Terms of business for the crypto asset desk.

Version 1.0 · Effective 18 August 2026 · Last reviewed 18 August 2026 · Next scheduled review 18 August 2027

1. Who you are contracting with

The service described in this agreement is provided by registered company name — to be confirmed, a company incorporated in the Republic of South Africa under registration number CIPC registration number — to be confirmed, trading as Conexus Crypto ("the desk", "we", "us"). Its business address is Tiny Empire, 37 Buitenkant Street, District Six, Cape Town, 7925, South Africa. Its Johannesburg location operates by appointment only and is not a walk-in branch.

The desk holds Financial Services Provider licence FSCA licence number — to be confirmed issued by the Financial Sector Conduct Authority. Crypto assets were declared a financial product under the Financial Advisory and Intermediary Services Act 37 of 2002 by General Notice 1350 in Government Gazette 47334 of 19 October 2022, and the transitional exemption for unlicensed operators closed on 30 November 2023. The desk is also an accountable institution under Item 22 of Schedule 1 to the Financial Intelligence Centre Act 38 of 2001, with effect from 19 December 2022.

Where a field above is marked as awaiting confirmation, that value has not yet been published on this site. It is shown as pending rather than filled with a plausible number, and you should not treat this agreement as concluded until you have been given the real value in writing and have checked it on the public register. The compliance page explains how.

"You" means the person or entity that requests a quote, completes onboarding, or instructs a trade. If you act for a company, trust or partnership, you warrant that you are authorised to bind it, and you agree to be bound personally by clause 9 in relation to the source of any funds you introduce.

2. The documents that make up this agreement

This agreement consists of these terms of business, together with the risk disclosure, the AML and KYC policy, the prohibited use policy, the privacy notice, the complaints procedure, and the written firm quote issued for each individual trade.

If two of those documents conflict, the written firm quote governs the trade it describes, these terms of business govern everything else, and the AML and KYC policy overrides both to the extent necessary for the desk to meet a statutory duty. No client agreement can contract out of the Financial Intelligence Centre Act, and this one does not attempt to.

Marketing pages elsewhere on this website describe the service in general terms. They form no part of this agreement and create no rights.

3. Definitions

• Business day — a day other than a Saturday, Sunday or public holiday in the Republic of South Africa.
• Crypto asset — a digital representation of value listed on this site as quoted by the desk, currently BTC, ETH, USDT, USDC, SOL, XRP, BNB and TRX. A crypto asset is not legal tender.
• Indicative price — a price displayed on this website, in the rate table, in the calculator or through the desk's rate endpoint, derived from the VALR and Luno order books. It is a reference figure only.
• Firm quote — a price for a stated amount, asset, network and direction, issued to you in writing by a named dealer, with a stated validity period.
• Settlement currency — the fiat currency named in the firm quote. South African rand is the desk's home currency; any other currency is used only where the desk has confirmed in writing, before the quote is issued, that it can settle in it.
• Trade — an exchange of a crypto asset for the settlement currency, or of the settlement currency for a crypto asset, executed under an accepted firm quote.
• Settlement — the transfer of the settlement currency to your nominated bank account, or of the crypto asset to your nominated wallet address, completing a trade.
• Nominated account — a bank account held in your own name, at an institution and in a currency the desk has confirmed it can settle with, verified during onboarding. Where the settlement currency is rand, that account is a South African bank account.
• Nominated wallet — a blockchain address that you control and have confirmed to the desk in writing, together with its network.

4. The service, and what it is not

The desk provides one service: the exchange of a crypto asset for fiat currency, and the exchange of fiat currency for a crypto asset, as principal, at a price agreed with you before anything moves. Which currency the desk can settle in, and on which rail, is confirmed before a firm quote is issued rather than assumed.

The following are expressly outside this agreement, and the desk does not provide them:

• Advice. The desk does not advise you on whether to buy or sell, when, in what size, or in which asset. Nothing said by a dealer, and nothing published on this website, is advice for the purposes of the FAIS Act. See clause 17.
• Discretionary management. The desk holds no mandate to act on your behalf without a specific instruction. It does not operate under a FAIS Category II licence and will decline any request to trade at its own discretion.
• Custody as a service. The desk does not hold crypto assets or rand for you as a standing balance, does not operate wallets in your name, and does not offer an account you can top up and draw down. Assets are held only for the minutes or hours that a specific settlement requires.
• Lending, credit and margin. The desk does not lend to you, does not lend your assets to anyone else, and does not extend leverage.
• Staking, yield or any return-bearing arrangement. The desk does not stake assets on your behalf and offers no product that pays a return.
• Payment processing and merchant acquiring. The desk is not a payment service provider. Joint Communication 1 of 2026 of 28 May 2026 confirms that facilitating a customer paying a merchant in crypto assets is an intermediary service under FAIS, and that crypto is neither money nor funds for the purposes of the National Payment System Act. The desk does not settle a trade to a party other than you.
• Cross-border transfer of value. The desk does not move money offshore, does not assist with externalising capital, and does not repatriate value into South Africa through crypto assets. See clause 14.

5. Eligibility and onboarding

To become a client you must be at least 18 years old, or an entity validly established, and you must complete onboarding before any trade is executed. Onboarding is a legal duty under sections 21 and 21A of the FIC Act, not a formality the desk can waive for a good client or a large ticket.

You must hold a bank account in your own name, or in the name of the entity you represent, at an institution and in a currency the desk has confirmed it can settle with; where the settlement currency is rand, that account must be a South African bank account. You must be able to evidence the source of the funds or the crypto assets involved. Where the desk applies enhanced due diligence, it may ask for the source of wealth as well as the source of funds.

The desk may decline to onboard you, or may end the relationship later, without giving reasons. Where a decision is connected to a report filed under section 29 of the FIC Act, the desk is prohibited by section 29(3) and section 29(4) from telling you so. A refusal to explain is not evasiveness on those occasions; it is the law.

You must keep your onboarding information current. If your address, banking details, beneficial ownership, tax residency or control of a nominated wallet changes, tell the desk before your next trade.

6. Indicative pricing is not an offer

Every price on this website is indicative. The rate table, the calculator, the ticker and any figure quoted informally in a message are reference numbers drawn from third-party order books and refreshed periodically. They are not an offer capable of acceptance, they are not a representation that the desk will trade at that level, and they take no account of your size, the asset's liquidity at the moment you ask, network fees, banking charges or the outcome of compliance checks.

Nothing on this website constitutes an offer in the legal sense. An invitation to request a quote is an invitation to do business, and the desk's firm quote is the offer. This is stated plainly because the difference decides who bears a market move between the two.

7. How a quote becomes binding

A price binds both of us only once all four of the following have happened:

1. You request a quote, stating the asset, the network, the direction and the amount.
2. A named dealer issues a firm quote to you in writing, through one of the channels listed on the verify our channels page. The firm quote states the asset, the network, the amount, the rate, the consideration in the settlement currency, the fees included and excluded, the settlement instruction, and the period for which it is valid.
3. You accept that firm quote in writing, unaltered, within its validity period.
4. The desk confirms receipt of your acceptance.

A firm quote lapses at the end of its validity period without further notice. It also lapses if you accept it in altered form, if the market moves so far that the underlying venue no longer supports the price, or if a compliance check has not cleared. A lapsed quote can be re-issued at the price then available, which may be better or worse than the one that lapsed.

The desk does not run countdown timers or tell you that a rate is about to expire in order to hurry you. Section 14 of the FAIS General Code of Conduct prohibits exaggerated urgency, and a firm quote's validity period exists to protect the desk against market movement, not to pressure you.

8. Execution, settlement and irrevocability

Once you accept a firm quote and the desk confirms, the desk hedges or executes against its own counterparties. From that moment the trade is irrevocable. You cannot cancel it because the market moved in the minutes afterwards, and neither can the desk.

Settlement happens in the direction, in the currency and on the rails set out in the firm quote. Rand settles by EFT, RTC or PayShap to your nominated account; any other settlement currency settles on the rail named in the firm quote. Crypto assets settle to your nominated wallet on the network named in the firm quote.

A blockchain transfer cannot be recalled. Once a transaction is broadcast and confirmed, no party — the desk, the network, a miner, a validator or a court — can reverse it. A bank transfer can sometimes be recalled — between South African banks only at the receiving bank's discretion and with the recipient's cooperation, and on any other rail only where the receiving institution's own rules allow it; the desk can request a recall and cannot compel one.

Where the firm quote sets a settlement time, that time is an undertaking about the desk's own steps, not about the speed of a blockchain, a bank or an intermediary. Network congestion, a bank's fraud review and a public holiday are all outside the desk's control.

9. Your obligations

You are responsible for the accuracy of every instruction you give. In particular:

• Wallet address and network. You must give the full address and the correct network. USDT on TRC-20 is not USDT on ERC-20, and a transfer sent to an address on the wrong network is normally unrecoverable. The desk will read the address back to you and, on any first settlement to a new address, will send a small test transfer at your cost before the balance. If you decline the test transfer, the risk is yours.
• Bank details. You must give the account number, branch code and account holder name exactly. The desk verifies that the account holder name matches your onboarding record and will not settle to a mismatch.
• Channel verification. Before acting on any instruction that appears to come from the desk — particularly a change of banking details — you must confirm it against the numbers and handles published on the verify our channels page. The desk never changes its banking details by message.
• Access to your own accounts. You are responsible for the security of your wallets, private keys, seed phrases, devices and email. The desk will never ask for a private key, a seed phrase, a one-time password or remote access to your device, and any request that does is not from the desk.
• Truthful information. The information you give during onboarding and in relation to source of funds must be accurate and complete. Providing false information to an accountable institution has consequences well beyond this agreement.

Where a loss results from an address, network or bank detail that you supplied incorrectly, the desk will assist with recovery efforts as far as it reasonably can, at your cost, but it does not bear that loss.

10. Third-party payments are not accepted

Fiat must be received from, and paid to, a bank account in your own name. Crypto assets must be received from, and sent to, a wallet you control. The desk does not accept a payment from your relative, your employer, your client, your attorney's trust account or a company you happen to direct, and it does not settle to a third party at your request.

This is not a preference. Accepting a third-party payment breaks the chain between the verified client and the verified source of funds, which is the whole substance of customer due diligence under section 21 of the FIC Act, and it is the single most common way a legitimate desk is used to launder someone else's money.

If a third-party payment is received, the desk will not execute a trade against it. It will attempt to return the funds to the originating account, net of any bank charges, and it may be required to file a report under section 29 of the FIC Act. Returning the funds may take longer than receiving them did, because the desk must first establish that the return is itself lawful.

The desk does not accept cash, and does not settle in cash, in any amount.

11. Fees, costs and taxes

The desk earns a spread, which is the difference between the rate in your firm quote and the rate at which the desk covers the position. The spread is disclosed as a percentage in every firm quote. It varies with the asset, the size and the market at the time, and the fees and limits page explains how.

Network fees for a blockchain transfer, and bank charges for a fiat transfer, are stated in the firm quote as either included or excluded. Where a bank levies a charge after the fact, or where a returned or recalled payment attracts a fee, that cost is passed on at the amount actually charged, with the bank's advice available on request.

The supply of a crypto asset is a deemed financial service and is exempt from value-added tax under section 2(1) of the Value-Added Tax Act 89 of 1991. A separate service fee, if any is ever charged, may attract VAT and would be shown as such.

You are responsible for your own tax, in every country in which you are liable for it. In South Africa, SARS treats crypto assets as assets of an intangible nature, taxable on revenue or capital account under ordinary principles, and South Africa adopted the OECD Crypto-Asset Reporting Framework with effect from 1 March 2026, with the first return due to SARS by 31 May 2027. The tax notice sets out what the desk reports and what remains yours to declare. The desk does not give tax advice.

12. Limits, and the right to refuse or defer a trade

The desk sets a minimum ticket size and may set a maximum for a given client, asset or period. Limits are published on the fees and limits page and are stated in your firm quote.

The desk may refuse to quote, or may defer a trade it has quoted but not yet executed, where a compliance check is outstanding, where the source of funds has not been established to its satisfaction, where liquidity in the asset is insufficient at the requested size, where a banking partner has placed a hold, or where executing would breach a law or a policy in this legal centre. Where a firm quote has already been accepted and confirmed, clause 8 applies and the trade stands.

13. Suspension, termination and freezing

Either party may end this agreement at any time by written notice. Termination does not affect a trade already executed, nor any obligation that survives by its nature — record keeping, confidentiality, reporting duties and the limitation of liability all continue.

The desk may suspend your access immediately, without prior notice, where it reasonably suspects fraud, impersonation or unauthorised access to your accounts; where a sanctions or watch-list match arises; where a law enforcement or regulatory instruction requires it; or where continuing would put the desk in breach of a statutory duty.

Where the Financial Intelligence Centre issues a direction under section 34 of the FIC Act, the desk must not proceed with the affected transaction for the period stated. The desk cannot lift such a direction, cannot negotiate it, and in most cases cannot tell you that one exists. The desk is not liable for loss caused by complying with a lawful instruction of that kind.

14. Sanctions, exchange control and prohibited use

You warrant that you are not, and are not acting for, a person or entity designated on the United Nations Security Council consolidated list, the Targeted Financial Sanctions list maintained under sections 26A to 26C of the FIC Act, or a comparable list applied by the desk's banking and liquidity counterparties. Screening is continuous, not once-off. The sanctions and PEP policy sets out what happens on a match.

You warrant that the trade is not for a purpose listed in the prohibited use policy, and specifically that it is not connected to the proceeds of crime, terrorist financing, the evasion of tax, a scheme conducted with somebody else's money, or the purchase of goods or services that South African law does not permit.

Exchange control. Where any leg of your trade touches South Africa, South African exchange control applies to it. The South African Reserve Bank's Financial Surveillance Department has stated that crypto assets are not legal tender, that it will not approve a cross-border transfer for the purpose of purchasing crypto assets, and that buying crypto assets in South Africa in order to externalise capital contravenes the Exchange Control Regulations and is a criminal offence. Value cannot be repatriated into South Africa through crypto assets under the allowances. You warrant that your trade is not part of an arrangement of that kind, and, where the exchange control or capital rules of another country apply to you, you warrant the same in respect of those. You accept that the desk will decline to proceed if it forms the view otherwise. The single discretionary allowance is R2 million per calendar year and the foreign capital allowance is R10 million with a SARS Tax Compliance Status PIN; neither is a route for the desk to move value across a border, and the desk does not do so.

15. Complaints

Complaints go first to the desk. Write to support@conexus-crypto.com with the trade reference, what happened and what outcome you want. The desk acknowledges within two business days and gives a substantive answer within six weeks, in writing, with reasons.

If that answer does not resolve the matter, you may escalate to the Ombud for Financial Services Providers, generally within six months of the desk's final response. The complaints procedure sets out the full route, the time limits and the Ombud's contact details. Nothing in this agreement limits your right to approach a court, the FSCA, the Information Regulator, or any authority with jurisdiction over you where you live.

16. Limitation of liability

The desk is liable to you for direct loss caused by its own fraud, gross negligence or wilful misconduct, and for any liability that cannot lawfully be limited. Subject to that, and to the fullest extent the law allows:

• The desk is not liable for indirect, consequential, special or punitive loss, nor for loss of profit or of opportunity, however arising.
• The desk is not liable for loss caused by a movement in the market price of a crypto asset, before, during or after a trade.
• The desk is not liable for loss caused by a blockchain network's behaviour, including congestion, a fork, a re-organisation, a validator failure, an exploit of a network or a token contract, or the failure of a bridge.
• The desk is not liable for loss caused by an address, network, bank detail or instruction that you supplied incorrectly, or by a transfer you made to an address that was not confirmed in a firm quote.
• The desk is not liable for delay or failure caused by a bank, a payment scheme, a liquidity venue or a regulator, including an account freeze, a fraud review or a de-risking decision.
• The desk is not liable for the consequences of complying with a lawful instruction, direction or order from the Financial Intelligence Centre, the FSCA, SARS, SARB or a court.
• The desk's total liability for all claims connected to a single trade is limited to the spread the desk earned on that trade, except where the first sentence of this clause applies.

The desk gives no warranty that this website, the rate feed or the calculator will be available, uninterrupted or free of error. Rates shown are indicative, sourced from third parties, and may be stale or wrong; clause 6 governs.

17. No advice is given

The desk provides an execution service. Nothing a dealer says to you — including an observation about liquidity, spread, network fees or timing — is advice, a recommendation, or an opinion on the suitability of a transaction for your circumstances. Section 14 of the FAIS General Code of Conduct governs how the desk may communicate, and the desk applies it to conversation as well as to advertising.

Factual information about how a transaction works is not advice. If you want advice on whether a transaction is appropriate for you, consult a financial services provider that is licensed and mandated to give it, or a tax practitioner, and do so before you accept a firm quote rather than after.

18. Force majeure

Neither party is in breach of this agreement because of a failure or delay caused by an event beyond its reasonable control, including an act of state, a change in law, a court order, a national payment system outage, a widespread failure of telecommunications or electricity supply, a natural disaster, civil unrest, or a failure of a blockchain network or of a third-party venue on which the desk relies.

The affected party must notify the other as soon as it reasonably can, and must resume performance as soon as the event allows. Where a force majeure event prevents settlement of an executed trade for more than ten business days, either party may terminate that trade and the desk will return what it holds, net of unavoidable costs actually incurred.

19. Intellectual property

The content of this website, including its text, page structure, rate presentation, iconography and code, belongs to the desk or to its licensors. You may read it, print it, quote it with attribution and link to it. You may not copy it wholesale, republish it as your own, scrape it systematically, or use it to train a model that reproduces it.

The rate data displayed is derived from third-party venues and is used under their terms. Nothing on this site grants you a licence to redistribute that data commercially. The website terms of use set this out in more detail.

20. Notices and electronic communication

Notices under this agreement are given in writing, by email to support@conexus-crypto.com for the desk and to the address you gave at onboarding for you. A notice by email is deemed received on the business day it enters the recipient's information system, as contemplated by section 23 of the Electronic Communications and Transactions Act 25 of 2002, unless the sender receives a delivery failure.

You consent to receiving this agreement, firm quotes, confirmations and statutory notices as data messages rather than on paper. You may ask for a printed copy of anything at any time and will be given one.

Instant messaging channels are used for convenience and for speed, but a change to your banking details, a termination notice or a complaint must be sent by email so that it exists in a form both parties can produce later.

21. Amendment

The desk may amend these terms. Every version carries a version number and an effective date, and the version in force when you accepted a firm quote is the version that governs that trade.

A material change — anything affecting price mechanics, settlement, liability, the complaints route or your obligations — is notified to active clients by email at least ten business days before it takes effect. A non-material change, such as a corrected cross-reference, takes effect on publication. Continuing to trade after an amendment takes effect is acceptance of it; if you do not accept it, terminate under clause 13 and no penalty applies.

Superseded versions are kept and will be sent to you on request, so that you can compare what changed.

22. General

Whole agreement. The documents listed in clause 2 are the whole agreement between us on this subject and replace any earlier understanding.

No waiver. A failure to enforce a right is not a waiver of it, and no waiver is effective unless it is in writing.

Severability. If a clause is found to be unenforceable, it is severed and the rest of the agreement continues in force.

Cession. You may not cede or assign your rights under this agreement without the desk's written consent. The desk may cede its rights to a successor in title that assumes the same obligations, on notice to you.

No partnership. Nothing in this agreement creates a partnership, a joint venture, an agency or an employment relationship between us.

23. Governing law and jurisdiction

This agreement is governed by the law of the Republic of South Africa, without regard to any conflict-of-law rule that would apply another system. That holds wherever you are resident and whatever currency you settle in. Where the law of your own country gives you a right that cannot be excluded by agreement, this clause does not purport to exclude it.

The parties consent to the jurisdiction of the courts of the Republic of South Africa. Where a matter falls within its competence, the parties consent to the jurisdiction of the Western Cape Division of the High Court, Cape Town. This does not affect any right you have to approach the Ombud for Financial Services Providers, the FSCA, the Information Regulator or a small claims forum, none of which this clause displaces.

24. There is no seven-day cooling-off right

Section 44 of the Electronic Communications and Transactions Act 25 of 2002 gives a consumer seven days to cancel certain electronic transactions without reason and without penalty. That right does not apply to this service.

Section 42(2)(a) of the same Act excludes financial services from the application of section 44. Crypto assets are a declared financial product under the FAIS Act, and the desk's exchange service is a financial service. The exclusion therefore applies as a matter of law, not as a term the desk has chosen.

This is stated in its own clause because the practical effect is significant: once you accept a firm quote and the desk confirms, the trade stands, whatever the market does next. The circumstances in which a trade can still be stopped, and what happens when a payment or a transfer goes wrong, are set out in the cancellations, errors and refunds policy. Where consumer legislation in your own country gives you a comparable right that cannot be excluded by agreement, this clause does not remove it; it records only that the South African right does not apply.

25. Version and review

Version 1.0. Effective 18 August 2026. Last reviewed 18 August 2026. Next scheduled review 18 August 2027, or sooner if the law changes. Questions about any clause go to support@conexus-crypto.com, and a person will answer with reference to the clause number.