Customers use and access the Elbaite platform, which is owned and operated by Elbaite Pty Limited (ACN 623 185 875) (we, us, our or Elbaite), in accordance with these terms and conditions (Terms).
By using, or attempting to use, any Elbaite Service, you (Customer or you) agree that you have read, understood and accept these Terms. Each time you use the Elbaite Platform, you reconfirm your acceptance to the Terms.
Unless the context indicates otherwise, the following terms have the meanings below:
Trading in Crypto Assets involves a high degree of risk, including the potential loss of all your investment, and may not be appropriate for you. Customers should seek independent advice and consider whether trading Crypto Assets is appropriate for you and your personal circumstances.
There are also risks involved in transferring Crypto Assets. Due to the irreversible nature of crypto protocols, once you have transferred your Crypto Assets to another wallet address or persons, Elbaite cannot recover those Crypto Assets for you.
You acknowledge that there are risks involved in buying and selling Crypto Assets via the Elbaite Platform, and that it is your responsibility to determine whether a transaction is appropriate for you.
As this document is a legally binding contract, you are required to carefully read through these Terms and related notices before using any of Elbaite’s Services.
The use of our website to access the Elbaite Platform, Elbaite Services, our apps, and any of our content on any computer, mobile phone, tablet, console or other device is subject to these Terms.
If you disagree with these Terms, you must not proceed to initiate account registration with Elbaite or seek to acquire any of the Elbaite Services.
You may only use the Elbaite Services if you have a registered Elbaite Account. To be eligible for an Elbaite Account, you must:
Elbaite may refuse to register your Elbaite Account, or to provide you with any Elbaite Service, from time to time in its sole discretion, even if you meet the eligibility requirements above.
You represent and warrant that, in all dealings with Elbaite:
You agree that you will not use the Elbaite Platform, either directly or indirectly, for any of the following prohibited purposes:
You agree and acknowledge that we will not be liable for any fraudulent or illegal activity conducted via the Elbaite Platform that is facilitated by you, or via your Elbaite Account with your permission or knowledge.
You will not use the Elbaite Platform for the purpose of obtaining, processing, distributing, viewing, assessing, analysing, copying or replicating any information, methods or processes related to the Elbaite Platform (including without limitation by way of data scraping, the use of collection or accumulation tools and robotic or scripted responses). In particular, you agree that:
Elbaite reserves the right to cancel, suspend or block any transaction made through the Elbaite Platform in its sole discretion, including but not limited to in the event of abnormal, suspicious or fraudulent transactions.
You are solely responsible for the safekeeping of all information relating to your logins and passwords relating to Elbaite Services, including for your Elbaite Account.
Password Security: Keep your Elbaite Account password secure. Use a strong, unique password changed regularly and never shared.
Two-Factor Authentication (2FA): Elbaite mandates 2FA to enhance account security. Activate 2FA via your account settings using an app like Google Authenticator or Authy. You'll need both your password and the 2FA code to access your account or authorize transactions.
Responsibilities:
Elbaite will not ask a Customer to share any password at any time. In addition, Elbaite will never ask a Customer to share their Crypto Asset wallet’s private key or seed phrase.
Elbaite strives to maintain accuracy of information posted on the Elbaite Platform, but does not guarantee the accuracy, suitability, reliability, completeness, performance or fitness of information provided by Customers or other third parties.
You are responsible for maintaining the security of your Elbaite Account and protecting against unauthorised access. Elbaite is entitled to assume that any instruction it receives from a Customer’s Elbaite Account is a legitimate instruction, and to act on such instruction.
Elbaite Marketplace is a “wallet to wallet” exchange service which allows Customers to buy and sell Crypto Assets from each other. This can be done by:
exchanging Crypto Assets for AUD, in which case Elbaite will facilitate the payment of AUD from the Buyer to the Seller.
Before you can transact Crypto Assets with other Customers on Elbaite Marketplace, you must:
When you agree to purchase Crypto Assets from a Seller for AUD on Elbaite Marketplace, you appoint and authorise Elbaite to act as your agent to credit the Purchase Price from you to the Seller.
To complete a transaction of Crypto Assets for AUD as a Buyer, the Buyer must transfer the Transaction Total into the Client Escrow Account, within the time parameters of the Seller’s offer, e.g., within 24 hrs as per the Seller's offer.
Upon receipt of the Transaction Total in the Client Escrow Account, Elbaite will promptly alert the Seller and the Seller must transfer the purchased Crypto Assets to the Buyer’s nominated Crypto Asset wallet within 7 days of Elbaite confirming receipt of the Transaction Total and provide the blockchain transaction hash. If the Seller is exchanging Crypto Assets held in their Elbaite Vault, Elbaite will transfer the purchased Crypto Assets to the Buyer’s wallet on the Seller’s behalf upon receipt of the Transaction Total.
Upon confirming the successful transfer of crypto assets on the blockchain, Elbaite will credit the Purchase Price to the Seller’s nominated bank account or Elbaite AUD balance. If the Buyer has nominated to receive the purchased Crypto Assets in their Elbaite Vault, Elbaite will credit the Purchase Price to the Seller’s nominated bank account or Elbaite AUD balance upon receipt in the Elbaite Vault. Elbaite will not credit the Purchase Price to the Seller unless it is reasonably satisfied that the Buyer has received the purchased Crypto Assets.
Unless the Customer has nominated the Elbaite Vault as the Crypto Asset wallet from which Crypto Assets are sent or received, you acknowledge that:
All Crypto Asset purchases are final and there are no refunds or cancellations, except as otherwise provided in these Terms or as required by law. Elbaite does not have the ability to facilitate any cancellation requests, and therefore all Crypto Asset purchases are irreversible.
Elbaite Swap is provided to Customers through a third-party service provider, ChangeNow. You must agree to the ChangeNow Terms as a condition of using Elbaite Swap. If you do not agree to the ChangeNow Terms, you must not use or attempt to use Elbaite Swap.
You agree and acknowledge that, in line with the ChangeNow Terms:
When you use Elbaite Swap, Elbaite may receive a commission from ChangeNow in respect of completed transactions.
Elbaite QBS allows you to transact directly with Elbaite to exchange various Crypto Assets for AUD. Unlike Elbaite Marketplace, when you transact using the Elbaite QBS, Elbaite is a counterparty to the transaction. Further, transactions via the Elbaite QBS must:
When you transact with Elbaite via Elbaite QBS, you accept the offer from us to buy, and we agree to sell you, the selected Crypto Asset(s) for the advertised price (Offer Price) on and subject to these Terms. The Offer Price is determined by referencing the current market price offered by reputable Crypto Asset price aggregators, plus a premium of up to but not exceeding 10 per cent to compensate Elbaite for the risk of market volatility. The Offer Price that you accept will become the Purchase Price and will be deducted from your Elbaite AUD Balance, together with the Transaction Fee.
We may, in our complete and sole discretion reject, refuse to accept or process, or cancel a Customer’s offer to purchase Crypto Assets, including but not limited to where you have not complied with these Terms, where we suspect fraud or if we suspect that the transaction relates to an unlawful use or purpose.
If we cancel or do not accept a Customer’s offer to purchase Crypto Assets in relation to the Elbaite QBS, we are not required to reoffer a purchase of Crypto Assets to you at the previous Offer Price, and will return any payment of AUD received by you in connection with the transaction.
All Crypto Asset purchases through Elbaite QBS are final and there are no refunds or cancellations, except as otherwise provided in these Terms or as required by law.
You agree that Elbaite is not liable for, and that you will also bear the cost of any applicable taxes, costs and charges associated with the acquisition of Crypto Assets.
Customers can access “Buy with Card” on the Elbaite Platform via a third-party service provider, Transak Limited (Transak).
Elbaite’s arrangement with Transak is limited to introducing Customers to its service via the Elbaite Platform, and Elbaite is not, and does not represent that it is, responsible for Transak’s provision of services.
Transak’s services are provided in accordance with, and subject to, the Transak Terms.
Elbaite may receive a commission from completed transactions.
AUD deposited by a Customer into the Client Escrow Account and/or the Customer’s Elbaite AUD Balance for the purpose of purchasing Crypto Assets is held on trust for the Customer in a bank account controlled by Elbaite, unless and until such amounts are returned to the Customer, are transferred to a Seller on the Elbaite Platform or become due and payable to Elbaite in accordance with these Terms.
Elbaite will only pay AUD to a Customer’s registered bank account and upon the direction of a Customer. Third party payments will not be made.
You agree that Elbaite may receive interest on AUD held on your behalf. You agree that Elbaite will not pass on any such interest, and waive any right to receive such interest.
You agree that Elbaite may use third party banking partners and payment providers to facilitate payments, and to manage and hold Customer funds. The Customer retains a beneficial interest in AUD held on its behalf at all times.
You acknowledge and declare that the source of your funds come from a legitimate source and are not derived from illegal activities. Elbaite maintains a stance of cooperation with law enforcement authorities globally and may be required to seize, freeze, terminate the AUD of any User in their Client Escrow Account which are flagged or investigated by legal mandate.
Customers who use Elbaite Marketplace agree as follows:
We are required by law to identify, mitigate and manage money laundering and terrorism financing risks.
This requires us to identify and verify the identity of customers to whom we provide designated services, which includes exchanging Crypto Assets for AUD and sending funds to third parties.
You agree to comply with all requests for information from us, and acknowledge that we may not be able to provide you with the Elbaite Services if we are not able to identify or verify you.
User identity verification
To create an Elbaite Account, you must provide the information requested to identify and verify you, which may include your participation in biometric identification. You also authorise Elbaite to make inquiries, either directly or through third parties, for the purpose of verifying your identity.
Elbaite reserves the right not to provide you with Elbaite Services, or to limit the scope of Elbaite Services that it provides to you, if we cannot verify your identity or if you otherwise refuse or fail to provide the requested information.
To the fullest extent permitted by Law, Elbaite excludes all warranties, conditions, terms, representations or undertakings that are capable of being excluded and which are not expressly set out in these Terms.
Notwithstanding anything to the contrary in these Terms, nothing in these Terms limits, excludes or modifies any guarantees that cannot be excluded under the Australian Consumer Law.
Subject to this clause 14, neither Elbaite nor the Customer is liable to the other for:
We are not responsible for, and you release us from, all loss, liability, damages, claims and expenses connected with or arising from:
except to the extent the failure or delay is caused by any fraudulent or grossly negligent act or omission by Elbaite;
To the maximum extent permitted by law, the maximum cumulative liability of Elbaite in any event, for any claim, damages or tort, shall be limited to the fees for the services rendered by Elbaite in relation to the applicable transaction to which the claim relates. If the claim does not relate to any transaction in particular, then Elbaite’s maximum cumulative liability shall be limited to the fees received from the Customer, as consideration or fees for the services rendered by Elbaite
You indemnify Elbaite and its affiliates, contractors, licensors, and their respective directors, officers, employees and agents, against any claims, direct lost, cost (including legal fees, fines or penalties imposed by any regulatory authority), damage, expense or liability suffered or incurred by us as a result of:
If you have a complaint relating to the use of Elbaite Services please refer to our complaints policy - https://www.elbaite.com/complaints
Elbaite will provide access to the Elbaite Platform on an “as is” and “commercially available” condition and to the maximum extent permitted by law does not offer any form of warranty with regards to the Elbaite Platform’s reliability, stability, accuracy and completeness of the technology involved. The Elbaite Platform serves merely as a venue for transactions where general Crypto Asset information can be acquired, and Crypto Asset transactions can be conducted.
If you have a complaint relating to the use of Elbaite Services, or if you wish to lodge a claim or dispute arising out of any matter relating to these Terms, contact our compliance representative by emailing complaints@elbaite.com.au
Elbaite does not provide financial product advice in relation to Crypto Assets.
You should consider seeking independent legal, financial, taxation or other advice regarding your use of the Elbaite Platform or any other Elbaite Service.
Elbaite is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided to you directly or indirectly, through your use of Elbaite’s website or other written material from Elbaite.
The Elbaite Platform and the Information contained within are protected by copyright. The Information is the property of Elbaite, or third parties that have allowed Elbaite to publish the copyrighted Information.
The trademarks, service marks and logos of Elbaite are the property of Elbaite and its respective owners. The software, text, images, illustrations, data compilations, graphics, data, prices, trades, charts, graphs, video and audio used on the Elbaite Platform and anything additional relating to Elbaite Services belongs to Elbaite and should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated.
Elbaite grants you a non-exclusive, revocable, non-transferable licence to use the software on a server controlled by us for the sole purpose of accessing and obtaining the material on the Elbaite Platform.
You agree that Elbaite has the right to immediately suspend your access to the Elbaite Platform and provision of Elbaite Services, or any part thereof, if:
Upon the termination of any Elbaite Account, and subject to law, Elbaite will return funds held on behalf of the Customer in the Client Escrow Account and/or the Elbaite AUD Balance to the Customer within 14 business days.
To the maximum extent permitted by law, Elbaite will not be liable for any loss caused by you due to a data breach involving confidential information, including of your Elbaite Account details, including when such breach has occurred due to you sharing such details with third parties or due to the your failure to follow reasonable due diligence. Elbaite shall also not be liable or responsible for any disclosure by a Customer of any Elbaite Account details, including on account of a phishing attack or other third-party disruption.
Elbaite collects, holds, processes and discloses all personal information in accordance with applicable law and regulations relating to the processing, privacy, and use of personal information.
Details of the types of personal information which Elbaite collects, holds or processes are set out in Elbaite’s Privacy Policy, which can be found at https://www.elbaite.com/privacy-policy.
All payments to be made under these Terms must be made in AUD by the following method: EFT (Electronic Funds Transfer) to the bank account specified by Elbaite.
This clause 23 does not limit a Customer’s ability to “express buy” Crypto Assets on the Elbaite Platform using the payment methods offered by the third-party service provider that we partner with, Transak.
A Customer must not assign or otherwise deal with any of its rights or obligations under these Terms without the prior written consent of Elbaite.
Elbaite may vary these Terms at any time and at its sole discretion in order to protect the security or integrity of the Elbaite Platform or the Elbaite Services or to comply with law or regulation. Elbaite will provide 3 days notice of any such change to current Elbaite Account holders, unless such variation is required sooner in order to reasonably protect our business interests or comply with the Law. You will also be provided with a link to the updated Terms before you place a trade via the Elbaite Platform.
Any variation to the Terms will be effective on the date noted in the notice provided to Users. Your continued use of Elbaite Services is acceptance of the amended Terms. If you do not agree with a variation, you must cease using the Elbaite Platform and close your Elbaite Account.
No failure to exercise or delay in exercising any right given by or under these Terms to a party constitutes a waiver and the party may still exercise that right in the future.
Waiver of any provision of these Terms or a right created under it must be in writing signed by the party giving the waiver and is only effective to the extent set out in that written waiver.
If any provision of these Terms is void, voidable by a party, unenforceable, invalid or illegal and would not be so if a word or words were omitted, then that word or those words are to be severed and if this cannot be done, the entire provision is to be severed from these Terms without affecting the validity or enforceability of the remaining provisions of these Terms. Nothing in these Terms is intended to have the effect of contracting out of any applicable Laws, except to the extent permitted by such Laws
On completion or termination of the transactions contemplated by these Terms, the rights and obligations of the parties set out in these Terms will not merge and any provision that has not been fulfilled remains in force.
Each party agrees to promptly do all things reasonably necessary or desirable to give full effect to these Terms, including obtaining consents and signing documents.
Time is of the essence in these Terms.
These Terms contain the entire agreement between the parties about their subject matter and supersede all previous communications, representations or agreements between the parties on the subject matter.
These Terms are governed by the laws of Victoria, Australia.
The parties submit to the non-exclusive jurisdiction of the courts of Victoria and the Federal Court of Australia and any courts that may hear appeals from those courts about any proceedings in connection with these Terms.
Elbaite is Australia's first and most trusted non-custodial cryptocurrency exchange.
We acknowledge the Wurundjeri people of the Kulin Nation, the Traditional Custodians of the land we work on, as well as the Traditional Owners of country throughout Australia. We pay respects to people, communities and elders past, present and emerging.
Elbaite Pty Ltd ACN: 623 185 875
Elbaite Pty Ltd is a registered DCE with AUSTRAC: DCE 100593224-001
Elbaite is a non-custodial cryptocurrency exchange that is Australian owned and operated. Trade freely and securely with our unique Wallet to Wallet trading model.
We acknowledge the Wurundjeri people of the Kulin Nation, the Traditional Custodians of the land we work on, as well as the Traditional Owners of country throughout Australia. We pay respects to people, communities and elders past, present and emerging.
Elbaite Pty Ltd ACN 623 185 875
Elbaite Pty Ltd is a registered DCE with AUSTRAC: DCE 100593224-001
Elbaite Pty Ltd (ACN 623 185 875) operates a digital currency exchange registered with AUSTRAC. Please note that digital asset prices can be volatile. Elbaite does not provide digital wallets and we do not have access to your digital currency. We will never ask for the private keys to your digital currency wallet. Elbaite is not liable for any losses you may incur, and you are solely responsible for your investment decisions. Before deciding if our services are right for you, take into consideration your own financial situation & needs and/or obtain professional financial or taxation advice from a licensed provider. Elbaite does not provide financial advice and Elbaite does not have any affiliation with external traders, advisors or trading platforms.
