1. ACCEPTANCE OF TERMS

Thank you for choosing Paxnaira. The following Terms and Conditions and the Privacy policy (together, the “Terms”) apply to any person that registers for and/or opens a Paxnaira Account through paxnaira.com or any associated mobile applications, website, or APIs (together, the “Paxnaira Site”).

The Terms constitute a legally binding agreement between you and Paxnaira Solution Ltd., which is a company incorporated under the laws of Nigeria. For the purposes of these Terms, any reference to “we” “us” “our” “Paxnaira” and/or any similar term shall be construed as reference to Paxnaira Solution Ltd.

By registering for and opening a Paxnaira Account, you unconditionally accept these Terms and agree to be bound by and act in accordance with them. You also accept and agree that you are solely responsible for understanding and complying with all laws, rules, regulations and requirements of the jurisdiction in which you live that may be applicable to your use of the Paxnaira Site and/or your Paxnaira Account, including but not limited to, those related to export or import activity, taxes or foreign currency transactions. Depending on your country of residence, you may not be able to use all the functions of the Paxnaira Site.

Please read these Terms carefully before using the Paxnaira Site because they affect your legal rights and obligations.

2. AMENDMENT OF TERMS

Paxnaira may amend the Terms from time to time. You should visit the Paxnaira website regularly to check when the Terms were last updated (as displayed at the top of this document) and to review the current Terms. We will do our best to notify you of any amendments to the Terms that we consider likely to materially affect your rights and obligations. Any such notice will be posted on the Paxnaira Site, or sent by email to the address associated with your Paxnaira Account (see Electronic Communications).

The continued use of your Paxnaira Account, after any amendment to these Terms, constitutes your acceptance of the Terms, as modified by such amendment. If you do not accept the Terms, or any amendment to them, you must immediately stop using the Paxnaira Site and your Paxnaira Account.

3. ELIGIBILITY

By opening a Paxnaira Account, you expressly warrant and represent that:

  • You are 18 years of age or over and have full capacity to accept the Terms and enter any transaction available through the Paxnaira Site;
  • You will not open, or attempt to open, a Paxnaira Account under any name except your own; or use your Paxnaira Account to carry out transactions on behalf of a third party;
  • You will not have more than one Paxnaira Account; use or access any Paxnaira Account other than your own; or assist any other person in obtaining unauthorised access to any Paxnaira Account;
  • You will provide security for transactions carried out through your Paxnaira Account by ensuring there is sufficient Local Currency or cryptocurrency (as the case may be) in your Paxnaira Account in advance of any transaction;
    • You are 18 years of age or over and have full capacity to accept the Terms and enter any transaction available through the Paxnaira Site;
    • You will not open, or attempt to open, a Paxnaira Account under any name except your own; or use your Paxnaira Account to carry out transactions on behalf of a third party;
    • You will not have more than one Paxnaira Account; use or access any Paxnaira Account other than your own; or assist any other person in obtaining unauthorised access to any Paxnaira Account;
    • You will provide security for transactions carried out through your Paxnaira Account by ensuring there is sufficient Local Currency or cryptocurrency (as the case may be) in your Paxnaira Account in advance of any transaction;
    • You will not allow or facilitate the deposit of Local Currency into your Paxnaira Account unless that deposit is made in accordance with the Deposit Requirements (see Deposits);
    • You will not allow or facilitate the withdrawal of Local Currency from your Paxnaira Wallet to a bank account held in the name of a third party (see Withdrawals);
    • You will not use your Paxnaira Account for or in relation to any illegal activity, any Prohibited Activity, in violation of any laws, statutes, ordinances or regulations, or in breach of Paxnaira's Export Controls and Sanctions requirements;
    • You are not a national or resident of the United States of America.
    • By opening a Paxnaira Account you accept and agree that Paxnaira may, without further notice and in its sole discretion, terminate, suspend or restrict the account of any customer who uses, or who we reasonably suspect may be using, the Paxnaira Site or any Paxnaira Account in a manner that is inconsistent with the letter or spirit of these Terms.

      4. RISK

      Before using the Paxnaira Site, you should ensure that you understand the risks involved in buying, selling or trading cryptocurrencies. Cryptocurrency markets can be volatile and prices can fluctuate significantly, which could result in sudden and significant increases or decreases in the value of your assets. This market volatility and other risks involved in buying, selling or trading cryptocurrencies are explained on the risk warning page of the Paxnaira website. There may be additional risks not identified in these Terms or in the risk warning.

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

      5. ELECTRONIC COMMUNICATIONS

      You accept and agree that:.

      • any communications, agreements, notices and/or any other documents (together “Communications”) relating to your Paxnaira Account or your use of Paxnaira's services will be provided to you electronically by posting them on the Paxnaira Site, emailing them to the email address you have provided to us, or through any other form of electronic communication. You consent to receiving all Communications electronically;
      • you will at all times have available to you the necessary hardware and software to receive, access and retain Communications sent to you electronically, including a device with an internet connection and a valid and accessible email address;
      • you assume full responsibility for providing Paxnaira with a valid and accessible email address to which any Communications may be sent, and for ensuring that email address and any other contact information is kept up to date. Any Communication sent to the email address you have provided to us will be deemed to have been received by you. You can amend your contact information by signing-in to your Paxnaira Account and accessing the Settings page.
      • You may at any time withdraw your consent to receiving Communications electronically by contacting [email protected] You acknowledge that failure to give, or withdrawing, consent to receiving Communications electronically puts the security of your Paxnaira Account at risk (see Account Security) and that Paxnaira reserves the right to close your Paxnaira Account in the event you fail to give, or withdraw, your consent to the receipt of Communications electronically..

        6. IDENTITY VERIFICATION

        paxnaira implements and maintains the highest standards of Know Your Customer (“KYC”) processes and controls as part of our commitment to combating fraud and assisting in the prevention of money laundering and terrorist financing. While our industry is largely unregulated, Paxnaira voluntarily adheres to local and international compliance standards in relation to customer due diligence.

        To ensure we meet these standards, our customers are required to provide certain personal details and documents when opening a Paxnaira Account (“Identity Verification”). The nature and extent of the Identity Verification required will depend upon which of our supported countries you are resident in, and the deposit and withdrawal limits that you wish to apply to your Paxnaira Account. In certain circumstances, Paxnaira may also perform enhanced due diligence (“EDD”) procedures in relation to your Paxnaira Account. You accept and agree that you will remain subject to such procedures at all times.

        Paxnaira reserves the right to, at any time:

        Paxnaira reserves the right to, at any time:

        • restrict or suspend your Paxnaira Account when we, in our sole discretion, consider it necessary to carry out further Identity Verification and/or EDD; or
        • terminate your Paxnaira Account if you provide, or we suspect you have provided, false information or refuse to provide information we require for Identity Verification and/or EDD.
        • You accept and agree that there may be delays in accessing your Paxnaira Account, or in carrying out transactions through your Paxnaira Account, while we undertake any Identity Verification and/or EDD procedures.

          Retention of information. Paxnaira is required to retain certain information and documentation obtained as part of the Identity Verification and EDD procedures. These requirements apply even when you have terminated your relationship with Paxnaira. We reserve the right to keep such information and documentation for the required period and you accept and agree that information and documentation you provide to Paxnaira may be retained by us, including following the closure of your Paxnaira Account.

          7.THE PAXNAIRA WALLET

          The Paxnaira Wallet allows you to send, receive and store cryptocurrency (together, Paxnaira Wallet Transactions”).

          Supported Cryptocurrencies. The Paxnaira Wallet is only available in relation to the cryptocurrencies that Paxnaira, in its sole discretion, decides to support (“Supported Cryptocurrency” or “Supported Cryptocurrencies”). Information about the Supported Cryptocurrencies can be found on the Supported Cryptocurrency page on the Paxnaira website. The Supported Cryptocurrencies may change from time to time. Under no circumstances should you attempt to carry out a Paxnaira Wallet Transaction in relation to a cryptocurrency other than a Supported Cryptocurrency. In particular, but without limiting the generality of the foregoing, you accept and agree that you will have no access, entitlement or claim:

          • to any cryptocurrency sent to a receive address associated with your Paxnaira Wallet where that cryptocurrency is not a Supported Cryptocurrency; or
          • to any cryptocurrency sent to a receive address associated with your Paxnaira Wallet, where that receive address is associated with another cryptocurrency. For example, you will have no access, entitlement or claim to any Bitcoin Cash (BCH) sent to a Bitcoin (BTC) receive address.
          • Local Currency in your Paxnaira Wallet. Local Currency deposited into your Paxnaira Wallet (see Deposits) is solely for (1) the purchase of Supported Cryptocurrencies and/or (2) Withdrawal to an approved bank account (see Withdrawals). In certain countries we may also allow you to purchase specific goods and/or services from selected third parties using your Local Currency balance. You accept and agree that any such purchase will be subject to these Terms.

            Proceeds from the sale of Supported Cryptocurrencies will be credited to your Local Currency Paxnaira Wallet, less any applicable fees (as explained in Fees, and on the Fees and Features page of the Paxnaira website). Paxnaira does not pay interest on Local Currency or Supported Cryptocurrency balances held in your Paxnaira Wallet.

            Transaction instructions. Paxnaira will process Paxnaira Wallet Transactions according to your instructions. You accept and agree that Paxnaira does not:

            • guarantee the identity of any user, receiver, or other party to a Paxnaira Wallet Transaction. You are solely responsible for ensuring all transaction details are correct, and you should carefully verify all transaction information prior to submitting transaction instructions to Paxnaira;
            • have any control over, or any liability in relation to, the delivery, quality or any other aspect of any goods or services that you may buy from or sell to any third party. Paxnaira shall not be responsible for, and will take no action in relation to, ensuring that any buyer or seller you transact with using your Paxnaira Wallet completes the relevant transaction or has the requisite authority to do so.
            • Receiving cryptocurrency. You may receive Supported Cryptocurrency into your Paxnaira Wallet by providing the sender with a receive address generated in your Paxnaira Wallet. Your Paxnaira Wallet will only be credited with Supported Cryptocurrency sent to a receive address generated through your Paxnaira Wallet and associated with that Supported Cryptocurrency. For example, your Paxnaira Wallet will be credited with BTC when it is sent to an BTC receive address generated through your Paxnaira Wallet.

              Funds received in error. In the event you know, suspect, or should reasonably know or suspect, that any Local Currency or cryptocurrency has been credited to your Paxnaira Wallet (or to any bank account) in error, you must immediately notify Paxnaira of the error by submitting a ticket through the Help Centre. You accept and agree that you have no claim or entitlement to any Local Currency or cryptocurrency received in error, and must immediately return such funds in accordance with the instructions received from Paxnaira.

              8. DEPOSITS

              Where your identity has been verified (in accordance with the Identity Verification requirements), you may deposit Local Currency into your Paxnaira Wallet by depositing funds into a Paxnaira bank account (a “Deposit”). The Paxnaira bank account into which you make a Deposit will be a segregated account used exclusively for the purpose of holding and processing customer funds. Subject to these Terms, you retain a right to any funds you deposit into the Paxnaira bank account until such time as your funds are used or withdrawn.

              Details of the Paxnaira bank account into which you must make the Deposit will be provided to you by Paxnaira, and any such bank account will be held and operated by a Paxnaira operating entity in your country or region (for more information on these entities, see the Company Information page on the Paxnaira website). You accept and agree that any information you provide to Paxnaira may be shared with such local entity, which will process Local Currency transactions in accordance with Paxnaira’s instructions.

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

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

              • you may only make a Deposit from a Supported Deposit Method held in your own name. You must not allow any third party to make a Deposit into your Paxnaira Wallet;
              • you may only Deposit Local Currency using a Supported Deposit Method compatible with the deposit methods available in your country or region;
                • where you make a Deposit using a credit or debit card, you authorise Paxnaira to facilitate the debiting of the funds from your bank account in order to complete the Deposit;
                • you must not use cash or cheques to make a Deposit. Paxnaira reserves the right to refuse any Deposit made by cash or cheque. Should Paxnaira decide, in its sole discretion, to allow a Deposit by cash or cheque on an exceptional basis, the allocation of such Deposit will be delayed to allow fraud and compliance checks to take place, and a Cash Deposit Penalty (see the Fees and Features page of the Paxnaira website) may be deducted from it. Any Paxnaira Account that receives more than one cash or cheque deposit may, at Paxnaira’s sole discretion, be suspended indefinitely.
                • 9. WITHDRAWAL

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

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

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

                  10. INSTANT BUY OR SELL

                  Paxnaira Wallet holders may use the Instant Buy or Sell service to buy or sell a chosen amount of Supported Cryptocurrency at the quoted exchange rate.

                  In using the Instant Buy or Sell service, you accept and agree that:

                  When you make an Instant Buy or Sell order, Paxnaira will match your order with open orders on the Paxnaira Exchange or other cryptocurrency exchanges available to us. Paxnaira will facilitate the trade, in accordance with your instructions;
                • Paxnaira is not acting as your broker, intermediary, agent, adviser or in any fiduciary capacity and no information or communication provided to you by Paxnaira in relation to an Instant Buy or Sell transaction will constitute advice;
                • when you place an order to buy or sell Supported Cryptocurrency, we will provide you with a quoted exchange rate. Paxnaira is unable to, and will not, specify the percentage of the quoted exchange rate that reflects Paxnaira’s facilitation of the relevant trade, as it will vary with market conditions. The quoted exchange rate may differ from rates seen elsewhere on the Paxnaira site, or on external sources, and you acknowledge that the quoted exchange rate is the rate that will apply to your order;
                • By proceeding with your Instant Buy or Sell transaction, you confirm that you accept the quoted exchange rate, including its components;
                • a volume limit per transaction will apply to any Instant Buy or Sell order (see the Fees and Features page of the Paxnaira website); and
                • Paxnaira does not guarantee the availability of, or that there will be no delays or interruptions in or to, the Instant Buy or Sell service.
                • Before confirming any Instant Buy or Sell transaction, you must ensure that the amount of Supported Cryptocurrency to be bought or sold is correct and that you agree to the quoted exchange rate. Paxnaira cannot reverse an executed order.

                  Paxnaira reserves the right to delay or refuse any Instant Buy or Sell transaction if, in our sole discretion, we perceive there to be a risk of fraud or illegal activity, or where we have reasonable grounds on which to suspect an error may have been made. Paxnaira shall have no liability to you in connection with any delay in or non-completion of an Instant Buy or Sell transaction.

                  11. FEES

                  The fees applicable to transactions undertaken on the Paxnaira Site can be viewed on the Fees and Features page of the Paxnaira website. Paxnaira reserves the right to change our fees at any time and will update the Fees and Features page accordingly. In certain circumstances, and at our sole discretion, Paxnaira may notify selected customers of a specific fee change, where we consider a change to be of particular relevance to such customers.

                  Send and Receive fees. You may be charged a fee to send Supported Cryptocurrency from your Paxnaira Wallet and/or to receive Supported Cryptocurrency into your Paxnaira Wallet. Fees will apply where Supported Cryptocurrency is sent to or received from a Supported Cryptocurrency address (e.g. a Bitcoin address); no fees will apply where Supported Cryptocurrency is sent to or received from a mobile telephone number or email address. Please see the Fees and Features page of the Paxnaira website for further information on send and receive fees.

                  Deposit and Withdrawal fees. All Withdrawals from your Paxnaira Wallet will incur a fee. Such fees differ by country and are set out on the Fees and Features page of the Paxnaira website. Some Deposits made using a Supported Deposit Method may incur a fee, as set out on the Fees and Features page. Such fees will be displayed in your transaction history upon completion of the transaction.

                  Instant Buy and Sell fees. The quoted exchange rate in relation to any buy or sell order placed using the Instant Buy and Sell service will include an amount to reflect Paxnaira’s facilitation of the relevant trade, the percentage of which will vary with market conditions (see Instant Buy or Sell).

                  Trade fees. Paxnaira applies a Maker / Taker fee structure for customers using the Paxnaira Exchange, which is explained in the Paxnaira Help Centre. Please consult the Fees and Features page of the Paxnaira website for further information on applicable Maker and Taker fees. Paxnaira will, at the time of any transaction on the Paxnaira Exchange, notify you of any fees that will apply to the transaction. By proceeding with any transaction, you accept and agree to the applicable fees. Such fees will also be displayed in your transaction history upon completion of the transaction.

                  12. ACCOUNT SECURITY

                  Paxnaira takes security very seriously and the measures we have in place to protect your Paxnaira Account are explained on the Security page of the Paxnaira website. However, you are solely responsible for:

                  maintaining adequate security and control over your Paxnaira Account sign-in details, including but not limited to any passwords, personal identification numbers (PINs), API keys, or any other codes associated with your Paxnaira Account;
                • enabling any additional security features available to you, including the activation of two factor authentication on your Paxnaira account (see the Paxnaira Help Centre);
                • keeping your contact details up to date so that you can receive any notices or alerts we may send to you in relation to security (see Electronic Communications);
                • maintaining security and control over the email mailbox, phone number and two-factor authentication applications or devices associated with your Paxnaira Account.
                • Failure to take the above measures, and any other security measures available to you, may result in unauthorised access to your Paxnaira Account and the loss or theft of any cryptocurrency and/or Local Currency balances held in your Paxnaira Wallet or any linked bank account(s) and/or saved credit or debit card(s). Paxnaira shall have no liability to you for or in connection with any unauthorised access to your Paxnaira Account, where such unauthorised access was due to no fault of Paxnaira, and/or any failure by you to act upon any notice or alert that we send to you.

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

                  Care should be taken in reviewing messages purporting to originate from Paxnaira and, should you have any uncertainty regarding the authenticity of any communication, you should log in to your Paxnaira Account through the Paxnaira website (specifically, https://www.paxnaira.com, and not any other domain name or website purporting to be, or to be related to, Paxnaira) to review any transactions or required actions.

                  To the maximum extent permitted by applicable law, you accept and agree that you have full responsibility for all activity that occurs in or through your Paxnaira Account and accept all risks of any unauthorised or authorised access to your Paxnaira Account.

                  Private keys. Paxnaira securely stores all Supported Cryptocurrency private keys (“Private Keys”) associated with any Paxnaira Account. You accept and agree that Paxnaira shall retain full ownership and control of the Private Keys associated with your Paxnaira Account and that you shall have no control of, access to, or the ability to use, such Private Keys. For example, but without limiting the generality of the foregoing, Paxnaira will not:

                  accept or adhere to any instruction to sign any data with a Private Key;
                  give access to any funds associated with your private keys, other than those of the Supported Cryptocurrency associated with your cryptocurrency wallet;
                • allow the creation of any receive addresses associated with a Private Key other than receive addresses created through your Paxnaira Wallet. Paxnaira will not credit to your Paxnaira Wallet any cryptocurrency associated with a Private Key other than where such funds have been received via a receive address generated through your Paxnaira Wallet.
                • 13. SERVICE AVAILABILITY

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

                  14. TRANSACTIONS ON CRYPTOCURRENCY NETWORKS

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

                  Once submitted to a cryptocurrency network, a transaction will be unconfirmed for a period of time pending sufficient confirmation of the transaction by the network. A transaction is not complete while it is in a pending state. Funds associated with transactions that are in a pending state will be designated accordingly, and will not be included in your Paxnaira Wallet balance or be available to you to conduct transactions;
                  When you send cryptocurrency from your Paxnaira Account, you are authorising us to submit your transaction request to the relevant cryptocurrency network. Once a transaction request has been submitted to the relevant cryptocurrency network, the network will automatically complete or reject the request and neither you or Paxnaira will be able to cancel or otherwise modify your transaction.
                • Cryptocurrency networks are operated by decentralised networks of independent third parties. They are not owned, controlled or operated by Paxnaira so we cannot ensure that any transaction details you submit will be confirmed by the relevant cryptocurrency network. You agree that any transaction details you submit may not be completed, or may be substantially delayed, by the cryptocurrency network used to process the transaction.
                • Network protocols and operating rules. The underlying software protocols that govern the operation of the Supported Cryptocurrencies are open source. Accordingly, anyone can use, copy, modify, and distribute them and Paxnaira has no ownership of or control over these protocols. By using the Paxnaira Site, you accept and agree that:

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

                  Local Currency deposited into your Paxnaira Wallet may only be used for the purchase of Supported Cryptocurrencies and/or Withdrawal to an approved bank account (see The Paxnaira Wallet). You must not use your Paxnaira Wallet for the purpose of storing Local Currency. Where any Local Currency in your Paxnaira Wallet is not used for a period exceeding three months, Paxnaira may charge and obtain from you an Inactivity Fee of USD5.00 per month (or the equivalent in your Local Currency), which shall be collected from the Local Currency held in your Paxnaira Wallet. Should we have reasonable grounds on which to suspect you are using your Paxnaira Wallet primarily for the purpose of storing Local Currency, Paxnaira reserves the right to restrict, suspend or terminate your Paxnaira Account.

                  Unclaimed property In the event any funds are held in your Paxnaira Wallet(s) and Paxnaira has no record of any use of your Paxnaira Account for several years, and we are unable to contact you, the law in your jurisdiction may require us to report and deliver such funds to the relevant authorities as unclaimed property. To the extent permitted by applicable law, Paxnaira reserves the right to deduct a dormancy fee or other administrative charges from such unclaimed funds.

                  16. CLOSURE OF YOUR ACCOUNT

                  You may close your Paxnaira Account by submitting a closure request via the Help Centre. Paxnaira will action such requests once (i) the sum of all Local Currency and cryptocurrency balances in your Paxnaira Wallet(s) is below the Minimum Closure Amount; and (ii) no transactions have taken place in your Paxnaira Account for a period of at least 30 days. Such requirements are designed to protect you from loss and Paxnaira will not action a closure request until they are satisfied.

                  You accept and acknowledge that, once your Paxnaira Account is closed:

                  you will have no further access to it;
                • Paxnaira will be under no obligation to notify you of, or provide to you, any cryptocurrency sent to any receive address associated with your Paxnaira Account; and
                • Paxnaira reserves the right (but has no obligation) to delete all of your information and account data stored on our servers, and also reserves the right to retain any information that is required for legal or operational reasons.

                  If at the date of closure of your account any Local Currency or cryptocurrency remains in your Paxnaira Wallet(s) (i.e. funds amounting to less than the Minimum Closure Amount), you accept and agree that Paxnaira shall retain such funds and that you shall have no further claim to them. The Minimum Closure Amount shall be USD10.00 or the equivalent in your Local Currency.

                  You accept and agree that Paxnaira shall not be liable to you or any third party in relation to the closure of your Paxnaira Account, the termination of access to your Paxnaira Account, or for the deletion of your information or Paxnaira Account data.

                  17. RESTRICTION, SUSPENSION AND TERMINATION

                  Paxnaira reserves the right to restrict, suspend or terminate your Paxnaira Account where:

                  we reasonably suspect your Paxnaira Account to be the subject of an operational or other error, in which case we may be required to suspend access to your account until such time as the error is rectified;
                • we reasonably suspect your Paxnaira Account has been or is being used in relation to any unlawful, fraudulent or Prohibited Activity, or in breach of these Terms;
                • we reasonably suspect you or your Paxnaira Account is or has been associated with, or poses a high risk of, money laundering, financing of terrorism, fraud, or any other financial crime;
                  we reasonably suspect you of taking any action that Paxnaira considers to be a circumvention of Paxnaira’s controls, including but not limited to opening multiple Paxnaira Accounts;
                • we reasonably suspect your involvement in any attempt to gain unauthorised access to any Paxnaira Account;
                • your Paxnaira Account is or appears to be the subject of any legal, regulatory or government process and/or we, in our sole discretion, consider there to be a heightened risk of legal or regulatory non-compliance associated with your Paxnaira Account;
                  we are compelled to do so by a prima facie valid subpoena, court order, or other binding order of a government or regulatory authority; or
                  your name appears on a government or international body sanctions list

                  Paxnaira will make all reasonable efforts to provide you with notice of any decision to restrict, suspend or terminate your Paxnaira Account, unless we are prevented from doing so by any legal or regulatory process or requirement, or where doing so may compromise Paxnaira’s security and/or risk management procedures. You accept and agree that Paxnaira is under no obligation to disclose to you the fact of or reason for any decision to restrict, suspend or terminate your Paxnaira Account, and shall have no liability to you in connection with the restriction, suspension or termination of your Paxnaira Account.

                  Account termination. Where Paxnaira elects to terminate your Paxnaira Account in accordance with the above, we shall (except where legally obligated not to) return your available cryptocurrency and/or Local Currency balances to you pursuant to the procedure set out below

                  Cryptocurrency. If you have an available balance of Supported Cryptocurrency in your Paxnaira Account above the Minimum Threshold, we will liquidate the cryptocurrency and deposit the value realised from the liquidation into your Local Currency wallet. The Minimum Threshold is USD10.00, or its equivalent in any applicable Supported Cryptocurrency calculated on the day on which the liquidation is performed. We will not send your Supported Cryptocurrency to an alternative cryptocurrency wallet address. Any risk of a negative exchange rate fluctuation shall rest with you and you shall have no claim against Paxnaira for any losses you may suffer as a result of the liquidation of your available balance of Supported Cryptocurrency.
                  Local Currency. We shall return to you an amount no greater than the cumulative value of all Local Currency Deposits to your Paxnaira Account, where applicable. Payment shall only be made to you following submission to us of valid bank account details in your name. We shall not transfer Local Currency to any bank account in the name of a third party.

                  18. FINANCIAL ADVICE

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

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

                  19. TAXES

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

                  20. EXPORT CONTROLS AND SANCTIONS

                  Your use of the Paxnaira Site is subject to international export controls and economic sanctions requirements. By undertaking any activity on the Paxnaira Site or through your Paxnaira Account, including but not limited to sending, receiving, buying, selling, storing or trading any cryptocurrency, you agree that you will at all times comply with those requirements. In particular, and without any limitation to the generality of the foregoing, you may not open, use, or have access to any Paxnaira Account if:

                  you are in or under the control of, or resident of, any country subject to United States embargo, UN sanctions, the HM Treasury financial sanctions regime, or if you are on the U.S. Treasury Department's Specially Designated Nationals List or the U.S. Commerce Department's Denied Persons List, Unverified List, Entity List, or HM Treasury's financial sanctions regime; or
                  you intend to supply any acquired or stored cryptocurrency, or transact with people or businesses operating in any country subject to United States embargo or HM Treasury's financial sanctions regime, or to a person on the Specially Designated Nationals List, Denied Persons List, Unverified List, Entity List, or HM Treasury's financial sanctions regime.

                  21. PROHIBITED ACTIVITIES

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

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

                  By opening a Paxnaira Account, you confirm that you will not use your account to undertake any of the above-listed Prohibited Activities or any similar or related activity.

                  Activities subject to the prior written approval of Paxnaira. Unless you have obtained the prior written approval of Paxnaira, you accept and agree that you will not use your Paxnaira Account to conduct or operate any of the following business activities or categories of activity:

                  money services, including but not limited to money or cryptocurrency transmission, currency or cryptocurrency exchange or dealing, payment service providers, e-money or any other financial services business;
                  gambling or gaming services;
                  charitable or religious / spiritual organisations;
                  consumer lending services, including but not limited to secured and unsecured loans, cash advances, payday lending;
                  investment funds, asset management, or brokerage services.

                  We reserve the right to restrict, suspend or terminate your Paxnaira Account if we suspect, in our sole discretion, that you are using, or have used, your Paxnaira Account in association with any of the activities listed above, or any similar or related activity, without having obtained the prior written approval of Paxnaira.

                  22. DISCLAIMER OF WARRANTIES

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

                  Some jurisdictions do not allow the disclaimer of implied terms in consumer contracts, so some or all of the disclaimers in this section may not apply to you.

                  23. LIMITATION OF LIABILITY

                  In no event shall Paxnaira, its operating entities or any other affiliates (including their respective directors, members, employees or agents) be liable to you for any direct, indirect, special, consequential, exemplary or punitive damages or any other damages of any kind, including but not limited to loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, whether in contract, tort or otherwise, arising out of or in any way connected with your use of, inability to use, or unavailability of the Paxnaira Site and/or your Paxnaira Account, including without limitation any damages caused by or resulting from any reliance upon any information received from Paxnaira, 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 Paxnaira’s records, programmes or services.

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

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

                  24. LIMITATION OF LIABILITY

                  To the maximum extent permitted by law, you agree to indemnify Paxnaira, its operating entities or any other affiliates (including their respective directors, members, employees and/or agents) against any action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurred directly or indirectly arising from your use of or conduct in relation to the Paxnaira Site and/or your Paxnaira Account, or from your violation of these Terms.

                  25. DISPUTES

                  You and we agree to notify the other party in writing of any claim or dispute that arises in relation to the Paxnaira Site, your Paxnaira Account or these Terms, within 30 days of such claim or dispute arising. You and we further agree to attempt informal resolution of any Dispute prior to bringing a claim in any court or other body.

                  Governing law and jurisdiction. This agreement shall be governed by and construed in accordance with Nigeria law, subject to any local mandatory rights you may have. You and we agree to submit all disputes, claims or controversies (including non-contractual Disputes, claims or controversies) arising out of or in connection with these Terms, or the breach, termination, enforcement or interpretation thereof (together, Disputes), to the non-exclusive jurisdiction of the courts of Nigeria.

                  Class or representative action waiver. To the maximum extent permissible by law, you and Paxnaira each agree that each may bring any Dispute against the other only in your or its individual capacity, and you and it waive any right to commence or participate in any class action or other representative action or proceeding against the other. Further, where permissible by law, unless both you and Paxnaira agree otherwise, no court may consolidate any other person’s claim(s) with your Dispute, and may not otherwise preside over any form of representative or class proceeding.

                  26. MISCELLANEOUS

                  Entire agreement. These Terms constitute the entire agreement and understanding between you and Paxnaira with respect to their subject matter and supersede any and all prior discussions, agreements and understandings of any kind between you and Paxnaira (including but not limited to any prior versions of these Terms).

                  Severability If any provision of these Terms, as amended from time to time, is determined to be illegal, invalid or unenforceable, in whole or in part, under any law, such provision or part thereof shall to that extent be deemed not to form part of these Terms but the legality, validity and enforceability of the other provisions in these Terms shall not be affected and everything else in these Terms will continue in full force and effect.

                  In the event any provision or part thereof of these Terms is determined to be illegal, invalid or unenforceable, that provision or part thereof shall be replaced by the parties with a legal, valid and enforceable provision or part thereof that has, to the greatest extent possible, a similar effect as the illegal, invalid or unenforceable provision, given the content and purpose of these Terms.

                  Assignment. You may not assign or transfer any of your rights or obligations under these Terms without Paxnaira’s prior written approval. You give Paxnaira your approval to assign or transfer these Terms in whole or in part, including but not limited to: (i) a subsidiary or affiliate; (ii) an acquirer of Paxnaira’s equity, business or assets; or (iii) a successor by merger.

                  Change of control. In the event that Paxnaira is acquired by or merged with a third party, we reserve the right to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control.

                  Force Majeure. Paxnaira shall not be liable for any delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labour dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control.

                  Survival. All provisions of these Terms that by their nature extend beyond the expiry or termination of these Terms, including but not limited to, sections relating to the suspension or termination of your Paxnaira Account, use of the Paxnaira Site, disputes with Paxnaira and general provisions, shall survive the termination of these Terms.

                  English language controls. Notwithstanding any other provision of these Terms, any translation is provided solely for your convenience. The meanings of terms, conditions and representations herein are subject to definitions and interpretation in the English language. Any translation provided may not accurately represent the information in the original English.