Introduction

Acceptance of Terms

Amendment of Terms

Scope of service

• 3.1  Our services include the following:
• 3.2  Conversion of fiat to virtual assets.
• 3.3 Corporate trading desk.
• 3.4 Conversion of virtual assets into fiat.
• 3.5 Provision of custodial virtual assets wallets.
• 3.6 Payments facilitation using virtual assets.
• 3.7  Facilitation of the sale and exchange of virtual assets.

Eligibility

• As an individual, you are at least 18 or the legal age to form a binding contract under applicable laws.
• You have not previously been suspended or removed from the Services;
• You have not been included in any trade embargoes or economic sanctions list (such as the United Nations Security Council Sanctions List;
• As an individual, legal person, or other organisation, you have the legal capacity and sufficient authorisations to enter into these Terms.
• Suppose you act as an employee or agent of a legal entity and enter into these terms on their behalf. In that case, you represent and warrant that you have all the necessary rights and authorisations to bind such a legal entity.
• Your use of Busha’s Services will not violate any laws and regulations applicable to you, including but not limited to anti-money laundering, anti-corruption, and counter-terrorist financing.

Using this Service

• Reuse, exploit, and misuse any portion of this service.
• Make any alterations that may interfere with the service provided.
• Use the service to damage the server and impair the use of the service by other users.
• Use your Account to carry out transactions on behalf of a third party or open an account using the name and details of a third party.
• Obtain unauthorised access to a third party’s account or the Busha database.
• Illegal and prohibited activity, as stated in Acts, Regulations, and Guidelines operational in the criminal code of Nigeria, and as amended from time to time, and violation of any law, statute, or precedent in Nigeria. 


Restricted activities

Jurisdictional restrictions

• Afghanistan, Democratic People's Republic of Korea (DPRK), Botswana, Bosnia and Herzegovina, Central African Republic, Congo, Ethiopia, Guyana, Iran, Iraq, Jordan, Lao, PDR, Lebanon, Libya, Mali, Nicaragua, North Korea, Pakistan, Russia, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Ukraine, Vanuatu, Venezuela, and Yemen.

Service Availability

Risk Warning and Indemnity

Account Information, Verification and Access

1. Account Opening: To use our service, you must open and create your personalised Account. You confirm that all information provided is to open the account is accurate, and you agree to update your information once a change occurs. You will provide security for transactions carried out through your Account by ensuring sufficient local or virtual asset in your account or at least the minimum closing amount.
2. Onboarding Verification: In furtherance of our Anti-Money Laundering & Combating the Financing of Terrorism (AML/CFT) Policy, you agree to provide us with the requisite information by filling out the Know Your Client (KYC) form.)
3. Onboarding Verification: In furtherance of our Anti-Money Laundering & Combating the Financing of Terrorism (AML/CFT) Policy, you agree to provide us with the requisite information by filling out the Know Your Client (KYC) form.)

1. The required information will include but is not limited to the following: name, address, telephone number, e-mail address, date of birth, tax identification number (TIN), valid identification card number, bank verification number and bank account information (such as the name of the bank, the account type, sort code number, and account number).
2. You consent to carrying out verification on Metamap or any other third-party service provider as made available on the platform. You agree to upload a valid and current National Identification document and, where applicable, submit renewed documents upon expiration of old ones. Once the verification procedure has been completed and the KYC form has been filled out, users are granted access to our Service. Kindly visit this link for more information on our AML/CFT policy.

1. Know Your Customer (KYC) refresh: From time to time, and as required for ongoing compliance, we may request that you complete a Know Your Customer (KYC) refresh. This may involve re-verifying your identity and submitting additional or updated information. By using our services, you agree to respond promptly to such requests and to provide accurate, current, and valid information. Failure to do so may result in the temporary suspension of your account until the KYC refresh is successfully completed.
2. Enhanced Due Diligence: We may be required to submit additional information on you or your business, provide records to regulators or require you to meet with our staff in certain circumstances. This process is enhanced due diligence (“EDD”). We reserve the right to charge you for the EDD, and we will notify you of the same where appropriate. While we verify your identity and carry out the EDD, you agree that there may be delays accessing your account and carrying out transactions. Once the process is complete, your account will run seamlessly.
3. Data Retention: As part of the Identity Verification and EDD procedures, we are required to retain certain information for a minimum of five (5) years even after we have closed and suspended your account or you have terminated your account. See our privacy and AML/CFT policy for more information.
4. You agree to Busha using third-party processors to fulfill its obligations under this Agreement. Busha shall ensure that such processors are bound by confidentiality and data protection obligations similar to those outlined in our Privacy Notice.

1. Restrict or suspend your Busha Account when we, in our sole discretion, consider it necessary to carry out further Identity Verification and/or EDD; or
2. Terminate your Busha Account if you provide, or we suspect you have provided, false information or refuse to provide the information we require for Identity Verification and/or EDD.

Spot Wallet

• If you do not comply with our terms of use, or we discover and are investigating suspected misconduct.
• If you receive any virtual asset that digital currency is not a Busha supported virtual assetDigital Currency
• If the virtual asset is sent to an address associated with your Spot Wallet, and the address is associated with another virtual asset.

• Busha is not responsible for the operation of the underlying protocols, and that Busha makes no guarantee of their functionality, security, or availability; and
• The underlying protocols are subject to sudden changes in operating rules that may materially affect the value, function, and/or even the name of the virtual asset you store on the Busha platform.

• The purchase of supported Digital Currencies,
• Transfer from one Spot Wallet to another.
• Withdrawal to an approved bank account.
• We may also allow you to purchase specific goods and/or services from selected third parties using your balance in certain countries. You accept and agree that any such purchase will be subject to these Terms. Proceeds from the sale of supported Digital Currencies will be credited to the Busha Spot Wallet, less applicable fees.

Wallet trading fees

• Our Exchange is available during such times as notified by Busha on the Platform or as otherwise notified in writing by Busha.

• We may periodically shut down the Securities Exchange or access to it through the Platform, and interrupt any automatic functions for the following reasons:

  1. emergency maintenance (including unscheduled maintenance);
  2. planned or unplanned system and software updates;
  3. due to any other event or occurrence that we consider, in our sole discretion, to be a reason to suspend or shut down the Busha Exchange; or
  4. Due to Regulatory directives.
• Placing Orders and Transaction fees

  Orders are placed using the designated features on the Platform. You must, at a minimum, specify the following information when placing an Order:

• We may periodically shut down the Securities Exchange or access to it through the Platform, and interrupt any automatic functions for the following reasons:

  1. The number of cryptoassets you want to sell or buy.
  2. Busha reserves the right to set the selling price for the assets.
  3. Any additional parameters required for the relevant Order or specified by Busha from time to time.

• An Order must comply with:

  1. any transaction limits;
  2. the trading rules; and
  3. any other requirements, filters, or limits specified by Busha or included in these Terms of Use, whether such requirements, filters, or limits apply at the level of individual users, certain cryptoassets, or at the level of the Busha Exchange as a whole.
• Any Transaction may incur a transaction fee as set out on the Platform, as amended from time to time. As a buyer, you will be required to pay the applicable transaction fee together with the total purchase amount before settlement.

• If the transaction proceeds to settlement, the payment amount for the Cryptoasset sold shall be sent to the seller through the bank account provided to us at the time of registration of the seller’s Account, and records shall be filed appropriately;

  1. A record is inserted to debit the appropriate number of cryptoassets sold from the seller’s ownership records; and
  2. A record is inserted to credit the equivalent number of cryptoassets acquired in the buyer’s ownership record.

• Settlement is final and we will not reverse a trade unless:

  1. Busha is required to do so by applicable law;
  2. we are entitled to reverse the trade under these Terms of Use;
  3. the order or settlement, or any parameter relevant to the foregoing, was affected by manifest error; or
  4. you have not complied with these Terms.

• Acting at our own discretion, in any event, we are only under an obligation to take reasonable and commercially practicable steps to return you to the position you were in prior to settlement, in the event of a reversal of a settlement. For the avoidance of doubt, in no circumstances shall Busha be liable for any indirect losses (including loss of profits, business or opportunities).

• Order controls

  1. We may, in our sole discretion or in accordance with directions from the Securities and Exchange Commission or any other relevant regulator, impose trading and position limits and position management controls, including limits set out in the Trading Rules and other controls to mitigate and manage our own liquidity, operational and other risks, at any time, without prior notice and without giving reasons. As a result, you acknowledge and agree that you may be prevented from submitting an Order or undertaking other steps at certain times if such actions would cause you to exceed an applicable limit, and that we may apply filters to reject an instruction submitted by you that does not comply with any relevant limits or controls.
  2. We may monitor your positions against the limits or controls imposed by us. Any such limits imposed by us are solely for our protection and the protection of other users and we will have no responsibility for monitoring or ensuring your compliance with any limits imposed on your trading activities by you or by applicable law.
  3. You agree to comply with any limits or controls imposed by us under this clause and not to take any actions that will cause you to violate any such limits or controls.

• We may, at any time, also suspend or terminate your use of the Platform, require you to take certain steps, or take any other action that we consider, in our sole discretion or based on a legal directive, appropriate in the circumstances, including:

  1. if Busha determines in its sole and absolute discretion that you have violated these Terms, or that its provision or your use of the Service in your jurisdiction is unlawful;
  2. in the event of extreme market volatility (which may cause underlying blockchain network congestion), as may be reasonably determined by Busha;
  3. upon suspicion that any transaction is fraudulent or erroneous or any cryptoassets in your account have been derived from any fraudulent or illegal behavior;
  4. upon suspicion that your Account has been compromised; and/or
  5. such other instances as we may deem fit, in our sole and absolute discretion, that may compromise our rights and the Services.

• Discretion
  Discretion
Without limiting any other clause in these Terms generally, we reserve the right, and without liability to you, to process an order, decline to process an order, suspend, cancel, reverse, void or partially execute your orders on the Busha Exchange in accordance with the Trading Rules.

Transaction Instructions

• Guarantee the identity of any user, receiver, or another party to a Spot Wallet Transaction. You are solely responsible for ensuring all transaction details are correct, and you should carefully verify all transaction information before submitting transaction instructions to Busha.
• Have any control over, or any liability concerning, the delivery, quality or any other aspect of any goods or services that you may buy from or sell to any third party. Busha shall not be responsible for and will take no action concerning ensuring that any buyer or seller you transact with using your Spot Wallet completes the relevant transaction or has the requisite authority to do so.

Deposit

• You may only deposit from a Nigerian bank account held in your name. You must not allow any third party to make a Deposit into your Busha 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 Busha to facilitate the debiting of the funds from your bank account to complete the Deposit.
• You must not use cash or cheques to make a Deposit. Busha reserves the right to refuse any Deposit made by cash or cheque. Should Busha decide, in its sole discretion, to allow a Deposit by cash or cheque on an exceptional basis, Busha will delay the allocation of such Deposit to allow fraud and compliance checks to take place, and a Cash Deposit Penalty may be deducted from it.
• You agree to abide by the Deposit Requirements. You agree and accept that failure to do so may cause a delay in or failure of any Deposit reflecting in your Spot Wallet and/or restriction, suspension or termination of your Busha Account.

Erroneous transactions

• Busha shall not be held liable for any erroneous transactions resulting from your negligence or the submission of incorrect or incomplete information.
• You agree to promptly report and return any fiat currencies or virtual assets that are sent to you in error or if you receive multiple deposits from Busha.
• If you fail to return such funds, Busha reserves the right to pursue all legal means necessary to recover the funds from you. You agree to indemnify Busha for any expenses incurred in the recovery process if the recovery is not made voluntarily.

Withdrawals

Account Security

• Maintaining adequate security and control over your Busha Account sign-in details, including but not limited to any passwords, personal identification numbers (PINs), API keys, or any other codes associated with your Busha Account.
• 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 Notices).
• Maintaining security and control over the email mailbox, phone number and two-factor authentication applications or devices associated with your Busha Account.

• SMS and email services are vulnerable, and care should be taken when reviewing messages purporting to originate from us.
• Enabling any additional security features available to you, including the activation of two-factor authentication on your Busha account
• We will never seek access to your device or account.
• We will not request your personal identification number (PIN) or other identification code associated with your account.
• Verify the uncertainty and authenticity of any notice of any purported to be made by Busha to your account.
• Every use of your account is deemed approved by you, hence, you must at all times keep your account data safe and implement a two-step authentication.
• Select a strong password that includes upper-case text, lower-case text, numbers, and symbols.
• Do not share your password with anyone or use it for any other account.
• If you need to change your password or have forgotten it, use your email address to request a password reset.
• Do not engage with any email that is not from our official email addresses, which are compliance@busha.co , and  support@busha.co .
• If you detect any unusual activity or unauthorized access to your account, promptly change your password and report it to us via our customer support channel.
• To enjoy optimum service from us, we employ you to regularly update the Busha App and your web browsers to access up-to-date features as we improve our products.

Sanctions

• Issuance of a warning notice to you.
• Termination of these terms immediately.
• Temporary suspension of any or all account activities.
• Closure of your account and permanent ban from using Busha’s products and services.
• Reporting your account to law enforcement agencies and sharing your data to facilitate investigations within the bounds of the law.
• Legal proceeding against you for reimbursement of all costs, liabilities, and damages on an indemnity basis (including, but not limited to, reasonable administrative and legal costs) resulting from the breach.

Restriction, Suspension, Termination

• We reasonably suspect that your Busha Account is the subject of an operational or other error, in which case we may suspend access to your account until the error is rectified.
• We reasonably suspect that your Busha Account has been or is being used with any unlawful, fraudulent or Prohibited Activity, or breach of these Terms or our standard Terms of Use;
• We reasonably suspect that you or your Busha Account is or has been associated with or poses a high risk of money laundering, financing of terrorism, fraud, or any other financial crime and exposure to sanctioned entities, individuals, or jurisdictions.
• We reasonably suspect you of taking any action that Busha considers to be a circumvention of Busha’s controls, including but not limited to opening multiple Busha Accounts.
• We reasonably suspect your involvement in any attempt to gain unauthorised or fraudulent access to any Busha Account.
• You fail to provide requested documentation or complete verification processes.
• Your Busha 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.
• 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

• We reserve the right to delete all your account information on our server and the right to retain any information required for legal and operational reasons
• It will not be accessible to you.
• We are under no obligation to notify you of or provide you with any virtual asset credited to your Account.

Responding to law enforcement requests and court orders

Notice

Prohibited Activities

• Violation of any laws, statutes, ordinances 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 Busha’s infrastructure or otherwise taking any action that may negatively affect the performance of the Busha Site or Busha’s reputation.
• Attempting to gain unauthorized access to the Busha Site or any Busha Account. Transmitting or uploading any material to the Busha Site that contains viruses, Trojan horses, worms, or any other harmful programmes.
• Transferring your Busha Account access or rights to your Busha Account to a third party, unless as required by law or with Busha’s prior consent.
• Fraudulent activity, including but not limited to taking any actions that defraud Busha or a Busha customer, or the provision of any false, inaccurate, or misleading information to Busha.
• Transactions involving items that may help facilitate or enable illegal activity; promote or facilitate hate, violence or racial intolerance; are considered obscene, or maybe stolen goods or the proceeds of crime.
• Intellectual property infringement.
• Sale or purchase of drug, narcotics or controlled substances and paraphernalia, pseudo-Pharmaceuticals: Pharmaceuticals and other products that make health claims that have not been approved or verified by the applicable local and/or national regulatory body.
• Adult Content and Services: Pornography and other obscene materials (including literature, imagery and other media); sites offering any sexually related services such as prostitution, escorts, pay-per-view, adult live chat features.
• Multi-level Marketing: Pyramid schemes, network marketing, and referral marketing programs.
• Unfair, predatory or deceptive practices: Investment opportunities or other services that promise high rewards; Sale or resale of a service without added benefit to the buyer; resale of government offerings without authorisation or added value; sites that we determine in our sole discretion to be unfair, deceptive, or predatory towards consumers.
• High-risk businesses: any businesses that we believe poses an elevated financial risk, legal liability, or violate card network or bank policies.

Additional blockchain terms

• The Customer acknowledges and agrees that the Services is restricted only to the Chains, assets and networks expressly disclosed to be supported by Busha in the relevant documentation exposed to the Customer.

• The Customer acknowledges and agrees that the Services rely on decentralized blockchain networks (the “Networks”) which are outside Busha’s control. Such Networks are subject to inherent risks, including but not limited to:

  1. forks (temporary or permanent), reorganizations, or changes in consensus rules;
  2. delays, errors, or failures in transaction confirmation;
  3. volatility in network fees;
  4. exploits, bugs, or security vulnerabilities in the underlying protocol;
  5. changes in cryptographic standards or attacks (including 51% attacks).
• Notwithstanding anything in this Agreement, Busha does not warrant or guarantee the availability, performance, or security of any Network. Transactions may remain unconfirmed or fail to be recorded due to Network conditions.
• The Customer acknowledges that transactions broadcast to a Network are irreversible once confirmed. Busha shall not be liable for any losses arising from incorrect instructions, duplicate submissions, or erroneous parameters provided by the Customer through the API.
• Busha shall use reasonable efforts to maintain the availability of the API but does not warrant that it will be uninterrupted or error-free. The Customer is solely responsible for implementing safeguards, including retry logic and validation checks, to prevent duplicate or failed transactions.

• Busha reserves the right to refuse or delay execution of any transaction if:

  1. required by law or regulation;
  2. the transaction violates Busha’s policies including but not limited to Busha’s Acceptable Use Policies;
  3. there is suspicion of fraud, error, or illegal activity; or
  4. Network congestion or technical conditions make execution unfeasible.
• In the event of a Network fork or chain split,  Busha shall, in its sole discretion, determine which chain to support. Busha shall have no obligation to support, credit, or enable access to any alternative or resulting digital asset.
• Unless explicitly agreed in writing by Busha, neither the Customer nor its End Users shall not be entitled to any assets created by forks, airdrops, or similar events.
• The Customer shall indemnify and hold harmless Busha from any claims, damages, or losses arising from the Customer’s use of the API, including transactions executed based on incorrect or unauthorized instructions, and any consequences of blockchain network events described in this Agreement.

• To the maximum extent permitted by law, Busha shall not be liable for any direct, indirect, or consequential loss arising from:

  1. blockchain network errors, forks, or vulnerabilities;
  2. delays or failures in transaction confirmation;
  3. changes in Network consensus rules;
  4. double-spending or reversal attacks;
  5. cryptographic exploits or systemic failures in the Network

Third-party Sites

Financial Advice

Taxes

Disclaimiers and Warranties

Limitation and Liability

Fraud controls

• Busha shall implement essential controls to prevent the use of its platforms for fraudulent activities or any form of financial crimes and monitor all transactions to prevent and quickly detect any form of fraudulent activity.
• Busha will set limits on transactions as permitted under applicable laws to prevent the use of its platforms for money laundering or other financial crimes.
• Where Busha detects that its product or services are being used by you for perpetuating any form of financial crime, Busha may consider such an act as a material breach of these terms and close your account.

Account deletion

Dispute

Miscellaneous

• License: Subject to the terms of this Agreement, Busha grants you a limited, non-exclusive, non-transferable, and non-assignable license to use Busha's platforms solely for processing your virtual asset transactions. 
No other license, whether under patents, copyrights, trademarks, trade secrets, or any other intellectual property rights, either express or implied, is granted.
• Entire Agreement: These Terms constitute the entire agreement and understanding between you and Busha concerning this subject matter and supersede all prior discussions, agreements and understandings of any kind between you and Busha (including but not limited to any prior versions of these Terms).
• Breach: Should you suspect that your Account or any of your details have been compromised or you become aware of any fraud or attempted fraud or any other security incident affecting you and/or Busha. If that happens, you must notify Busha Support immediately by email at hello@busha.co  or support@busha.co and continue to provide accurate information throughout the Breach. You must take the required steps to reduce and report any Breach. Busha will take into account any failure to provide prompt notification of any Breach.
• Account Inactivity: If you have not accessed your account for a few years and we cannot contact you but hold digital assets on your behalf, we may be required to report and deliver such funds to the relevant authorities as unclaimed money. We reserve the right to deduct a dormancy fee or administrative charges incurred by holding such unclaimed funds.
• Agency: Nothing in this Agreement shall be deemed or shall cause either you or Busha to be treated as the agent of each other.
• Invalidity of Terms: If any provision of these terms as may be amended periodically is determined to be invalid or unenforceable, in part or whole under any applicable law, this will not affect the validity of any other provision as stated in these terms.
• Transfer: This agreement is personal to you, and you cannot transfer or assign your rights, interests or obligations to anyone else. We may transfer or assign our rights licenses, interests, and obligations at any time, including as part of a merger, acquisition, or other corporate restructuring, provided that this transfer or assignment does not materially impact the quality of our Services.
• Force Majeure: Busha is not liable for a breach or non-performance of the conditions of these terms to the extent that circumstances beyond the control of Busha cause the breach, its affiliates, employees or agents and for the period those circumstances persist.
• Security: Busha will not be held responsible for any claims over any security.
• Headings: Clause headings in these terms are for convenience only and shall not govern the meaning or interpretation of any provision.
• English Language Controls: These terms and any information that you or we will provide should be in English. The translation of these terms and other documents provided on this service is for your information. In doubt, the English language version of this Agreement and other documents shall prevail.
• Contact Us: We are delighted to always hear from you. Visit our contact page here