Trade Crypto &
Gift Cards Instantly.

Effective Date: October 2024

At Bitsfex ("we", "us", "our"), we respect your privacy and are committed to protecting your personal data. This Privacy Policy outlines how we collect, use, process, and protect your information in accordance with the Nigeria Data Protection Act (NDPA) 2023 and the regulations enforced by the Nigeria Data Protection Commission (NDPC).

1. Data Controller and Scope

Bitsfex acts as the Data Controller for the personal information you provide. This policy applies to our mobile application, website, and OTC desk services operating within the Federal Republic of Nigeria.

2. Information We Collect

To provide our crypto exchange and gift card trading services, and to comply with the Money Laundering (Prevention and Prohibition) Act 2022, we collect the following:

• Identity Data: Name, Date of Birth, BVN (Bank Verification Number), NIN (National Identity Number), and Government-issued ID images.
• Contact Data: Email address, phone number, and residential address.
• Financial Data: Bank account details, wallet addresses, and transaction history.
• Technical Data: IP address, device type, operating system, and login data.

3. Purpose of Processing

We process your data for specific, lawful purposes:

• Service Provision: To execute crypto trades, gift card verifications, and Naira withdrawals.
• Legal Compliance: To fulfill KYC (Know Your Customer) and AML (Anti-Money Laundering) obligations as mandated by the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU).
• Fraud Prevention: To detect and prevent unauthorized access or fraudulent transactions.

4. Data Security

We implement technical and organizational measures to secure your data, including SSL encryption, database hashing, and access controls. However, no transmission over the internet is 100% secure.

5. Your Rights Under the NDPA 2023

As a data subject in Nigeria, you have the right to:

• Request access to your personal data.
• Request correction of inaccurate data.
• Request deletion of data (subject to legal retention periods defined by the Money Laundering Act, which requires 5-year retention).
• Lodge a complaint with the Nigeria Data Protection Commission (NDPC).

6. Third-Party Sharing

We do not sell your data. We may share data with verified third parties only for:

• Identity verification (e.g., identity verification services).
• Payment processing (e.g., Payment Service Providers).
• Law enforcement agencies upon valid legal request or court order.

These Terms and Conditions ("Terms") constitute a legally binding agreement between you ("User") and Bitsfex ("Company") regarding your use of the Bitsfex App and Website.

1. Acceptance of Terms

By accessing or using Bitsfex, you agree to comply with these Terms and all applicable laws of the Federal Republic of Nigeria.

2. Eligibility

To use Bitsfex, you must:

• Be at least 18 years of age.
• Possess the legal capacity to enter into a contract.
• Not be barred from using financial services under Nigerian law or international sanctions lists.

3. Digital Asset Trading Services

Bitsfex provides a platform for buying and selling cryptocurrencies and OTC gift card trading. You acknowledge that:

• Risk Warning: Trading cryptocurrencies involves significant risk. The value of digital assets can fluctuate wildly. You should only trade with funds you can afford to lose. Bitsfex is not responsible for market losses.
• SEC Rules: We operate in alignment with the Securities and Exchange Commission (SEC) Rules on Digital Assets (2022). We classify digital assets as speculative instruments.
• Custody: You are responsible for maintaining the security of your account credentials. Bitsfex is not liable for losses resulting from compromised login details.

4. Gift Card OTC Desk

• You must be the rightful owner of any gift card you attempt to sell.
• Providing invalid, used, or stolen gift cards is a violation of these terms and may result in immediate account suspension and reporting to law enforcement.
• Rates are subject to market change and are fixed only at the point of transaction initiation.

5. Anti-Money Laundering (AML) Compliance

In strict compliance with the Money Laundering (Prevention and Prohibition) Act 2022:

• We monitor all transactions for suspicious activity.
• We reserve the right to freeze funds and report to the Nigerian Financial Intelligence Unit (NFIU) or the Economic and Financial Crimes Commission (EFCC) if we suspect illicit activity.
• Tiered transaction limits apply based on your KYC verification level (BVN/NIN).

6. Termination

We reserve the right to suspend or terminate your account without prior notice if you violate these Terms, engage in fraud, or upon directive from a regulatory body or court of competent jurisdiction.

7. Governing Law

These Terms are governed by the laws of the Federal Republic of Nigeria. Any disputes arising shall be settled through arbitration in Lagos, Nigeria.

This Refund Policy outlines your rights and our obligations regarding transaction cancellations and refunds, in accordance with the Federal Competition and Consumer Protection Act (FCCPA) 2018.

1. General Principle

Due to the irreversible nature of blockchain transactions and the immediate redemption nature of gift cards, generally, all trades are final once executed.

2. Cryptocurrency Transactions

Once you confirm a "Buy" or "Sell" order for cryptocurrency, and the blockchain network processes the transfer:

• The transaction cannot be reversed, canceled, or refunded.
• Bitsfex is not liable for funds sent to incorrect wallet addresses provided by the User. Please double-check all addresses before sending.

3. Gift Card OTC Transactions

• Valid Cards: Once a gift card is submitted and verified as valid, and payment has been disbursed to your wallet/bank, the transaction is closed and non-refundable.
• Invalid Cards: If a submitted gift card is found to be invalid, already redeemed, or inactive, the trade will be rejected, and no payment will be made.
• Disputes: If you believe a card was rejected in error, you must provide proof of purchase and ownership within 24 hours.

4. System Errors and Failed Transactions

In the event of a technical error attributable to the Bitsfex platform (e.g., you were debited but did not receive value), we are committed to resolving the issue under the FCCPA guidelines:

• Refund Timeline: Valid claims for system errors will be investigated and refunded within 24 to 48 hours.
• Bank Network Issues: Delays caused by NIBSS (Nigeria Inter-Bank Settlement System) or third-party banking networks are beyond our direct control, but we will work to reconcile such funds as quickly as possible.

5. Contact for Disputes

For any refund-related disputes, please contact our support team immediately at support@bitsfex.com with your Transaction ID.