Acceptance of terms


Thank you for choosing Elkfunds. The following Terms and Conditions and the Privacy Policy (together, the “Terms”) apply to any person that registers for and/or opens an Elkfunds Account through Elkfunds.com or any associated mobile applications, website, or APIs (together, the “Elkfunds Site”).

The Terms constitute a legally binding agreement between you and Elkfunds (Pty) Ltd, which is a company incorporated under the laws of Remittance. For further information on the different Elkfunds group companies, please see the Company Information page on the Elkfunds website. For the purposes of these Terms, any reference to “we” “us” “our” “Elkfunds” and/or any similar term shall be construed as reference to Elkfunds (Pty) Ltd.

By registering for and opening an Elkfunds Account, you unconditionally accept these Terms and agree to be bound by and act in accordance with them. You also accept and agree that you are solely responsible for understanding and complying with all laws, rules, regulations and requirements of the jurisdiction in which you live that may be applicable to your use of the Elkfunds Site and/or your Elkfunds Account, including but not limited to, those related to export or import activity, taxes or foreign currency transactions. Depending on your country of residence, you may not be able to use all the functions of the Elkfunds Site.

Please read these Terms carefully before using the Elkfunds Site because they affect your legal rights and obligations.

Amendment of terms Elkfunds may amend the Terms from time to time. You should visit the Elkfunds website regularly to check when the Terms were last updated (as displayed at the top of this document) and to review the current Terms. We will do our best to notify you of any amendments to the Terms that we consider likely to materially affect your rights and obligations. Any such notice will be posted on the Elkfunds Site, or sent by email to the address associated with your Elkfunds Account (see Electronic Communications).

The continued use of your Elkfunds Account, after any amendment to these Terms, constitutes your acceptance of the Terms, as modified by such amendment. If you do not accept the Terms, or any amendment to them, you must immediately stop using the Elkfunds Site and your Elkfunds Account.

Eligibility By opening a Elkfunds Account, you expressly warrant and represent that:
You are 18 years of age or over and have full capacity to accept the Terms and enter any transaction available through the Elkfunds Site; You will not open, or attempt to open, a Elkfunds Account under any name except your own; or use your Elkfunds Account to carry out transactions on behalf of a third party; You will follow the Elkfunds account process if you seek to open and use a Elkfunds Account for a non-individual legal entity (e.g. a company, trust or partnership); You will not have more than one Elkfunds Account; use or access any Elkfunds Account other than your own; or assist any other person in obtaining unauthorised access to any Elkfunds Account;

Elkfunds doesnt keep any information of any user such as ID NUMBER, CARD DETAILS, or Any sensetive information,

Elkfunds is a third party company liking you with paypal and the bank, so elkfunds doesnt keep any information of any user.

You will provide security for transactions carried out through your Elkfunds Account by ensuring that you have either (i) deposited enough there is sufficient Local Currency into a Elkfunds bank account to acquire sufficient credit in your Elkfunds Wallet or (ii) hold sufficient cryptocurrency, (as the case may be) in your Elkfunds Account Wallet in advance of any transaction; You will not allow or facilitate the deposit of Local Currency into your Elkfunds Account unless that deposit is made in accordance with the Deposit Requirements (see Deposits); You will not allow or facilitate the withdrawal of Local Currency from your Elkfunds Wallet to a bank account held in the name of a third party (see Withdrawals); You will not use your Elkfunds Account for or in relation to any illegal activity, any Prohibited Activity, in violation of any laws, statutes, ordinances or regulations, or in breach of Elkfunds’s Export Controls and Sanctions requirements; Any capitalised terms used in this Eligibility section shall have the meaning given to them in these Terms. Reference in these Terms to “Local Currency” means fiat or government issued currency, which in South Africa is Rand (ZAR).

By opening a Elkfunds Account you accept and agree that Elkfunds may, without further notice and in its sole discretion, terminate, suspend or restrict the account of any customer who uses, or who we reasonably suspect may be using, the Elkfunds Site or any Elkfunds Account in a manner that is inconsistent with the letter or spirit of these Terms.

Risks Before using the Elkfunds Site, you should ensure that you understand the risks involved in exchanging foreign currecny. also Cryptocurrency markets can be volatile and prices can fluctuate significantly, which could result in sudden and significant increases or decreases in the value of your assets. This market volatility and other risks involved in buying, selling or trading cryptocurrencies are explained on the Risk Warning page of the Elkfunds website. There may be additional risks not identified in these Terms or in the Risk Warning.

You should carefully assess whether your financial situation and risk tolerance is suitable for buying, selling or trading cryptocurrency. You accept and agree that you are solely responsible for any decision to buy, sell, trade or otherwise hold or deal with cryptocurrency, and that Elkfunds does not, and will not, offer you any financial advice in connection with your use of, or transactions you conduct on, Elkfunds’s platform.

Electronic communications You accept and agree that:

any communications, agreements, notices and/or any other documents (together “Communications”) relating to your Elkfunds Account or your use of Elkfunds’s services will be provided to you electronically by posting them on the Elkfunds Site, emailing them to the email address you have provided to us, or through any other form of electronic communication. You consent to receiving all Communications electronically; you will at all times have available to you the necessary hardware and software to receive, access and retain Communications sent to you electronically, including a device with an internet connection and a valid and accessible email address; you assume full responsibility for providing Elkfunds with a valid and accessible email address to which any Communications may be sent, and for ensuring that email address and any other contact information is kept up to date. Any Communication sent to the email address you have provided to us will be deemed to have been received by you. You can amend your contact information by signing-in to your Elkfunds Account and accessing the Settings page. You may at any time withdraw your consent to receiving Communications electronically by contacting support@Elkfunds.com. You acknowledge that failure to give, or withdrawing, consent to receiving Communications electronically puts the security of your Elkfunds Account at risk (see Account Security) and that Elkfunds reserves the right to close your Elkfunds Account in the event you fail to give, or withdraw, your consent to the receipt of Communications electronically.

Identity verification Elkfunds doesnt keep any information of any user as we are third party meaning we linking two companies together( paypal and the local bank)

The Elkfunds wallet The Elkfunds Wallet allows you to send, receive, Exchange foreign currency and store cryptocurrency (together, “Elkfunds Wallet Transactions”).

Supported Cryptocurrencies. The Elkfunds Wallet is only available in relation to the cryptocurrencies that Elkfunds, in its sole discretion, decides to support (“Supported Cryptocurrency” or “Supported Cryptocurrencies”). Information about the Supported Cryptocurrencies can be found on the Supported Cryptocurrency page on the Elkfunds website. The Supported Cryptocurrencies may change from time to time. Under no circumstances should you attempt to carry out a Elkfunds Wallet Transaction in relation to a cryptocurrency other than a Supported Cryptocurrency. In particular, but without limiting the generality of the foregoing, you accept and agree that you will have no access, entitlement or claim:

to any cryptocurrency sent to a receive address associated with your Elkfunds Wallet where that cryptocurrency is not a Supported Cryptocurrency; or to any cryptocurrency sent to a receive address associated with your Elkfunds Wallet, where that receive address is associated with another cryptocurrency. For example, you will have no access, entitlement or claim to any Bitcoin Cash (BCH) sent to a Bitcoin (BTC) receive address. Supplemental Protocols Excluded. Unless specifically announced on the Elkfunds Site or other official public statement of Elkfunds, Supported Cryptocurrencies exclude all other protocols and/or functionality which supplement or interact with the Supported Cryptocurrency. This exclusion includes (without limitation): metacoins, colored coins, side chains, or other derivative, enhanced, or forked protocols, tokens, or coins or other functionality, such as staking, protocol governance, and/or any smart contract functionality, which may supplement or interact with a Supported Cryptocurrency. You acknowledge that you should not use your Elkfunds Account to attempt to receive, request, send, store, or engage in any other type of transaction or functionality involving any such protocol as Elkfunds is not configured to detect, secure, or process these transactions or functionality. Any attempted transactions in such items will result in loss of the relevant item. You acknowledge and agree that supplemental protocols are excluded from Supported Cryptocurrency and that Elkfunds shall bear no liability for any losses related to supplemental protocols.

Local Currency deposited to acquire a credit in your Elkfunds Wallet. Local Currency deposited into a Elkfunds bank account in order to acquire a credit in your Elkfunds Wallet (see Deposits) may be utilised solely for (1) the purchase of Supported Cryptocurrencies and/or (2) Withdrawal to an approved bank account (see Withdrawals). In certain countries we may also allow you to purchase specific goods and/or services from selected third parties using the credit reflected in your Elkfunds Wallet. You accept and agree that any such purchase will be subject to these Terms.

Proceeds from the sale of Supported Cryptocurrencies will increase the credit in your Elkfunds Wallet, less any applicable fees (as explained in Fees, and on the Fees page of the Elkfunds website). No interest can accrue on the credit reflected in your Elkfunds Wallet. Any Local Currency Deposited into a Elkfunds bank account for purposes of acquiring a credit in your Elkfunds Wallet, may accrue interest in favour of Elkfunds. You accept and agree that you have no claim or entitlement to any such interest earned by Elkfunds

Transaction instructions. Elkfunds will process Elkfunds Wallet Transactions according to your instructions. You accept and agree that Elkfunds does not:

guarantee the identity of any user, receiver, or other party to a Elkfunds Wallet Transaction. You are solely responsible for ensuring all transaction details are correct, and you should carefully verify all transaction information prior to submitting transaction instructions to Elkfunds; have any control over, or any liability in relation to, the delivery, quality or any other aspect of any goods or services that you may buy from or sell to any third party. Elkfunds shall not be responsible for, and will take no action in relation to, ensuring that any buyer or seller you transact with using your Elkfunds Wallet completes the relevant transaction or has the requisite authority to do so. Receiving cryptocurrency. You may receive Supported Cryptocurrency into your Elkfunds Wallet by providing the sender with a receive address generated in your Elkfunds Wallet. Your Elkfunds Wallet will only be credited with Supported Cryptocurrency sent to a receive address generated through your Elkfunds Wallet and associated with that Supported Cryptocurrency. For example, your Elkfunds Wallet will be credited with ETH when it is sent to an ETH receive address generated through your Elkfunds Wallet.

Funds received in error. In the event you know, suspect, or should reasonably know or suspect, that any Local Currency or cryptocurrency has been credited to your Elkfunds Wallet (or to any bank account) in error, you must immediately notify Elkfunds of the error by submitting a ticket through the Help Centre. You accept and agree that you have no claim or entitlement to any Local Currency or cryptocurrency received in error, and must immediately return such funds in accordance with the instructions received from Elkfunds.

Deposits you acquire credit for your Elkfunds Wallet by depositing any Currency into a Elkfunds bank account (a “Deposit”). When you make a Deposit you are giving up ownership of the Currency which you have deposited in favour of Elkfunds. In return you will receive, subject to these Terms, a credit in your Elkfunds Wallet which represents a right against Elkfunds to (i) repayment of an amount equal to the credit in your Elkfunds Wallet when you instruct Elkfunds that you wish to terminate your account; or (ii) require Elkfunds to pay to the seller of Supported Cryptocurrency an amount equal to the purchase price of any Supported Cryptocurrency which you have purchased in reduction of the credit in your Elkfunds Wallet.

Details of the Elkfunds paypal account into which you must make the Deposit will be provided to you by Elkfunds, and any such account will be held and operated by a Elkfunds operating entity in your country or region (for more information on these entities, see the Company Information page on the Elkfunds website). You accept and agree that any information you provide to Elkfunds may be shared with such local entity, which will process Currency transactions in accordance with Elkfunds’s instructions.

The payment methods by which you may Deposit Currency will depend upon the country you are in, and are set out on the Fees page of the Elkfunds website (for the purposes of these Terms, the “Supported Deposit Methods”). Where you have made a Deposit using a Supported Deposit Method, and have adhered to the Deposit Requirements (explained below), your Deposit will purchase credit to be allocated to your Elkfunds Wallet.

Due to legal and operational constraints, you must strictly adhere to the following Deposit requirements (the “Deposit Requirements”):

you may only make a Deposit from a Supported Deposit Method held in your own name. You must not allow any third party to make a Deposit on your behalf in order to acquire credit for your Elkfunds Wallet; you may only Deposit Currency using a Supported Deposit Method compatible with the deposit methods available in your country or region; except in the case of a SEPA transfer, you may only make Deposits denominated in the Local Currency associated with your Elkfunds Wallet. For example, if you have a ZAR wallet, you must only make Deposits in South African Rand; where you make a Deposit using a credit or debit card, you authorise Elkfunds to facilitate the debiting of the funds from your bank account in order to complete the Deposit; you must not use cash or cheques to make a Deposit. Elkfunds reserves the right to refuse any Deposit made by cash or cheque. Should Elkfunds decide, in its sole discretion, to allow a Deposit by cash or cheque on an exceptional basis, the allocation of credit acquired with such Deposit will be delayed to allow fraud and compliance checks to take place, and a Cash Deposit Penalty (see the Fees page of the Elkfunds website) may be deducted from it. If you make more than one cash or cheque deposit into a Elkfunds bank account, Elkfunds may, in it’s sole discretion, suspend your Elkfunds Account indefinitely. You agree to abide by the Deposit Requirements and agree and accept that failure to do so may cause delay in or failure of any credit acquired with the Deposit reflecting in your Elkfunds Wallet, and/or restriction, suspension or termination of your Elkfunds Account.

Refunds
All users are subjected to a full refund is they feel they are not satisfied with the service or that the service did not meet the full requirement they expected

Elkfunds will make all reasonable efforts to allocate credit in respect of Deposits that do not meet the Deposit Requirements. However, any Deposits less than the Minimum Unallocated Deposit Amount that cannot be allocated within a one month period will be retained by Elkfunds and you accept and agree that you shall not receive any credit in your Elkfunds Wallet in respect of such amount and shall have no further claim or entitlement to such funds. The Minimum Unallocated Deposit Amount shall until otherwise determined by Elkfunds be USD10.00 or the equivalent in your Local Currency.

Withdrawals Where you have added your bank account details to your Elkfunds Account, you may request a withdrawal of funds in reduction of the credit in your Elkfunds Wallet to your bank account (a “Withdrawal”). Elkfunds will process Withdrawals in accordance with your instructions. You are solely responsible for ensuring that any Withdrawal instructions provided to Elkfunds, including the relevant bank account number, are complete and correct and you accept and agree that under no circumstances will Elkfunds be under any obligation to reverse or amend any Withdrawal.

Elkfunds will make all reasonable efforts to process Withdrawals each business day, in accordance with the Deposit and Withdrawal Schedule on the Elkfunds website, but you accept and agree that Elkfunds provides no guarantee in relation to the Withdrawal processing period.

Elkfunds will make all reasonable efforts to process requests for Withdrawals each business day, in accordance with the Deposit and Withdrawal Schedule on the Elkfunds website, but you accept and agree that Elkfunds provides no guarantee in relation to the Withdrawal processing period.

Withdrawals to the bank account of any third party are expressly prohibited. You agree not to make, or attempt to make, any Withdrawal of funds in reduction of the credit in your Elkfunds Wallet to the bank account of a third party and accept that any such request for Withdrawal may be refused and/or result in the restriction, suspension or termination of your Elkfunds Account.

Fees Elkfunds reserves the right to change our fees at any time and will update the Fees page accordingly. In certain circumstances, and at our sole discretion, Elkfunds may notify selected customers of a specific fee change, where we consider a change to be of particular relevance to such customers.

Deposit and withdraw fees. You may be charged a fee to Deposit Supported fore\currecny into your Elkfunds Wallet and/or to withdraw Supported currency into your Elkfunds Wallet. Fees will apply where Supported currency is sent to or received from a Supported Cryptocurrency address (e.g.Paypal or a Bitcoin address)

Deposit and Withdrawal fees. All requests for Withdrawals from your Elkfunds Wallet will incur a fee. Such fees differ by country and are set out on the Fees page of the Elkfunds website. Some Deposits made to acquire credit in your Elkfunds Wallet using a Supported Deposit Method may incur a fee, as set out on the Fees page. Such fees will be displayed in your transaction history upon completion of the transaction.

Account security Elkfunds takes security very seriously and the measures we have in place to protect your Elkfunds Account, However, you are solely responsible for:

maintaining adequate security and control over your Elkfunds Account sign-in details, including but not limited to any passwords, personal identification numbers (PINs), API keys, or any other codes associated with your Elkfunds Account; enabling any additional security features available to you, including the activation of two factor authentication on your Elkfunds account (see the Elkfunds Help Centre); 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 Electronic Communications); maintaining security and control over the email mailbox, phone number and two-factor authentication applications or devices associated with your Elkfunds Account. Failure to take the above measures, and any other security measures available to you, may result in unauthorised access to your Elkfunds Account and the loss or theft of any cryptocurrency held in your Elkfunds Wallet or any linked bank account(s) and/or saved credit or debit card(s). Elkfunds shall have no liability to you for or in connection with any unauthorised access to your Elkfunds Account, where such unauthorised access was due to no fault of Elkfunds, and/or any failure by you to act upon any notice or alert that we send to you.

The security of your Elkfunds Account may be compromised, or interruption caused to it, by phishing, spoofing or other attack, computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect your computer or other equipment. Elkfunds strongly recommends that you regularly use reputable virus screening and prevention software and remain alert to the fact that SMS, email services and search engines are vulnerable to spoofing and phishing attacks.

Care should be taken in reviewing messages purporting to originate from Elkfunds and, should you have any uncertainty regarding the authenticity of any communication, you should log in to your Elkfunds Account through the Elkfunds website (specifically, https://www.Elkfunds.com, and not any other domain name or website purporting to be, or to be related to, Elkfunds) to review any transactions or required actions.

To the maximum extent permitted by applicable law, you accept and agree that you have full responsibility for all activity that occurs in or through your Elkfunds Account and accept all risks of any unauthorised or authorised access to your Elkfunds Account.

Unclaimed property. In the event there is a credit in your Elkfunds Wallet(s) and Elkfunds has no record of any use of your Elkfunds Account for several years, and we are unable to contact you, the law in your jurisdiction may require us to report and deliver such funds to the relevant authorities as unclaimed property. To the extent permitted by applicable law, Elkfunds reserves the right to deduct a dormancy fee or other administrative charges against such unclaimed credit.

Closure of your account You may close your Elkfunds Account by submitting a closure request via the Help Centre. Elkfunds will action such requests once (i) the credit and currency balances in your Elkfunds Wallet(s) is below the Minimum Closure Amount; and (ii) no transactions have taken place in your Elkfunds Account for a period of at least 30 days. Such requirements are designed to protect you from loss and Elkfunds will not action a closure request until they are satisfied.

You accept and acknowledge that, once your Elkfunds Account is closed:

you will have no further access to it; Elkfunds will be under no obligation to notify you of, or provide to you, any cryptocurrency sent to any receive address associated with your Elkfunds Account; and Elkfunds reserves the right (but has no obligation) to delete all of your information and account data stored on our servers, and also reserves the right to retain any information that is required for legal or operational reasons. If at the date of closure of your account any credit or cryptocurrency remains in your Elkfunds Wallet(s) (i.e. credit amounting to less than the Minimum Closure Amount), you accept and agree that Elkfunds shall retain such credit and that you shall have no further claim to them. The Minimum Closure Amount shall be credit equal to USD10.00 or the equivalent in your Local Currency.

You accept and agree that Elkfunds shall not be liable to you or any third party in relation to the closure of your Elkfunds Account, the termination of access to your Elkfunds Account, or for the deletion of your information or Elkfunds Account data.

Restriction, suspension and termination Elkfunds reserves the right to restrict, suspend or terminate your Elkfunds Account where:

we reasonably suspect your Elkfunds Account to be the subject of an operational or other error, in which case we may be required to suspend access to your account until such time as the error is rectified; we reasonably suspect your Elkfunds Account has been or is being used in relation to any unlawful, fraudulent or Prohibited Activity, or in breach of these Terms; we reasonably suspect you or your Elkfunds Account is or has been associated with, or poses a high risk of, money laundering, financing of terrorism, fraud, or any other financial crime; we reasonably suspect you of taking any action that Elkfunds considers to be a circumvention of Elkfunds’s controls, including but not limited to opening multiple Elkfunds Accounts; we reasonably suspect your involvement in any attempt to gain unauthorised access to any Elkfunds Account; your Elkfunds 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 associated with your Elkfunds Account; 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 reasonably conclude that you, or any person or geography with whom you transact, are / is the subject of any governmental sanctions. Elkfunds will make all reasonable efforts to provide you with notice of any decision to restrict, suspend or terminate your Elkfunds Account, unless we are prevented from doing so by any legal or regulatory process or requirement, or where doing so may compromise Elkfunds’s security and/or risk management procedures. You accept and agree that Elkfunds is under no obligation to disclose to you the fact of or reason for any decision to restrict, suspend or terminate your Elkfunds Account, and shall have no liability to you in connection with the restriction, suspension or termination of your Elkfunds Account.

Account termination. Where Elkfunds elects to terminate your Elkfunds Account in accordance with the above, we shall (except where legally obligated not to) return your available cryptocurrency and/or credit balance to you pursuant to the procedure set out below:

Cryptocurrency. If you have an available balance of Supported Cryptocurrency in your Elkfunds Account above the Minimum Threshold, we will liquidate the cryptocurrency and pay an amount equal to value realised from the liquidation into your bank account, provided that we are satisfied that such bank account is valid and in your name. The Minimum Threshold is USD10.00, or its equivalent in any applicable Supported Cryptocurrency calculated on the day on which the liquidation is performed. We will not send your Supported Cryptocurrency to an alternative cryptocurrency wallet address. Any risk of a negative exchange rate fluctuation shall rest with you and you shall have no claim against Elkfunds for any losses you may suffer as a result of the liquidation of your available balance of Supported Cryptocurrency. Local Currency. We shall return to you an amount no greater than the credit in your Elkfunds Account. Payment shall only be made to you following submission to us of valid bank account details in your name. We shall not transfer Local Currency to any bank account in the name of a third party. Death of Account Holder. Should we receive legal documentation confirming your death or any other information leading us to believe that you have died, we reserve the right to restrict or suspend your Elkfunds Account for security purposes and, during this time, for no transactions to be completed until such time as: (i) we receive instructions from your designated executor / fiduciary; or (ii) we receive proof in a form satisfactory to us that you have not in fact died.

If we have reason to believe you may have died but we do not have proof of your death in a form satisfactory to us, you authorize us to make all inquiries as may be necessary, whether directly or through third parties, in order to ascertain whether or not you have died. Upon receipt by us of proof satisfactory to us that you have died, the executor / fiduciary that you have designated in a valid Will or similar testamentary document may instruct us in writing to: (i) sell the applicable cryptocurrency for Local Currency and withdraw that Local Currency to a bank account nominated in writing by the executor / fiduciary; or (ii) transfer the applicable cryptocurrency to another cryptocurrency wallet nominated in writing by the executor / fiduciary.

If you have not designated an executor / fiduciary, then we reserve the right to treat as your executor / fiduciary any person who is entitled to inherit your Elkfunds Account under applicable law. Elkfunds reserves the right to demand all documentation that we, in our sole and absolute discretion, may deem necessary or appropriate in order to satisfy ourselves as to the identity and authenticity of such person, including (but not limited to) an order designating an executor / fiduciary from a court having competent jurisdiction over your estate. In the event that we determine, in our sole and absolute discretion, that there is uncertainty regarding the validity of the executor / fiduciary designation, then we reserve the right to require an order resolving such an issue from a court of competent jurisdiction before taking any action relating to your Elkfunds Account.

Miscellaneous Entire agreement. These Terms constitute the entire agreement and understanding between you and Elkfunds with respect to their subject matter and supersede any and all prior discussions, agreements and understandings of any kind between you and Elkfunds (including but not limited to any prior versions of these Terms).

Severability. If any provision of these Terms, as amended from time to time, is determined to be illegal, invalid or unenforceable, in whole or in part, under any law, such provision or part thereof shall to that extent be deemed not to form part of these Terms but the legality, validity and enforceability of the other provisions in these Terms shall not be affected and everything else in these Terms will continue in full force and effect.

In the event any provision or part thereof of these Terms is determined to be illegal, invalid or unenforceable, that provision or part thereof shall be replaced by the parties with a legal, valid and enforceable provision or part thereof that has, to the greatest extent possible, a similar effect as the illegal, invalid or unenforceable provision, given the content and purpose of these Terms.