1. About these terms
These terms are the agreement between you and BineBit. Please read them before you use the BineBit app, website or any of our services. By opening an account you agree to them.
Who you contract with depends on where you live:
- Nigeria: [Nigerian legal entity name] ([RC number]), [Registered address, Nigeria].
- United Kingdom: [UK legal entity name] ([Companies House number]), [Registered address, United Kingdom].
"BineBit", "we" and "us" mean that company. "You" means the person who holds the account. These documents also form part of the agreement: our Privacy Policy, AML policy, Cookie policy and, for UK customers, our cryptoasset risk summary.
2. Who can use BineBit
To use BineBit you must:
- be at least 18 years old and able to enter into a legal contract;
- live in Nigeria or the United Kingdom;
- not be subject to sanctions, and not live in a country we do not serve;
- use BineBit only for yourself, not on behalf of anyone else;
- hold only one BineBit account; and
- not have had a BineBit account closed for breaking these terms.
3. Your account and keeping it safe
You must give us accurate, up-to-date information and tell us when it changes. Keep your PIN, password, passkeys and devices safe, and turn on the security features we offer. You are responsible for activity on your account unless it happens because we failed to keep it secure.
We will never ask for your PIN, password or one-time codes, and never ask you to send crypto to "verify" your account. We only contact you through the app and from email addresses ending in @binebit.com.
If you think someone else has accessed your account, contact support straight away. We will lock the account to protect it while we look into what happened.
4. Identity checks and limits
We are required by law to verify who you are. What we ask for depends on your region:
- Nigeria: your BVN and NIN and a selfie, before your first sale.
- United Kingdom: a government-issued photo ID and a selfie before your first sale. We may also ask for proof of address.
Your current limits are shown in the app. [Limit tiers to be published.] We may ask for more information at any time, including where your crypto, gift cards or money came from, and we may refuse or pause a transaction until we receive it. Our AML policy explains these checks.
5. Selling crypto
Quotes
When you choose to sell, we show you the exact cash amount you will receive, the rate and any fee. That quote is locked for 60 seconds. If the timer runs out you can ask for a new quote, which may be different; we will show you if the rate has moved.
Confirming a sale
A sale happens when you confirm it with your PIN or biometrics within the quote time. Confirmed sales are final and cannot be cancelled or reversed.
Getting paid
- We pay only into a bank account in your own name that you have added to BineBit.
- Most payouts arrive within minutes. Some go through a manual check, which usually takes under 30 minutes but can take longer when we need more information.
- If a payout fails, for example because the bank account details are wrong, we return the crypto to your BineBit wallet and tell you why so you can try again.
6. Selling gift cards
What we buy
The app shows which brands, countries, card types (physical or e-code) and values we buy, and the rate we pay per US$1 (or other card currency) before you submit a card.
Your promises about the card
When you submit a card you confirm that:
- you own it, or are allowed to sell it, and it was obtained lawfully;
- it is unused, has its full balance and has not been shared with anyone else; and
- the photos, code and details you provide are genuine and complete.
Checking and payment
Our team checks each card with the brand or our verification partners. [Typical review time to be confirmed.] Once a card is verified, we pay you the amount shown when you submitted it.
Rejected cards
We may reject a card that is invalid, already used, expired, for the wrong region or value, unreadable, flagged by the brand, or linked to fraud. When we reject a card we tell you why. If a card has a lower balance than stated, we will tell you the verified value and [offer a revised amount or reject the card].
Cards later found to be fraudulent
If, after we pay you, a brand cancels a card because it was stolen, bought with stolen payment details or otherwise obtained by fraud, we may recover the amount we paid from your BineBit balance or ask you to repay it, and we may report the matter as described in our AML policy.
Disputes
If you disagree with a rejection or valuation, contact support within [30] days with the order ID.
7. Your BineBit wallet
We are the custodian
Your BineBit wallet is custodial. We hold the crypto in it on your behalf and control the private keys; you do not hold them. Your balance and every deposit are shown in the app. [Lawyers to confirm: how customer crypto is held separately from BineBit's own assets, and what happens to it if BineBit becomes insolvent.]
Deposits
- The app shows the coins and networks we support and a deposit address for each. Always check the coin, network and address before you send; blockchain transfers cannot be reversed.
- A deposit is credited after the required number of network confirmations, which varies by coin.
- Each coin has a minimum deposit, shown in the app before you send. Deposits below the minimum are not credited. Because recovering small amounts costs more than they are worth, deposits worth less than [US$10] are not recoverable, and we may deduct a handling fee of [amount or %] before returning or crediting any other below-minimum deposit. [Lawyers to confirm enforceability for UK consumers under the Consumer Rights Act 2015.]
Wrong network or unsupported token
If you send crypto on the wrong network, or send a token we do not support, it may be lost. Contact support within [6 months] with the transaction hash. Where it is technically possible we will try to recover it. We will tell you the fee before we start, and there is no fee if we cannot recover it. Recovery is never guaranteed.
Using your balance
You can sell crypto in your wallet for cash or use it to buy eSIMs. Sending crypto from BineBit to an external wallet is not available at the moment. Forks, airdrops and new tokens are not supported unless we announce otherwise.
Changes to supported coins
If we stop supporting a coin or network, we will give you at least [30] days' notice so you can sell it, unless the law or a security risk requires faster action.
8. Travel eSIMs
- You pay for an eSIM from your crypto balance at the price and rate shown before you confirm.
- It is your responsibility to check that your phone supports eSIM and is not locked to a network. Most recent iPhones and many recent Android phones do.
- Each plan shows its data allowance, the countries it covers, when it starts and how long it lasts.
- Data service is provided by our mobile network partners, [partner names], whose terms also apply. Coverage and speeds depend on the local network and are not guaranteed.
- You can get a refund if the eSIM has not been installed and [refund window]. Once an eSIM is installed or the plan has started, it cannot be refunded unless it does not work because of a fault on our side or our partner's.
9. Rates and fees
BineBit sets the rates we pay, and our rates include our margin. We may change our rates and fees at any time without notice. A change applies only to transactions you confirm after it, and the rate and any fee are always shown before you confirm, so the amount you see is the amount you get. Network fees charged by blockchains are passed on at cost.
10. Your own name only
Bank accounts you add, and payments you receive, must be in your own name. We do not accept deposits made for you by other people, and we will not pay out to anyone else.
11. What you must not do
You must not use BineBit, or let anyone else use your account, to:
- launder money, finance terrorism, evade sanctions or deal in the proceeds of crime;
- sell stolen or fraudulently obtained crypto or gift cards, or crypto linked to scams, ransomware or mixing services;
- cash out on behalf of someone else, or open more than one account;
- split transactions to avoid limits or checks;
- use bots, scripts or anything that interferes with our systems, or try to access other accounts;
- abuse, threaten or harass our staff.
12. Holds, suspension and closing your account
When we may hold or suspend
We may hold a transaction, limit your account or suspend it if we reasonably believe it is needed to comply with the law or a court or regulator, to protect you or others from fraud, because you have broken these terms, or because of a security risk. We will tell you, and why, unless the law stops us.
Closing your account
You can close your account at any time from the app or by contacting support. We may close it with [30] days' notice, or straight away if you seriously break these terms or the law requires it.
Your remaining balance
When an account closes, we finish any orders already in progress. Unless the law requires us to hold or hand over funds, we will pay you the value of any remaining crypto in your wallet to your verified bank account, at our rate on the day, after any amounts you owe us.
13. Mistakes
If we credit or pay you by mistake, we may correct it by reversing the credit or deducting the amount from your balance, and we will tell you when we do. If you owe us money, for example after a card is reversed for fraud, we may take it from your balance.
14. Inactive accounts
If your account has not been used for [period], we will try to contact you. If we cannot reach you, we will deal with your balance as the law where you live requires. [Lawyers to confirm the treatment of unclaimed balances in Nigeria and the UK.]
15. Risks you should understand
- The value of crypto can rise and fall quickly. Once you confirm a sale at a locked quote, that price is fixed.
- Blockchain transfers cannot be reversed. Crypto sent to the wrong address or network may be lost.
- Crypto is not legal tender and is not covered by deposit protection schemes. In the UK it is not covered by the Financial Services Compensation Scheme (FSCS).
- Laws about crypto are changing and may affect the services we can offer.
- We do not give investment, legal or tax advice. You are responsible for any tax on your transactions.
16. Service availability
We work to keep BineBit available, but it may sometimes be unavailable for maintenance, upgrades or reasons outside our control. We will give advance notice of planned maintenance where we can. A quote is only valid while it is shown as locked; we will not complete a sale at an expired quote.
17. Our intellectual property
BineBit, our logo, the Bini mascot, our app and our website belong to us or our licensors. We give you a personal, non-transferable right to use the app for its intended purpose. You must not copy, modify or reverse engineer it.
18. Our responsibility to you
We are responsible for losses you suffer that were caused by our breach of these terms or our negligence and that were reasonably foreseeable. We are not responsible for losses that were not foreseeable, losses caused by events outside our reasonable control, or business losses.
Our total liability to you for any claim is limited to [the value of the transaction the claim relates to, or US$[amount] if greater]. We are not liable for delays caused by identity, fraud or anti-money laundering checks we are required to carry out, for losses caused by you sending crypto to the wrong address or network, or for changes in the market price of crypto before you confirm a sale.
Nothing in these terms limits our liability for fraud, for death or personal injury caused by negligence, or for anything else that cannot be limited by law. If you are a UK consumer, these terms do not affect your statutory rights.
19. If you break these terms
You agree to compensate BineBit, and our staff and partners, for any loss, claim, fine, penalty or cost (including reasonable legal fees) arising from your breach of these terms, your breach of the law, any fraudulent or illegal activity on your account, or any crypto or gift card you sell us that you did not have the right to sell.
20. Complaints and disputes
If something goes wrong, please follow our complaints process first. Most issues are resolved there.
- Nigeria: these terms are governed by Nigerian law. If a dispute is not resolved through our complaints process within [30] days, either of us may refer it to [mediation and then arbitration at the Lagos Multi-Door Courthouse under the Arbitration and Mediation Act 2023] [Lawyers to confirm.].
- United Kingdom: these terms are governed by the law of England and Wales. You can bring a claim in the courts of the part of the UK where you live.
21. Changes to these terms
We may update these terms at any time. Changes take effect when we publish them here, and the "Last updated" date shows when that was. We will tell you about material changes in the app or by email. If you keep using BineBit after a change takes effect, you accept the updated terms. If you do not agree, you must stop using BineBit and may close your account. [Lawyers to confirm whether a notice period is required for UK consumers.]
22. General
- We may transfer this agreement to another company in our group or to a buyer of our business; your rights will not be reduced.
- If any part of these terms is found invalid, the rest still applies.
- If we delay enforcing a right, we can still enforce it later.
- These terms are the whole agreement between us about BineBit and are written in English.
23. Contact us
Email support@binebit.com or see all contact options.