Terms of Service

1. Acceptance of Terms

By accessing and using BinaryPay ("the Platform"), you accept and agree to be bound by the terms and conditions of this agreement. If you do not agree to these terms, you should not use the Platform.

2. Platform Purpose

BinaryPay is a peer-to-peer marketplace that facilitates direct transactions between buyers and sellers of cryptocurrency. We do not custody, hold, or control any cryptocurrency. We facilitate the connection between parties and process fiat payments via Paystack.

3. User Responsibilities

3.1 For Buyers

• Provide accurate payment information
• Provide a valid cryptocurrency wallet address
• Confirm receipt of cryptocurrency only after verification
• Report any issues or disputes within a reasonable timeframe

3.2 For Sellers

• List only cryptocurrency that you own and can transfer
• Transfer cryptocurrency to buyers promptly after payment confirmation
• Provide accurate bank details for payouts
• Upload valid proof of transfer when requested

4. Payment Terms

4.1 Payment Processing

All fiat payments are processed through Paystack, a PCI-DSS compliant and licensed payment service provider. By using BinaryPay, you agree to comply with Paystack's terms of service. We do not store or have access to your payment card details.

4.2 Platform Fees

BinaryPay charges a platform fee on completed transactions, which is deducted from seller payouts. The current fee structure is:

• Platform fee: 2% of transaction value
• Fees are clearly displayed before transaction confirmation
• No hidden fees or charges
• Payment processing fees are handled by Paystack

4.3 Refunds

Refunds are processed only in the following circumstances:

• Admin resolves dispute in favor of the buyer
• Seller fails to transfer cryptocurrency within reasonable time
• Fraudulent activity is detected and verified

Refunds are processed through Paystack and may take 5-10 business days to reflect in your account.

5. No Custody Clause

BinaryPay does NOT hold, custody, or control any cryptocurrency at any time. All cryptocurrency transfers occur directly between users off-platform. We are not responsible for cryptocurrency transfers, wallet security, or blockchain transaction errors.

6. Dispute Resolution

6.1 Dispute Process

In the event of a dispute between a buyer and seller, the following process applies:

1. Opening a Dispute: Buyers can open a dispute if they haven't received cryptocurrency after payment confirmation
2. Evidence Submission: Both parties must provide evidence (transaction hashes, wallet screenshots, communication logs)
3. Admin Review: Our admin team reviews all evidence within 24-48 hours
4. Resolution: Admin makes a determination based on evidence provided

6.2 Possible Resolutions

Dispute resolutions may include:

• Full Refund: If seller failed to transfer cryptocurrency
• Release to Seller: If buyer received cryptocurrency but didn't confirm
• Partial Refund: In exceptional cases with partial fulfillment

6.3 Final Decision

The admin's decision is final and binding. Users must cooperate with the dispute resolution process and provide requested evidence in a timely manner. Failure to cooperate may result in an unfavorable resolution.

7. Prohibited Activities

Users are prohibited from:

• Engaging in fraudulent transactions
• Using the platform for money laundering
• Creating multiple accounts to manipulate the system
• Harassing or threatening other users
• Listing fake or non-existent cryptocurrency offers
• Failing to deliver cryptocurrency after receiving payment

Violation of these terms may result in account suspension or termination.

8. Limitation of Liability

BinaryPay is not liable for any losses arising from cryptocurrency price fluctuations, blockchain network issues, user error, or third-party service failures. Users trade at their own risk.

9. Account Termination

BinaryPay reserves the right to suspend or terminate user accounts that violate these terms or engage in suspicious activity. Users will be notified of termination reasons when possible.

10. Changes to Terms

We may update these Terms of Service from time to time. Users will be notified of significant changes via email. Continued use of the platform after changes constitutes acceptance of the updated terms.

11. User Verification (KYC)

BinaryPay may require identity verification for certain users, particularly sellers, to maintain platform security and comply with financial regulations.

11.1 Verification Requirements

• Government-issued ID (passport, driver's license, national ID)
• Proof of bank account ownership
• Additional documents may be requested for high-volume sellers

11.2 Verification Limits

• Unverified sellers: Maximum ₦50,000 per transaction
• Verified sellers: Higher transaction limits and priority support
• Verified badge displayed on offers for buyer confidence

12. Governing Law & Jurisdiction

These Terms of Service are governed by and construed in accordance with international commercial laws and the laws of the jurisdiction where BinaryPay is registered. Given the international nature of cryptocurrency transactions, disputes may be resolved through:

• International arbitration (preferred method)
• Mediation by mutually agreed third parties
• Local courts with jurisdiction over the parties involved

Users agree to make reasonable efforts to resolve disputes through BinaryPay's internal dispute resolution process before pursuing external legal remedies.

13. Intellectual Property

All content on the BinaryPay platform, including but not limited to text, graphics, logos, icons, images, and software, is the property of BinaryPay or its content suppliers and is protected by international copyright laws.

• Users may not reproduce, distribute, or modify platform content
• BinaryPay name and logo are registered trademarks
• Unauthorized use may result in legal action and account termination

14. Contact Information

For questions about these Terms of Service, please contact us at:
Legal Team: legal@binarypay.co
Support Team: support@binarypay.co