, the Company may require the User to demonstrate ownership or control of that wallet (for example by signing a message with the wallet’s private key or by a test transfer) and may apply enhanced due diligence. Transfers to or from Self-hosted Wallets of third parties may be refused.
12.6. Where Cryptocurrency is received for the User from a Counterparty CASP without the required Travel Rule Information, or with information that does not match the User’s details, the Company may suspend crediting it and request the missing information, return it to the sender or reject it. Where the information indicates a link to a person subject to targeted financial sanctions, the Company will freeze the Cryptocurrency and report it as required by Applicable Law. The Company is not liable for any loss caused by such delay, return or freezing.
13.1. The Company may refuse, condition or limit Full access to the Platform if the User does not meet the requirements specified in the Agreement, the Company’s Risk Management and Compliance Programme or Applicable Law, or if the User’s use of the Platform would violate Applicable Law.
13.2. Only natural persons of at least 18 years of age with full legal capacity, and duly incorporated legal entities, may gain Full access to the Platform. Legal entities must be represented by an authorised representative whose authority is evidenced to the Company’s satisfaction, and must disclose their beneficial owners and the persons who control them.
13.3. The Services are not available to persons who (a) are resident, located or incorporated in a jurisdiction in which the Company does not offer the Services, as listed on the Website, or in a jurisdiction identified by the Financial Action Task Force as subject to a call for action; (b) are designated under a targeted financial sanctions list of the United Nations Security Council, as published by the Financial Intelligence Centre, or under the sanctions regimes of the European Union, the United Kingdom or the United States, or are owned or controlled by such persons; or (c) would use the Services on behalf of or for the benefit of any such person.
13.4. A User may hold only one Account and must use it only on the User’s own behalf. A User may not act as agent, nominee or intermediary for any other person unless the Company has agreed to this in writing after completing due diligence on that person.
13.5. Access to the Platform is only possible electronically, using an up-to-date web browser or the Company’s mobile application, where available.
13.6. To gain Full access to the Platform, the User is required:
13.7. With the confirmation of the registration, the User concludes the Agreement with the Company, subject to these Terms. The Company will grant Full access to the Platform once its customer due diligence has been completed to its satisfaction.
13.8. During the verification and registration, and at any time afterwards, the User shall provide all information requested by the Company. Such information shall be true, complete and up to date, and the User shall promptly notify the Company of any change to it. The Company processes the User’s personal information in accordance with POPIA and the Privacy Notice of the Company available at: abfswap.io , which is integral part of these Terms.
13.9. In accordance with the FIC Act, the Company’s Risk Management and Compliance Programme and other Applicable Law, the User must identify himself, herself or itself, and the Company must verify that identity. For that purpose, the Company may demand, and the User must provide, documents and information that allow the identification and verification of the User, the User’s beneficial owners and any person acting on the User’s behalf, together with information on the source of funds and, where required, the source of wealth, and the nature and intended purpose of the business relationship. The Company may also use the services of third parties to identify and verify the User.
13.10. Particular data and/or documents to be provided will be specified by the Company in the notice on the need for identification procedure. The Company may demand that copies of documents provided be duly certified, including translated into the language specified by the Company. The Company may conduct a live interview with the User or require a live photograph or video of the User for verification purposes. The User shall bear all expenses of preparing the requested documents.
13.11. If the User fails to provide the requested information and/or documents within the time period established by the Company, the Company may refuse to establish the business relationship or may suspend or terminate provision of all or any part of the Services to the User, as required by the FIC Act.
13.12. The Company conducts ongoing due diligence and transaction monitoring for the duration of the business relationship and may at any time request updated or additional information, including in relation to particular Operations. Enhanced due diligence applies to Users who present a higher risk, including domestic and foreign prominent public officials, their family members and known close associates.
13.13. Tax residence. The User must provide a self-certification of the User’s tax residence(s) and tax reference number(s) in the form required by the Company, and must update it within 30 days of any change in circumstances. The Company may restrict the User’s access to the Services until a valid self-certification has been provided.
13.14. In the event the Company has doubts about the truthfulness of information provided by the User or detects or suspects any suspicious, unusual or unlawful activity regarding the User’s use of Services, the Company reserves the right, to the extent permitted or required by Applicable Law, to block, suspend or refuse any Operations or Payment Transactions, freeze the vWallet, deny the User any Service, as well as suspend or close the User’s Account.
13.15. The Company’s decision to take certain actions, including limiting access to, suspending, or closing the User’s Account or vWallet, may be based on confidential criteria that are essential for the purposes of the Company’s risk management and security protocols. The Company is not obliged to disclose the reasons for its decision and may be prohibited by Applicable Law, including the FIC Act, from doing so.
13.16. The User may not use the Account or vWallet together with any other persons or grant other persons access to or control over them. The Company never asks the User to reveal the User’s passwords, two-factor authentication codes or other security credentials. Requests for sharing such information are indicators of attempted fraud and should be reported to the Company immediately.
14.1. The amounts of all commissions, fees, charges and expenses are shown in the current Price Schedule provided on the Website and within the Platform. The fees and any spread applicable to an Operation are disclosed to the User in the Quote or otherwise before the User confirms the Operation.
14.2. Changes to the Price Schedule will be notified to the User through the Platform or by e-mail at least 30 days before they take effect. If the User does not agree with a change, the User may close the Account free of charge before it takes effect. Reductions in fees, and changes in network fees charged by third parties, may take effect without prior notice.
14.3. Third-party charges, including charges levied by the User’s bank and blockchain network fees, are for the User’s account unless the Price Schedule states otherwise. Fees are stated inclusive of value-added tax, where applicable.
14.4. The User authorises the Company to deduct fees and any other amounts due by the User under the Agreement from the User’s vWallet or from any amount payable to the User, and to set off such amounts against any amount owed by the Company to the User.
15.1. The Company reserves the right to set minimum and maximum limits on the amount and frequency of Operations, which may differ depending on the User’s verification level, risk profile and the Service concerned. The applicable limits are displayed on the Platform or communicated to the User before the acceptance of the Operation.
15.2. The Company reserves the right to refuse, suspend or delay an Order or Operation, in particular but not limited to the following circumstances:
15.3. Save where the refusal, suspension or delay results from the Company’s gross negligence, wilful misconduct or breach of the Agreement, the Company shall not be liable for any losses resulting from lack of performance of an Operation or Payment Transaction in accordance with this clause.
15.4. Payment Transactions and executed Exchange Transactions cannot be reversed or cancelled except for cases directly provided for under these Terms.
16.1. By using the Services, the User acknowledges and accepts the risks associated with Cryptocurrency, including the following. This list is not exhaustive.
16.2. Cryptocurrencies are digital representations of value that are recorded on distributed ledgers and secured by cryptography. Cryptocurrencies are not legal tender in South Africa or in many other countries and are not issued or backed by the South African Reserve Bank or any other central bank or government agency. Ownership of cryptocurrencies does not, as a rule, establish or prove any claim against any issuer.
16.3. Stablecoins, such as USDT, carry the risk that their issuer fails to maintain the reserve assets backing them or to honour redemptions, that they lose their peg to the reference asset, or that the issuer discontinues the stablecoin or freezes particular addresses.
16.4. Cryptocurrencies are not guaranteed to be accepted as a means of payment.
16.5. The legal, tax or regulatory status of cryptocurrencies and/or providers of related services, including the exchange control rules applicable to Cryptocurrency, may change at any time, and such changes may restrict the User’s ability to use, transfer or dispose of Cryptocurrency or require the Company to modify or discontinue Services.
16.6. Digital assets, due to their digital and intangible character, may at any time be hacked or affected by technical errors or software developments.
16.7. The value of crypto assets is subject to fluctuations which are beyond the Company’s or any institution’s control; the value can rapidly increase or decrease at any time, including losing 100% of its value. The current value of a cryptocurrency is determined by supply of and demand for that cryptocurrency on the market.
16.8. Cryptocurrency and Fiat Currency held with the Company are not bank deposits and are not covered by the Corporation for Deposit Insurance or by any compensation or guarantee scheme. If the Company becomes insolvent, the User may experience delays in accessing, or may lose some or all of, the User’s assets, notwithstanding the measures described in clause 5.
16.9. Each of the above-mentioned risks may materialise at any time, and several of them may occur together at the same time. Any such occurrence may directly or indirectly result in:
16.10. Use of Operations or Services may give rise to tax liability, including income tax or capital gains tax. The User is solely liable for assessing its tax liability, submitting tax returns and making tax payments. Tax liability may vary depending on the User’s circumstances and territorial tax regulations.
16.11. Blockchain networks are based on confirmation of a transaction record (entry into a distributed ledger) by other participants of the distributed network. Due to this, the System requires some time to record the User’s rights to Cryptocurrency, so the User may not see the result immediately.
16.12. Operations related to Cryptocurrency cannot be cancelled once confirmed on the network; financial losses caused by errors, accidental transactions or fraudulent actions, including scams in which the User is induced by a third party to transfer Cryptocurrency, generally cannot be recovered. Any transaction submitted may remain unconfirmed by blockchain participants or be rejected.
16.13. The Company cannot influence blockchain networks in any manner and shall not be liable for operation of any blockchain network, for its vulnerability or unforeseen modifications, or for possible attacks on protocols.
16.14. Cryptocurrencies may be subject to a fork, that is a change in the protocol of a crypto asset that may change its name, value or function or create a new asset. The occurrence of a fork is beyond the Company’s control. The Company may temporarily suspend Operations in the affected Cryptocurrency and shall determine, acting reasonably and having regard to the interests of Users, security, liquidity and legal considerations, whether and how to support any resulting asset. The Company is not obliged to support, or credit to the User, any asset resulting from a fork.
17.1. Technical failures are possible in the course of use of the Services offered through the Platform. Poor internet connection, equipment failures, sudden changes in the operating rules of underlying protocols, and information distortions due to human mistakes or inadequate equipment and processes may occur. The Company does not guarantee that the equipment the User uses will enable secure, flawless, smooth and reliable receipt of the Services.
17.2. The User agrees that the Company shall not be liable for any failures of connection, information delays, errors or distortions that may occur in the User’s equipment when using the Services.
17.3. The System may be impacted by security or network incidents like any other piece of software. If such an event occurs, the Company will take appropriate actions to protect Users’ assets and restore the Services, and will notify affected Users as required by Applicable Law.
17.4. The Company does not guarantee uninterrupted access to the Services and software, because their operation may be affected by many factors beyond the Company’s reasonable control. The Company will use reasonable efforts to give advance notice of planned maintenance and, save in the case of its gross negligence or willful misconduct, shall not be liable for any consequences resulting from interruptions of the Services.
17.5. The Company gives no guarantees in respect of the operation of financial institutions (banks), payment systems, Partners and other third parties involved in transactions.
17.6. The Company’s software is provided to the User under a personal, non-exclusive, free, non-transferable, non-sublicensable, revocable license for the purpose of access to and use of the Account and the vWallet.
17.7. The User is responsible for keeping the User’s login details, passwords and two-factor authentication devices, and the e-mail account and mobile telephone number linked to the Account, secure and confidential, and for using up-to-date security software on the devices used to access the Platform. The User should access the Platform only through the Website or the Company’s official mobile application.
17.8. The User must notify the Company immediately via [support channel] upon becoming aware of, or suspecting, the loss or theft of security credentials, unauthorised access to the Account or any unauthorised Operation. The Company will then take reasonable steps to block access to the Account. The User is responsible for Operations carried out before such notification, except to the extent that they result from the Company’s failure to implement reasonable security measures or from its gross negligence.
18.1. The User must not use the Platform, the Account or the Services for, or in connection with:
18.2. If the Company reasonably suspects that the User has engaged in any prohibited activity, it may refuse or suspend any Operation and restrict, suspend or terminate the User’s Account without prior notice, and may report the matter to the competent authorities.
19.1. The User may close the Account at any time by submitting a request through the Platform or to support@abfswap.com . Before closure, the User must withdraw or sell all Cryptocurrency held in the vWallet. The Company will close the Account once all pending Operations have been completed and all amounts due to the Company have been paid.
19.2. The Company may terminate the Agreement and close the Account for any reason by giving the User at least 30 days’ notice.
19.3. The Company may suspend, restrict or terminate the Account with immediate effect if (a) the User materially breaches the Agreement; (b) the Company reasonably suspects that the Account is being used for a prohibited activity or any unlawful purpose; (c) the User fails to provide information requested for due diligence purposes; (d) the Company is required to do so by Applicable Law, a court order or a competent authority; (e) the User becomes subject to sanctions; (f) the User is sequestrated or placed under business rescue, liquidation or curatorship; or (g) the Company ceases to provide the Services. The Company will notify the User of its decision unless prohibited by Applicable Law or where notice would prejudice its risk management.
19.4. On termination, and save where Applicable Law requires the Company to withhold, freeze or surrender the User’s assets, the Company will enable the User to withdraw the User’s Cryptocurrency to a wallet held by the User, or pay the value of the User’s assets to the Linked Bank Account, within a reasonable period. If the User does not give instructions within [30] days after notice of termination, the Company may sell the User’s Cryptocurrency at the prevailing market rate and pay the proceeds, less applicable fees, to the Linked Bank Account.
19.5. If no Operation is carried out on the Account for 12 consecutive months and the Company is unable to contact the User, the Company may classify the Account as dormant and restrict it, and will deal with the assets held in it in accordance with Applicable Law. The Company may require the User to complete updated due diligence before a dormant Account is reactivated.
19.6. On receiving notice of the death of a User, the Company will restrict the Account and will deal with the assets in it only on the instructions of the executor of the User’s estate, or another person authorised by law, upon receipt of such documents as the Company may reasonably require.
19.7. Termination does not affect rights and obligations accrued before termination. The Company will retain the User’s information and transaction records for at least five years after the termination of the business relationship, or for such longer period as Applicable Law requires.
20.1. The Company gives no guarantees in respect of the Cryptocurrencies used by the User, such as guarantees of title, value, financial attractiveness, stability or future performance.
20.2. The User is fully responsible for all activity that occurs in the Account and the vWallet, subject to clause 17.8. The Company does not give any financial, tax, accounting, investment or legal advice or recommendations in respect of Cryptocurrency transactions. The User, based on the User’s own knowledge and experience, shall independently assess any possible consequences of the User’s actions based on the User’s personal objectives, financial situation, knowledge and abilities, and should obtain independent professional advice where appropriate.
20.3. For that reason, all risks of transactions with Cryptocurrencies, including the risk of financial loss and errors made by the User in the course of transactions, shall rest with the User to the extent permitted by Applicable Law.
20.4. The User acknowledges that the Company does not provide advice as defined in the FAIS Act, investment advice or portfolio management. Any information about Cryptocurrency made available by the Company is legally non-binding and general information, does not constitute any form of advice or recommendation, and is only intended to provide general crypto knowledge.
20.5. The User shall be liable to the Company for actions constituting a breach of, or failure to comply with, these Terms and the Agreement, and for any fraud or unlawful conduct, resulting in losses on the Company’s part, together with reasonable legal costs and other costs that arise accordingly.
20.6. The Company will be liable for the User’s direct losses to the extent they were caused by the Company’s breach of the Agreement, negligence, fraud or willful misconduct, including its failure to safeguard the User’s Cryptocurrency in accordance with clause 5.
20.7. Subject to clause 20.9, to the fullest extent permitted by Applicable Law, in no event will the Company be liable to the User, whether in contract, delict or otherwise, for any indirect, special or consequential loss, including loss of profit, loss of opportunity, loss of data or loss of goodwill, or for any loss arising from market movements, from interruption or unavailability of the Services not caused by the Company’s gross negligence or wilful misconduct, or from the acts or omissions of blockchain networks, banks, payment systems or other third parties outside the Company’s control.
20.8. Subject to clause 20.9, the Company’s aggregate liability to the User arising out of or in connection with the Agreement in any period of 12 months shall not exceed the greater of the total fees paid by the User to the Company in that period and [R●], save that, for the loss of Cryptocurrency held in custody caused by the Company’s breach of clause 5, the Company’s liability is limited to the market value of the Cryptocurrency lost at the time the User notified the Company of the loss.
20.9. Nothing in the Agreement limits or excludes the Company’s liability for gross negligence, fraud or wilful misconduct, or any liability that cannot be limited or excluded under Applicable Law, including the Consumer Protection Act, 68 of 2008, and the FAIS Act.
20.10. Where Services are provided on the basis of a direct contractual relationship between the User and a Partner, the Company shall not be liable towards the User for actions and omissions of such Partner, even if the payment for the Partner’s service is charged by the Company. Any claims regarding these Services shall be brought against the relevant Partner only, in accordance with the relevant contract.
20.11. THE USER AGREES TO INDEMNIFY AND HOLD THE COMPANY AND ITS DIRECTORS, EMPLOYEES AND AGENTS HARMLESS AGAINST ANY CLAIMS, DEMANDS, LOSSES, DAMAGES, COSTS AND EXPENSES (INCLUDING REASONABLE LEGAL COSTS), ARISING FROM OR IN ANY WAY CONNECTED WITH THE USER’S BREACH OF THE AGREEMENT, THE USER’S VIOLATION OF APPLICABLE LAW OR OF THE RIGHTS OF ANY THIRD PARTY, OR THE USER’S USE OF THE COMPANY’S TECHNOLOGY PLATFORM, INCLUDING, BUT NOT LIMITED TO THOSE ARISING FROM THE USER’S PERSONAL ERROR AND MISBEHAVIOUR SUCH AS FORGOTTEN PASSWORDS, INCORRECTLY CONSTRUCTED TRANSACTIONS OR DESTINATION ADDRESSES, LOSS OF THE USER’S ACCESSES ETC., SAVE TO THE EXTENT CAUSED BY THE COMPANY’S GROSS NEGLIGENCE, FRAUD OR WILFUL MISCONDUCT.
21.1. The User may submit a complaint about the Services in writing to [complaints e-mail] or through the Platform, stating the User’s name and Account details, a description of the complaint and any supporting documents.
21.2. The Company handles complaints in accordance with its complaints management policy, which is available on the Website. The Company will acknowledge a complaint within two Business Days, keep the User informed of its progress and provide a written response with reasons within [six] weeks of receipt.
21.3. If the User is not satisfied with the Company’s response, or does not receive a response within six weeks, the User may refer the complaint to the Ombud for Financial Services Providers (FAIS Ombud) within six months of the Company’s final response (website: www.faisombud.co.za; e-mail: info@faisombud.co.za). Submitting a complaint does not affect the User’s other rights under Applicable Law.
22.1. The User is solely responsible for determining whether, and to what extent, any taxes apply to the User’s Operations, and for reporting and paying such taxes to the competent tax authorities.
22.2. The User acknowledges that the Company is required to collect information about Users and their Operations and to report it to the South African Revenue Service and other competent authorities, including under the Crypto-Asset Reporting Framework (which applies in South Africa from 1 March 2026), the FIC Act and exchange control requirements, and that such information may be exchanged with the tax authorities of other jurisdictions.
22.3. The User must comply with the South African exchange control requirements applicable to the User and the User’s Operations, including the Exchange Control Regulations, 1961, and any regulations, rulings or manuals replacing or supplementing them in respect of crypto assets. Transfers of Cryptocurrency to Counterparty CASPs outside South Africa or to Self-hosted Wallets may be treated as cross-border transactions that count against the User’s foreign investment allowances, require tax compliance verification or approval, and must be reported. The User shall provide such declarations and documents as the Company may require, and the Company may refuse any Operation that it reasonably considers would not comply with these requirements.
23.1. The Company may modify these Terms from time to time. The Company shall notify the User of any material change at least 14 days before it takes effect, through the Platform, by e-mail or by other means of distance communication. Changes required by Applicable Law or a competent authority, or needed to address an urgent security risk, may take effect immediately or on shorter notice where necessary.
23.2. If the User does not agree with the changes, the User may close the Account free of charge before they take effect. If, after the changes take effect, the User performs any actions clearly and directly signifying its consent to the new terms (by clicking the consent button or ticking the box next to the modified terms, or continuing to access or use the Services), these actions shall express the User’s consent to the amended Terms.
24.1. All communication between the Company and the User shall take place electronically via the Platform or to the e-mail address provided by the User; if the User’s phone number has been provided, communication may also be made by phone or SMS to the telephone number provided by the User. The User consents to receiving all notices, confirmations and other communications electronically.
24.2. A notice sent by e-mail is deemed to have been received on the first Business Day after it was sent, and a notice published in the User’s Account is deemed to have been received when it is made available, unless the contrary is proved. The User must keep the User’s contact details up to date.
24.3. The Agreement is concluded, and communications will be made, in English. Any translation is provided for convenience only, and the English version prevails in case of conflict. The Company may record telephone calls and electronic communications with the User and use such records as evidence of the User’s instructions.
25.1. The Agreement shall be governed by and construed in accordance with the law of the Republic of South Africa. Subject to clause 21, any disputes between the Company and the User shall be settled by the courts of the Republic of South Africa having jurisdiction.
25.2. The Company chooses the registered address set out in clause 1.4, and the User chooses the physical address provided to the Company during registration, as their respective addresses for the service of legal process (domicilium citandi et executandi).
26.1. Entire agreement. The Agreement constitutes the entire agreement between the User and the Company in respect of its subject matter and supersedes all prior understandings between them.
26.2. Assignment. The User may not cede, assign or transfer any rights or obligations under the Agreement without the Company’s prior written consent. The Company may cede and assign its rights and obligations to a successor or to another company in its group that is licensed to provide the Services, on notice to the User.
26.3. Severability and no waiver. If any provision of the Agreement is found to be invalid or unenforceable, it shall be severed and the remaining provisions shall continue in full force. No relaxation or indulgence granted by the Company shall constitute a waiver of its rights.
26.4. Force majeure. The Company shall not be liable for any delay or failure in performance caused by events beyond its reasonable control, including natural disasters, war, acts of terrorism, civil unrest, strikes, epidemics, failures of blockchain networks, telecommunications or power supply, and acts of governmental or regulatory authorities.
26.5. Survival. Provisions which by their nature are intended to survive the termination of the Agreement, including those relating to liability, indemnity, records, complaints and disputes, shall survive termination.
27.1. The User and the Company enter into the Agreement on the following terms:
27.1.1. The User has carefully read and fully understood these Terms and agrees to comply with them;
27.1.2. By visiting the Website and continuing the use of the Services, the User confirms that the User is a natural person of at least 18 years of age with full legal capacity, or the authorised representative of a legal entity, is not disqualified from concluding the Agreement and can be independently liable for the User’s decisions and actions;
27.1.3. By receiving Full access to the Platform, the User agrees to comply with these Terms and all other documents forming part of the Agreement, including the Privacy Notice;
27.1.4. If the User refuses to accept these Terms, the User should immediately stop using the Services and all functions provided by the Company.
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