Elbaite's Terms & Conditions

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 accepted these Terms. Each time you use the Elbaite Platform, you reconfirm your acceptance of these Terms.

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 or use any of the Elbaite Services.

Last Updated: 22/03/2025

Version 5.0

Risk Warning

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. You should seek independent advice and consider whether trading Crypto Assets is appropriate for you and your personal circumstances and preferences.

There are 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 person, Elbaite cannot recover those Crypto Assets for you.

You acknowledge that there are risks involved in transacting (buying, selling, depositing, withdrawing) Crypto Assets via the Elbaite Platform, and that it is your responsibility to determine whether a transaction is appropriate for you.

Transactions on the Elbaite Platform involve transfers of Crypto Assets between unique wallets with complex addresses on a specific, dedicated blockchain for that coin type. For example, BTC is transacted between BTC wallets on the BTC blockchain. Attempting to transfer BTC to an Ethereum wallet might result in irretrievable loss of the BTC, even though the transfer instruction appears to be "successful". Some coin types, e.g. USDT, USDC, exist on multiple blockchains. Even though all USDT coins have the same value, attempting to transfer USDT from a wallet on one blockchain, e.g. Solana, to a wallet on another blockchain, e.g. Tezos, might result in irretrievable loss of the USDT, even though the transfer instruction appears to be "successful". Where wallet addresses are supplied or used by You, You must ensure that transfers are only attempted between compatible wallets.

You acknowledge that there are many scam situations present in trading and exchanging of Crypto Assets and that you will be vigilant in protecting yourself. To assist (without responsibility by Elbaite) please read our scam awareness information at https://www.elbaite.com/scam-awareness.

Eligibility and customer representations

You may only use the Elbaite Services if you have a registered Elbaite Account. To be eligible for an Elbaite Account, you must:

be either an individual who is at least 18 years or older, a body corporate, a partnership, a corporate or individual trustee of a trust, an Australian government body or an association (incorporated or unincorporated) that is capable of forming a legally binding contract;
hold a valid email address, physical address, and contactable mobile phone number;
have an Australian bank account that can be linked to your Elbaite Account that is valid and which is legally controlled by you;
provide all information that we request to set up your account and complete identity verification (KYC), including but not limited to your full name, current address and date of birth; and
not be a citizen or resident of a Prohibited Jurisdiction.

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 will act honestly at all times;
you will provide information that is complete, accurate and up to date;
you will not be in breach of any law or other agreement by using Elbaite Services;
you are not on any trade or economic sanctions lists, including but not limited to the United Nations Security Council Sanctions List and the Australian Government Consolidated Sanctions List;
you will only maintain one Elbaite Account at any given time, and will not attempt to create more than one Elbaite Account;
you will not share your Elbaite Account login details with any person, or otherwise facilitate another person gaining access to your Elbaite Account;
you will notify Elbaite immediately if you are aware of any unauthorised use of your Elbaite Account or password by any person or any other violations of your security;
you will strictly observe the security, authentication, trading, charging, transferring mechanisms or procedures of the Elbaite Platform;
you are not a competitor of our business, or an agent of a competitor to our business and will not otherwise use the Elbaite Services to directly or indirectly compete with our business;
you will not use, or attempt to use, a bank account or Crypto Asset wallet in connection with your Elbaite Account that is not in your name or that you are not legally entitled to control;
you will only access the Elbaite Platform via the interfaces that we provide for doing so, and will not use any anonymous network or protocol to access the Elbaite Platform;
you will not violate any of Elbaite’s rights or any other person’s rights, including but not limited to intellectual property rights, by using Elbaite Services;
you are solely responsible to ensure that any Crypto Asset or AUD currency is transferred to the correct wallet or account in accordance with the information provided by Elbaite; and
you will pay all fees and/or charges payable to us or other third parties incurred by you in connection with using or accessing Elbaite Services; fees can be viewed at https://www.elbaite.com/fees; and
if you have received, acquired, or accumulated any Crypto Assets or AUD due to an error, glitch or loophole, Elbaite may take reasonable actions to recover the funds or assets and you agree to cooperate with the process and that any such Crypto Asset or AUD was misappropriated. If you become aware of any such error, you must notify Elbaite immediately.

Prohibition of Use

You agree that you will not use the Elbaite Platform, either directly or indirectly, for any prohibited purpose, including:

unlawful activity;
fraud;
illegal gambling;
intellectual property infringement;
defamation or abuse;
terrorist financing;
money laundering;
distributing or funding drugs and drug paraphernalia;
malicious hacking; or
scamming.

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, use of collection or accumulation tools and robotic or scripted responses. In particular, you agree that:

you will not reverse engineer, disassemble or otherwise attempt to construct, copy or replicate Elbaite’s source code, formulas or processes;
you will not interfere with the security of the Elbaite Platform or the safe use of the Elbaite Platform by others (including without limitation by way of distributing viruses, corrupted files or other similar software or programs that may damage the operation of any computer hardware or software or which are otherwise directed at the Elbaite Platform or its users);
you will not use the Elbaite Platform for any purpose that is unlawful or prohibited or in a way which infringes the intellectual property rights or other rights of any person (including Elbaite);
you will not knowingly or recklessly use and/or take advantage of a technical or technological error, loophole or glitch on the Elbaite Platform;
you will not use the Elbaite Platform or the information contained in it for commercial purposes which are competitive to the Elbaite Platform or our business or which would otherwise be detrimental or prejudicial to Elbaite’s interests in any way;
you will not use systematic, repetitive or other related methods which are designed to generate or obtain repetitive and repeated amounts of data or other information from or to the Platform or which may otherwise place an unreasonable load on the infrastructure of the Elbaite Platform;
you will not publish, post, distribute, disseminate or send ‘spam material’ or engage in any communication that is offensive, false, unlawful, defamatory, indecent, unfair or inappropriate in any way to others, which would reasonably be considered misinformation or which is deliberately false, misleading, or deceptive (or likely to mislead or deceive);
you will not collect or store personal data about other users of the Elbaite Platform; or
you will not do anything else which may interfere with or negatively affect the operation of the Elbaite Platform or other users, including for example by overloading network equipment with unreasonable data loading requests or executing malicious trades or transactions.

General Provisions Relating to the Elbaite Platform

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 the detection 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 and never share it. Change your password if you suspect it is compromised.

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:

Secure your 2FA device and application.
Immediately report lost or stolen devices, or suspected unauthorized access to your 2FA codes.
Failure to secure your login credentials and use 2FA may result in unauthorized access to your account and could lead to its suspension or termination.

Elbaite will not ask a Customer to share any password or security code at any time. 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

Elbaite Marketplace is a “wallet to wallet” exchange service which allows Customers to buy and sell Crypto Assets to and from each other for AUD.

Before you can transact Crypto Assets with other Customers on Elbaite Marketplace, you must:

have linked an Australian bank account to your Elbaite Account; and/ or
own or legally control a Crypto Asset wallet that enables you to send, receive and/or hold the Crypto Asset(s) that you wish to exchange on the Elbaite Platform. This may be an Elbaite Crypto Balance or a Self-Custody Wallet external to the Elbate Platform.

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 transfer 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 if that is what the Seller's offer stipulated.

Upon recognition of the Transaction Total in the Client Escrow Account, Elbaite will alert the Seller that the purchase settlement amount has been received, and the Seller must transfer the purchased Crypto Assets to the Buyer’s nominated Crypto Asset wallet promptly and notify Elbaite confirming the blockchain transfer hash. If the Seller is exchanging Crypto Assets held in their Elbaite Crypto Balance, 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 using the transfer hash, 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 Crypto Balance Elbaite will credit the Purchase Price to the Seller’s nominated bank account or Elbaite AUD Balance upon receipt in the Elbaite Crypto Balance. 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 you have nominated your Elbaite Crypto Balance as the Crypto Asset wallet from which Crypto Assets are sent or received, you acknowledge that:

it is the Seller’s responsibility to transfer the Crypto Asset to the Buyer’s Crypto Asset wallet using the wallet details provided;
it is the Buyer’s responsibility to provide accurate destination wallet information; and
Elbaite is not liable if the Buyer provides incorrect wallet details, or if the Seller sends Crypto Assets to another wallet in error.

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 after a transaction completion, but might be able to action a cancellation request from a customer prior to crypto transfer. Crypto Asset purchases are irreversible once the crypto has been transferred.

Customers who use Elbaite Marketplace agree as follows:

If a Buyer provides an incorrect wallet address or public key, and a Seller transfers the Crypto Asset to the wallet in accordance with the Buyer’s instructions, neither Elbaite nor the Seller will be considered at fault and Elbaite reserves the right to release the Purchase Price to the Seller.
If a Seller sends the Crypto Assets to an incorrect wallet address or public key due to the Seller’s error, the Crypto Asset will not be considered as transferred and Elbaite will not release the Purchase Price that it holds in the Client Escrow Account to the Seller.
If the value of the Crypto Asset sent by the Seller is less in value than what was intended by the transaction, Elbaite will request that the Seller send the balance in order for the AUD to be released to the Seller. Payment will only be released to the Seller if and when the Crypto Assets agreed to be transferred have been transferred.
If the amount of Crypto Assets sent by the Seller to the buyer is in excess of what was agreed, Elbaite will pay (in AUD) the Seller the amount which the Buyer had agreed to pay and will request that the Buyer return the Crypto Assets which were in excess of what was agreed. You agree that Elbaite is only responsible for making the request, but otherwise has no obligation to the Seller and cannot compel a Buyer to return the Crypto Asset because Elbaite has no control of nor access to the Buyer's crypto asset wallet.

Elbaite Direct Buy/Sell

Elbaite allows you to buy and sell various Crypto Assets directly with Elbaite as the counterparty to the transaction. In this case, if you are buying Crypto Assets, then Elbaite itself is the Seller. If you are selling Crypto Assets then Elbaite is the Buyer. This contrasts with buying and selling in the Elbaite Marketplace, where Elbaite allows third party buyers and sellers to transact securely.

In Direct Buy/Sell transactions, you must:

use your Elbaite AUD Balance to fund transactions, and to receive transaction proceeds; and
use an Elbaite Crypto Balance to send and receive Crypto Assets. Self-Custody Wallets cannot be used in connection with Elbaite Direct Buy/Sell.

When using Elbaite Direct Buy/Sell, you accept the offer from us to buy, and we agree to sell you the selected Crypto Asset(s) for the displayed 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, at our sole discretion, 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 Elbaite Direct Buy/Sell, 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 Direct Buy/Sell 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.

AUD Balance

Elbaite’s AUD Balance provides a convenient method to buy and sell Crypto Assets on the Elbaite Platform without incurring time delays or transaction fees associated with using bank accounts for every transaction.

Customers can transact immediately using funds held in an AUD Balance through the following functions:

Allows pre-funding of AUD value from bank accounts owned and operated by you.
Acts as a store of AUD value while you are contemplating a Crypto Asset purchase.
Acts as an immediate source of funds for a Crypto Asset purchase.
Acts as an immediate destination of funds from a Crypto Asset sale.
Acts as a store of value for the proceeds of sale of Crypto Assets while you are contemplating a purchase or disbursement.
Allows disbursement of stored funds to a registered bank account owned and operated by you.
Allows you to see your current AUD funds holding and transaction history.

Elbaite is not a bank, does not offer banking services, and does not hold an Australian Financial Services Licence. Interest is not earned by you or paid to you on AUD Balance funds. AUD Balance is not a general purpose or third party payment mechanism; it can only be used to settle transactions within the Elbaite Platform.

Elbaite may, at its sole discretion, ask the Customer for more information or conduct additional verification checks before acting on the Customer’s instruction to debit funds from the AUD Balance, or to credit funds to the AUD Balance, to confirm validity and legality of such instruction.

You agree that:

AUD Balance is not a bank account;
AUD Balance is for use on the Elbaite Platform only;
funds shown in your AUD Balance are held in trust on your behalf in a bank account with an Authorised Deposit-taking Institution licensed by the Australian Prudential Regulatory Authority (APRA) to carry on a banking business in Elbaite’s name;
you will cooperate with Elbaite and provide additional information to Elbaite if Elbaite makes any such request; and
When you transfer funds to your AUD Balance, the transfer amount will add to the value notionally stored in your AUD Balance, which is held in trust for the Customer by Elbaite.

When you transact with AUD Balance, you must ensure that the AUD Balance has sufficient funds for any purchases and you must ensure that the proceeds of any sale appear in your AUD Balance. Any anomalies or deviations must be reported to Elbaite immediately. You are responsible for the instructions you issue to Elbaite for the use of AUD Balance.

Crypto Balance

Elbaite’s Crypto Balance is a representation of Crypto Assets held on your behalf on the Elbaite Platform.

Elbaite Crypto Balances are displayed in the Elbaite My Assets screen. Each Crypto Asset type, e.g. BTC, ETH, USDT, is listed separately.

Elbaite Crypto Balance is not a wallet or a vault. Elbaite owns and operates various Crypto Asset wallets, and represents your beneficial ownership of its total holding as your Elbaite Crypto Balance.

The amount displayed in your Elbaite Crypto Balance reflects the amount of each Crypto Asset that you have deposited into or purchased using your Elbaite Account, minus Crypto Assets sold or withdrawn.

You are responsible for the instructions you issue to Elbaite for the use of your Elbaite Crypto Balance. You must verify that your buy, sell, deposit and withdrawal transactions have produced the intended outcome by reviewing the Elbaite Crypto Balances and transaction history. Any anomalies or deviations must be reported to Elbaite immediately. Elbaite has no liability for any loss or theft arising from unauthorised use of your Elbaite Account.

Crypto Asset Deposits

Elbaite provides Crypto Asset deposit wallets so that Customers can transfer Crypto Assets they own and store externally, e.g. in a hardware or stand alone software wallet or a wallet on another Crypto Exchange, into an Elbaite Crypto Balance.

Elbaite does not charge for Crypto Asset deposits.

Care must be taken to ensure that the Crypto Asset type of the source wallet matches that of the destination. If they do not match, then you might irretrievably lose your Crypto Assets in the attempt to deposit. For example, if you tried to deposit BTC from your hardware wallet and selected ETH as the deposit destination.

Crypto Asset Withdrawals

Elbaite provides Crypto Asset withdrawals so that customers can transfer crypto purchased through Elbaite services to use or store elsewhere, e.g. your own hardware or stand alone software wallet or a wallet on another Crypto Exchange.

Fees apply to Crypto Asset withdrawals. Fees are charged in Crypto Asset units. They are displayed at https://www.elbaite.com/fees and on-screen during withdrawal processing. Fees can vary due to conditions on the relevant blockchain at the time of processing.

Crypto Asset withdrawal amounts must be above a minimum amount. This amount varies by Crypto Asset type, and from time to time. Minimums are displayed on https://www.elbaite.com/minimums

To protect Customers, especially against identity theft and scamming, Crypto Asset withdrawals:

Require 2FA.
Are subject to review and approval by Elbaite.
May have a restriction applied from the date of the first purchase transaction, if/when a Customer is identified as having elevated risk of scam and fraud targeting.

Care must be taken to ensure that the Crypto Asset type of the withdrawal source within the Elbaite Crypto Balance matches that of your destination wallet. If they do not match, then you might irretrievably lose your Crypto Assets in the attempt to withdraw. For example, if you tried to withdraw BTC from your Elbaite Crypto Balance to an ETH wallet.

Elbaite Vault

Elbaite Vault provides a convenient method to store, view and transact Crypto Assets on the Elbaite Platform in a way that segregates your holdings from Elbaite’s pooled Crypto Assets held on a Customer’s behalf as Crypto Balances. This provides some of the peace of mind and security of Self-Custody without the risk of losing your physical wallet or of managing the complexities of security and recovery with managing your own Self-Custody Wallets.

Elbaite Vaults contain wallets for one or more types of Crypto Asset, such as BTC, ETH, USDT, USDC.

Contents of your Elbaite Vault, if you have one, are displayed separately from your Elbaite Crypto Balances. Your total holding of Crypto Assets on the Elbaite Platform is the sum of your Elbaite Vault and Elbaite Crypto Balance holdings.

Elbaite may charge fees for Vault or wallet creation and operation.

An Elbaite Vault:

Acts as a store of Crypto Assets while holding an investment or contemplating a sale.
Acts as a source for transfers of Crypto Assets sold through the Elbaite Platform.
Supports viewing your current Crypto Asset holdings and transaction history.
Allows withdrawals of Crypto Assets to wallets created and operated outside the Elbaite Platform.

Elbaite creates and maintains each Customer’s Elbaite Vault separately and individually, and the Crypto Assets within each Elbaite Vault are not pooled, co-mingled or managed using an Elbaite ledger system.

You are responsible for the instructions you issue to Elbaite for the use of Elbaite Vault. You must verify that your deposit and withdrawal transactions have produced the intended outcome by reviewing the Elbaite Vault holdings and transaction history. Any anomalies or deviations must be reported to Elbaite immediately.

Elbaite Buy with Card

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.

BUY WITH AUDD (Stable Coin)

Elbaite allows you to store AUDD in your Elbaite Crypto Balance which you can use to purchase various Crypto Assets (“Buy with AUDD”) or withdraw at any time (which may attract fees).

In “Buy with AUDD” transactions using AUDD, you can:

Transfer AUDD into your Elbaite AUDD Balance from your own AUDD wallet; and
Transfer AUDD from your Elbaite AUDD Balance to your own AUDD wallet; and
Use the AUDD in your Elbaite AUDD balance to purchase Crypto Asset.

You warrant to Elbaite that you own and control the external AUDD wallet used as the source and destination for transfers relating to your Elbaite AUDD Balance.

When using AUDD to purchase, you accept the offer from Elbaite to buy, and we agree to sell you the selected Crypto Asset(s) for the displayed price (Offer Price) subject to these Terms, and, where applicable, to AUDD Terms at https://www.audd.digital/audd-terms-and-conditions/.

We may, at our 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, if we suspect that the transaction relates to an unlawful use or purpose or if the redemption value of AUDD differs from its intended 1:1 equivalence with AUD.

If we cancel or do not accept a Customer’s offer to purchase Crypto Assets in relation to using AUDD, we are not required to re-offer a purchase of Crypto Assets to you at the previous Offer Price and will return any payment of AUDD received from you in connection with the transaction.

All Crypto Asset purchases using AUDD 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.

You can withdraw your AUDD at any time, less any fees we may charge.

It is your responsibility to transfer the AUDD to Elbaite’s Crypto Asset wallet using the wallet details provided by us; and

Elbaite is not liable if you send your AUDD to an incorrect wallet address when funding your AUDD Balance, if you input an incorrect wallet address to receive your purchased crypto assets, or if you withdraw AUDD from your balance into an incorrect wallet address.

It is your responsibility to provide accurate wallet information.

Elbaite Rewards

Customers can earn and accumulate Elbaite Rewards in their Elbaite Account using promotional codes issued by Elbaite. Elbaite Rewards can be used when purchasing Crypto Assets on the Elbaite Platform.

Promotional Codes:

Customers can receive promotional codes through various activities as determined by Elbaite.
Promotional codes must be redeemed before their specified expiry time, using Melbourne Time.
When redeemed, the value associated with that promotional code will be added to your Elbaite Rewards Balance.
Your Elbaite Rewards balance is independent of your AUD Balance.

Elbaite Rewards Balance:

The Elbaite Rewards Balance displays the value accumulated from redeeming promotional codes.
The Elbaite Rewards balance is notionally in AUD, meaning that the amount displayed has the same purchasing power on the Elbaite Platform as AUD paid from a bank account into your AUD Balance.
The Rewards Balance can be used when purchasing Crypto Assets on the Elbaite Platform.
The value displayed in your Rewards Balance will be applied in full when you purchase Crypto Assets, with further funds making up the purchase price deducted from your AUD Balance.

The Rewards Balance is non-transferable and cannot be paid out as AUD or any other currency. Its sole use is for the purchase of Crypto Assets within the Elbaite Platform. Elbaite Rewards have no value outside of the Elbaite platform, and at the sole discretion of Elbaite can be cancelled, expired or removed for any reason. Elbaite promotional codes are provided at Elbaite’s sole discretion, and can be cancelled at any time.

Customer Money/Funds

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 in trust for the Customer in a bank account with an Authorised Deposit-taking Institution licensed by the Australian Prudential Regulatory Authority (APRA) to carry on a banking business 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.

AUSTRAC and AML/CTF Requirements

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.

Limitation of Liability

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 Australian Consumer Law.

Neither Elbaite nor the Customer is liable to the other for:

any loss of data, loss of goodwill, loss of business or for any indirect, consequential or special loss or damage, cost or expense suffered, whether or not that loss was or ought to have been contemplated; or
any Force Majeure Event.

We are not responsible for, and you release us from, all loss, liability, damages, claims and expenses connected with or arising from:

any failure of the Crypto Assets purchased via the Elbaite Platform – whether on Elbaite Marketplace or Elbaite Direct Buy/Sell – to meet your needs, requirements or goals;
you being prohibited from holding or dealing with Crypto Assets by any Law or government authority;
any dispute, failure or delay of a Buyer or Seller that you transact with on Elbaite Marketplace to:
- comply or act in accordance with these Terms, Elbaite’s processes, or the Law;
- transfer Crypto Assets from the Seller’s wallet to the Buyer’s wallet;
- transfer AUD to the Client Escrow Account; or
- send Crypto Assets to the correct Crypto Asset wallet,

except to the extent the failure or delay is caused by any fraudulent or grossly negligent act or omission by Elbaite;

any breach of these Terms by a Customer, except to the extent that such breach was caused or contributed to by Elbaite’s breach of these Terms or our fraud or gross negligence;
a Crypto Asset not being available for purchase or sale via the Elbaite Platform;
any service disruption, including if the Customer is not able to access the Elbaite Platform or otherwise login to their Elbaite Account;
any fluctuation in the market price of Crypto Assets or market volatility;
any loss of funds caused directly or indirectly from a banking partner or payment service provider, including but not limited to the event of insolvency;
the suspension, cancellation or termination of an Elbaite Account or the cessation of any or all Elbaite Services, that is required to comply with any law, rule or regulation; or
your use or intended use of any Crypto Assets you purchase via the Elbaite Platform, including any decision by you to transfer such Crypto Assets to any third party for any reason.

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.

In the event that Elbaite is responsible for loss or theft of Crypto Assets of which you are the beneficial owner, Elbaite’s liability is limited to their market value at the time of such loss.

Indemnification

You indemnify Elbaite and its affiliates, contractors, licensors, and their respective directors, officers, employees and agents, against any claims, direct loss, 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:

a Customer’s breach of these Terms;
any incorrect, false, or misleading information that you supply to us or to another Customer; and
any fraudulent or negligent acts or omissions by you.

Dispute Resolution - Complaints Handling

If you have a complaint relating to the use of Elbaite Services please refer to our complaints policy - https://www.elbaite.com/complaints

No Warranty

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.

Disclaimer - Financial Advice

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.

Intellectual Property

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.

Suspension or Cancellation

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:

we reasonably suspect that you are in breach of these Terms;
you no longer agree to be bound by these Terms, or act in way which repudiates these Terms;
we are required to do so by a Regulator or otherwise by law; or
as necessary to protect Elbaite’s reputation and reasonable business interests.

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.

Customer Data Breach

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.

Privacy and Confidentiality

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.

Method of Payment

Payments to be made under these Terms must be made in AUD by the following methods:

EFT (Electronic Funds Transfer) to the bank account specified by Elbaite.

This clause 24 does not limit a Customer’s ability to “Buy with Card” Crypto Assets on the Elbaite Platform using the payment methods offered by the third-party service provider that we partner with, Transak.

Assignment

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.

Amendment

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 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.

Waiver

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.

Severability

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

No merger

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.

Further steps

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 of the essence

Time is of the essence in these Terms.

Entire agreement

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.

Governing law and jurisdiction

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.

Glossary

Unless the context indicates otherwise, the following terms have the meanings below:

AML Act means the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and all associated regulations and rules.
AML Policy means the policies and programs maintained by Elbaite to comply with the AML Act.
AUD means Australian Dollars.
AUDD means a stable coin offered by AUDD Digital. https://www.audd.digital/audd-stablecoin/ Elbaite accepts the Ethereum (ERC20 token) variant of AUDD.
Australian Consumer Law means Schedule 2 of the Competition and Consumer Law Act 2010 (Cth).
Business Day means a day that is not a Saturday, Sunday or public holiday in Melbourne, Victoria, Australia.
Buyer means a person that purchases Crypto Assets through the Elbaite Platform.
ChangeNow Terms means the terms of Elbaite’s third party service provider; ChangeNow, which are accessible at https://changenow.io/terms-of-use.
Complaints Policy means Elbaite’s complaints policy available at: https://www.elbaite.com/complaints
Customer means a person that accesses or uses Elbaite Services.
Customer Bank Account means the bank account held in the Customer’s name that is

linked to the Customer’s AUD Balance.

Client Escrow Account means an AUD bank account nominated by Elbaite into which a Customer transfers AUD for the settlement of Crypto Assets bought through the Elbaite Marketplace.
Crypto Asset means a digital representation of value or rights which may be transferred or stored electronically, using distributed ledger (or similar) technology, including, for example, BTC, ETH and USDT.
Crypto Balance means the amount of a Crypto Asset held on your behalf by the Elbaite Platform.
Dispute means a dispute, controversy or claim between any of the parties as to:
- the construction of these Terms;
- the rights or obligations of a party under these Terms; or
- any other matter arising out of or relating to these Terms.

Elbaite Account means the account through which you access the Elbaite Services. You must apply to create an Elbaite Account by completing the required steps, and be issued with an Elbaite Account, before you can use Elbaite Services.
Elbaite AUD Balance means the funds which are held on your behalf for the purpose of buying Crypto Assets via the Elbaite Platform, and which are accessed via your Elbaite Account. These funds are transferred in by you from your AUD Bank account and can be transferred back to that same account.
Elbaite Marketplace means the “wallet to wallet” Crypto Asset exchange platform provided by Elbaite, which enables Customers to buy and sell Crypto Assets, and which is accessed via the Elbaite Platform. A wallet can be a Self Custody Wallet.
Elbaite Platform means and includes Elbaite’s Web app app.elbaite.com (“Web version”) and Elbaite’s website www.Elbaite.com (“Elbaite Website”) and other web assets on the Elbaite.com domain.
Elbaite Direct Buy/Sell means Crypto Asset transactions for which Elbaite acts as the counterparty.
Elbaite Services means the services made available from time to time on the Elbaite Platform, including but not limited to Elbaite Marketplace, Elbaite AUD Balance, Elbaite Vaults and Elbaite Direct Buy/Sell.
Elbaite Vault means a collection of blockchain wallet addresses that Elbaite creates and

maintains for Customers to store Crypto Assets on the Elbaite Platform.

Force Majeure means and includes but is not limited to any cause arising from or attributable to acts, or events, beyond the reasonable control of Elbaite, including natural calamity, strikes, terrorist action or threat, civil commotion, riot, crowd disorder, invasion, war, threat of or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, structural damage, epidemic, pandemic or natural disaster, calamity, attacks including through computer viruses, hacking, denial of service attacks, ransomware, blockchain congestion, failure of a service provider’s platform, failures or fluctuations of telecommunications, software or hardware or other equipment, or other manmade disruptions or any law, order enactment, statutory direction, legislation, regulation, rule or ruling of government or any court of law or of a government or regulatory authority, including Crypto Assets or the trading of Crypto Assets being illegal in a jurisdiction that applies to Elbaite or a Customer, or the non-performance of a third party for any similar cause beyond the reasonable control of such party.
Information includes but is not limited to designs, drawings, diagrams, illustrations, photographs, pictures, text, graphics, etc. protected by copyright.
KYC means Know Your Customer requirements under the AML Act.
Law means all relevant law, including all statutory, regulatory and common laws
Privacy Policy means Elbaite’s privacy policy available at: https://www.elbaite.com/privacy-policy
Prohibited Jurisdiction means a jurisdiction that is subject to a sanction under the United Nations Security Council sanctions regime.
Purchase Price means the AUD amount which a person agrees to purchase Crypto Assets.
Regulator means AUSTRAC or such other relevant government authority.
Rewards Balance refers to amounts applied to a customer account by Elbaite. Only redeemable for purchases. Not available for cash out.
Self-Custody Wallet means a Crypto Asset wallet address that is owned or otherwise controlled by the Customer.
Seller means a person that sells Crypto Assets through the Elbaite Platform.
Transaction Fee in relation to a purchase of Crypto Assets means the amounts charged to the customer described at https://www.elbaite.com/fees.
Transaction Total in relation to a transaction on Elbaite Marketplace means the Purchase Price plus the Transaction Fee.
Transak Terms means the terms and conditions governing Transak Limited’s “Express Buy” services, which are available at https://transak.com/terms-of-service
Wallet means a construct on a blockchain where crypto coins and tokens can be received, stored and sent. A BTC Wallet, for example, resides on the Bitcoin blockchain; an ETH Wallet resides on the Ethereum blockchain.

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