Terms of Use
1. YOUR AGREEMENT WITH DOOYA
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Dooya owns and uses the Dooya bot solution (“the Bot”) for arbitrage trading in crypto assets (“transactions/transacting”).
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These terms and conditions (“T&Cs”) apply to using our services (“our services”) and are the terms of your agreement with Dooya (“this agreement”).
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Before using our services, you should understand arbitrage trading in crypto assets, our services, and must carefully read and understand these T&Cs.
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This agreement will only start when:
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you have agreed to these T&Cs;
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we have completed the initial customer due diligence procedure, and have agreed to establish a business relationship with you; and
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you receive confirmation of the acceptance of your application (from Dooya, or Phynans), or an account has been opened for you.
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We may have to change these T&Cs from time to time due to changes in legislation, or changes in our or our services providers’ policies and processes. We will notify you of such changes.
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Opening a Dooya account for you is in our discretion, and we may decline to open an account for you without providing you with reasons for our decision.
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We may not request you to sign a blank or partially complete form or document.
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2. ABOUT DOOYA
Our general information:
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Dooya (Pty) Ltd
Registration number: 2018/026543/07
Website: https://www.dooya.co.za/
Our address, email address, and contact particulars can be found on our contact page.
Compliance officer:
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Gigi Vorlaufer, through Vorlaufer Compliance (Pty) Ltd
Contact particulars: https://vorlaufer-compliance.co.za/contact-us
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A crypto asset is a financial product in terms of the Financial Advisory and Intermediary Services Act, 37 of 2002 (“the FAIS Act”). Entities, like Dooya, that render financial services relating to crypto assets, are required to be authorised as financial services providers, or to be appointed as juristic representatives of financial services providers, and that they must comply with the requirements of the FAIS Act. However, in terms of FSCA FAIS Notice 90 of 2022, subject to certain conditions, Dooya is temporarily allowed to continue rendering services to you, whilst it applies for authorisation as a financial services provider. Dooya provides intermediary services only in respect of crypto assets.
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Dooya is an accountable institution, in terms of the Financial Intelligence Centre Act 38 of 2001, and is responsible for performing initial, and ongoing, customer due diligence procedures on our clients, and complying with other requirements of the Act. You warrant that all funds that you use in transactions, are from a legitimate source, and are not the proceeds of unlawful activities, as defined in the Prevention of Organised Crime Act 121 of 1998.
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We will ensure that the service providers and product suppliers that we deal with in providing our services and who form part of the transaction chain (e.g. Phynans, Mercantile Bank, Circle, Kraken, Valr, Luno, and Nedbank) (“our service providers”), are, where they are required to be, suitably authorised to provide their services. We may add, remove, or change services providers, without any notice, in rendering our services. You can access more information about our service providers and product suppliers at: https://www.dooya.co.za/faqs
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If you have a complaint about our service, you can access our complaints policy here, https://www.dooya.co.za/policies, which includes the contact details of the complaints department.
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Dooya is currently not required to have, or hold, professional indemnity insurance or guarantees.
3. RIGHTS & OBLIGATIONS
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General
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To use our services, you must:
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have a South African identity document;
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be 18 years or older;
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must be acting in your own name and on your own behalf, and not on behalf of a third party;
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have contractual capacity to conclude this agreement and perform your obligations;
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provide us with any information or documents we request and that is required to provide our services, or to comply with our regulatory obligations. The information and documents must be true, accurate and may not provide misleading information.
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We will avoid, and where this is not possible, mitigate, any actual or potential conflict of interest between Dooya and you. You can read our conflict of interest policy here: https://www.dooya.co.za/policies.
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Crypto asset arbitrage trading & the Bot
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Crypto asset arbitrage trading is a strategy in which investors buy a crypto asset on one exchange, and then sells it on another exchange for a higher price, profiting from the price difference.
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The FAIS Act defines a crypto asset as a digital representation of value that:
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is not issued by a central bank, but is capable of being traded, transferred or stored electronically by natural and legal persons for the purpose of payment, investment and other forms of utility;
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applies cryptographic techniques; and
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uses distributed ledger technology.
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We currently only perform arbitrage trading in respect of Bitcoin, a crypto asset.
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By using our interactive trading Bot, our smart algorithm looks at trends to view the best Bitcoin price of the day, which enables us to execute the arbitrage trade.
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We utilise the Bot for your transactions, and are responsible for supporting the Bot, which includes any technical support or bug fixes.
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We may suspend use of the Bot, fully or partially due to any malfunction or reasonable technical difficulty.
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Opening an account & transacting
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The minimum amount for a transaction is R100 000, and the maximum amount is R500 000. Allowing transactions of less or more than the minimum and maximum amounts, are entirely in our discretion.
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You require an active Kraken account to use our services. Instructions on how to use an existing Kraken account, or how to create a new Kraken account is on our website.
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You are responsible to ensure that you provide us with the necessary API keys and to link the correct withdrawal address on your Kraken account. You cannot hold us liable if you share your API keys with anyone else, or link the incorrect withdrawal address.
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When completing or submitting a transaction:
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you must disclose all material facts accurately and properly, and the accuracy and completeness of any answers, statements, or other information that you, or someone on your behalf, provide, is your responsibility;
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if you require us to complete or submit any transaction requirement on your behalf, you should be satisfied as to the accuracy and completeness of the details; and
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you may request that we provide you with a copy, written or printed record of any transaction requirement within a reasonable time.
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Even though we may, in our discretion, initiate a transaction before your funds have been transferred into our Circle account, we will only complete the transaction once we have received your funds in our Circle account.
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To execute the trade, take advantage of the Bitcoin price differences on different exchanges, and to reduce volatility, we use our own Bitcoin equal to your investment.
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The actual market rate at which a transaction is executed, may differ from the rates published by various sources.
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Even though your funds or crypto assets that you own, may be held in Dooya accounts, you remain the owner thereof. We keep record of any funds or crypto assets belonging to you.
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We may, in our discretion, without prior notice and having to provide reasons, impose limits on, refuse to execute, suspend, or terminate a transaction. If this happens, we will immediately account to you for any such transactions and ensure that any refunds, if applicable, are made within a reasonable time (subject to other service provider timelines).
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We may, in our discretion, allow you to cancel a transaction:
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subject to any restrictions and fees that may be imposed by any of the other services providers;
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before your funds are remitted into our Circle account; and
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before the transaction is executed and fulfilled.
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You cannot change or cancel your trade instruction, or reverse the trade once:
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your funds have been converted to USD; or
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your trade has been executed.
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Due to the nature of crypto asset arbitrage trading, there is no cooling off period or rights, waiting periods, loadings, penalties, or excesses payable.
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The timelines associated with a transaction is typically 24-48 hours. However, this depends on the information we require, our processes, and that of the other services providers, and the conversion and transfer of funds and crypto assets required for the transaction. Any transaction timelines that we provide, are only an estimation, and it assumes that all transaction requirements have been met. The execution of trades, and the payment of your profit, with your initial capital, may take longer due to delays at our service providers, or events that our out of our control.
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We do not permit the transfer of crypto assets from one client to another client.
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Fees, trade confirmations & payments
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The fees for our services are set out at: https://www.dooya.co.za/fees
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Other services providers and product suppliers may also charge fees. These fees are subject to the terms and conditions of each of the service providers and may change without notice. You may access details about their fees here:
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https://support.valr.com/hc/en-us/articles/360015777451-What-are-VALR-s-charges-
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https://www.gemini.com/fees/api-fee-schedule#section-notice-of-changes
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Mercantile Bank and Phynans will disclose their fees to you in the agreement that you conclude with them.
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You will not earn any interest on funds held on your behalf by Dooya or our service providers.
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Other services provider fees are calculated and deducted directly from your capital (including any profit or gains, if applicable), thereafter our fees are calculated and deducted.
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After completion of the trade, and after deduction of all the fees, the transaction capital and profit will be paid into a bank account in your name. You must provide us with the bank account details in writing. You cannot hold us liable for payment into an incorrect bank account, if the information you provided is not correct. We will only make payment into a bank account in your name.
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On the completion of each transaction, we will send you a transaction summary with a breakdown of the fees paid. We will also send you a statement monthly. We will provide an annual statement on request.
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We may change our fees from time to time. If the fee is lower than the fee applicable at the time you accepted these T&Cs, we will apply the lower fee automatically, but may revert to the original fee at any time. If the fee is higher, we will notify you, and you must agree to the fee before we can process any further transactions.
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We may pay you a referral fee for referring family or friends to us. The payment of the referral fee may be subject to certain conditions. You can find more information here: https://www.dooya.co.za/fees
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We may share in the fees you pay to, or commissions earned by, our service providers, in respect of your transactions.
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If we are holding funds on your behalf and are unable to return the funds to your nominated bank account, we will try to contact you for a reasonable time at the contact particulars you have provided. If we are unsuccessful in reaching you, then we may report and remit such funds in accordance with applicable national unclaimed property laws.
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Risks, regulatory requirements & tax
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The prices of crypto assets are highly volatile and crypto assets are high risk and speculative. We try to take advantage of this with crypto asset arbitrage trading, but that does not entirely eliminate the risk related to trading in crypto assets.
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Crypto assets are unregulated, even though the services rendered in respect of crypto assets may be regulated, and are susceptible to error and hacking.
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Even though we are careful to select our services providers and the exchanges on which we trade, any of these may fail or get hacked at any time due to circumstances beyond our control. This may result in delays in trades being executed or you losing your transaction capital, and you cannot hold us liable for such an event.
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You acknowledge that:
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you are aware of, and familiar with, the risks associated with transacting;
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that there are risks associated with utilising an internet-based trading system (e.g. the failure of hardware, software, and internet connections);
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we are not responsible for any communication, internet or system failures, disruptions, errors, distortions, or delays that may occur when transacting; and
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we do give any warranty regarding the continued availability or uninterrupted access to our services or services rendered by our service providers.
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You should carefully consider whether transacting is suitable for you in light of your circumstances and financial resources and should obtain professional financial advice before transacting. We do not provide financial advice or give any warranties about the suitability of using our services or transacting.
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We may provide you with information about crypto assets, and transacting (including arbitrage trading) in crypto assets. Such information is not tailored to the needs of any person, entity, or group of persons, and is not a recommendation or advice relating to transacting. If the source of the information is a third party, we do not guarantee the accuracy of the information. If you decide to rely, or transact based, on any information we provide, you cannot hold us liable for any losses you may suffer.
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Transaction capital and profits are not guaranteed, and past performance is not an indication of future performance.
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It is your responsibility to:
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comply with all legal, tax and foreign exchange requirements, regulations, restrictions, and submissions, within your country of citizenship, residence, or domicile, applicable to the acquisition, holding or disposal of the crypto assets;
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determine what, if any, taxes apply to your transactions and to report and remit the correct tax to the appropriate tax authority; and
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consult with your attorney, accountant, tax practitioner, or other professional advisors, to understand the requirements that may be applicable to you, and the implications of trading in crypto assets.
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You cannot hold us liable for any penalties or fines imposed on you, because of failure to comply with such requirements.
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We are not responsible for determining whether taxes apply to your trades, or for collecting, reporting, withholding, or remitting any taxes arising from any transactions.
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We may be required to disclose information about your transactions or account to the relevant authorities and regulators.
Intellectual property rights
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We own all the intellectual property rights in our services (including related content and materials which we may provide to you), the Bot, and our website. You may only use it for personal use, for as long as this agreement exists.
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We do not, and will not, obtain any intellectual property rights in, and to, your personal information.
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If you use our services in accordance with these T&Cs, it will not infringe the intellectual property rights of any third party.
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Indemnities, liability & warranties
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There are no legal impediments, that we are aware of, which conflict with these T&Cs, or which might limit, restrict or impair the rights we grant you.
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You cannot hold us liable for any losses arising out of:
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the use of, or inability to use, our services or transacting; or
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errors, omissions, interruptions, deletion of files or emails, defects, viruses, delays in operation, theft, destruction or unauthorised access to our records, or services,
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unless it is proved that the loss was due to our gross negligence in performing our obligations in terms of this agreement.
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You indemnify us against any third party claim (including all losses, damages, liabilities, reasonable expenses and costs that we incur because of such a claim) arising out of, or relating to:
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your use of our services; or
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your breach of this agreement or any rights of any other person or entity.
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We rely on the warranties, acknowledgements, and information that you provide. You will be liable for any loss or damage that we suffer for such relying on your warranties, acknowledgements, and information.
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Any liability in terms of this agreement is limited to direct damages. Neither one of us will be liable for indirect and consequential damages, including the loss of profits, arising out of or pursuant to this agreement.
4. FORCE MAJEURE
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Neither one of us can claim breach of contract and hold each other liable for a failure to perform any of our obligations, due to circumstances beyond our reasonable control. These circumstances may include, but is not limited to:
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an act of God or public enemy, fire, explosion, earthquake, perils of the sea, adverse weather conditions, war declared or undeclared, civil war, revolution, civil disorder, sabotage, riot, strikes, lock-outs or other labour disputes, blockade, embargo, sanctions, epidemics, pandemics, act of any government or other authority, compliance with law, regulations, limitations imposed by, or demands of any government or governmental agency, or market interruptions; or
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failure, for any reason, on the part of any of the other services providers, which results in you or Dooya failing to perform our obligations.
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If either one of us is prevented from performing our obligations due to these circumstances:
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the party who cannot perform its obligations must notify the other party within 5 business days of becoming aware thereof. If the circumstances continue for more than 20 business days, you or Dooya may terminate this agreement (refer to the termination clauses), and neither one of us shall have any claim against the other one arising from the termination; and
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the other party will be excused from any direct counter performance required in respect of that obligation (e.g. a fee payment for the performance of an obligation) until fulfilment of the obligation, or if it is not fulfilled but terminated, the other party will not be required to counter perform. This does not affect counter performance obligations that arose before these circumstances, or that are not connected to the obligations that are prevented from being fulfilled.
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Dooya may suspend trading, including closing or cancelling any open trades, or accepting new trades. You must understand that when trading resumes, market rates may differ significantly from the rates available prior to such event.
5. CONFIDENTIALITY & PROTECTING PERSONAL INFORMATION
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We value your privacy and will take all reasonable precautions:
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to protect the confidentiality, and prevent disclosure, of any personal information, without your consent, to any third party; and
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to secure your personal information, in our possession, or under our control, to prevent unlawful, and unauthorised, access thereto, or use, or disclosure, thereof.
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We may use your personal information to provide you with information about financial products or services. If you do not want to receive this information, please notify us.
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We use your personal information to provide our services.
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We may provide your personal information to our service providers, subsidiaries, holding companies, and associates, to provide services or products, or to confirm the personal information. We will ensure that in our agreements with our service providers, that information that we provide, is treated as confidential.
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We will only make your information available to any other third parties, if obliged by, or required to do so, in terms of any law, or with your written permission.
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We collect and process information for the functions, or activities, as set out in our privacy notice.
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We only keep your personal information for as long as it is required, or authorised, by applicable law, once you cease to be our client.
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Our obligation of confidentiality survives the cancellation or termination of this agreement.
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You may request confirmation whether we hold your personal information, request records or descriptions of your personal information, or request us to correct or delete personal information, that we hold, subject to regulatory requirements.
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Please read our privacy notice and Promotion of Access to Information (PAIA) manual for more information and detail. You can access the privacy notice and PAIA manual here: https://www.dooya.co.za/policies
6. COMMUNICATION, NOTICES & DOMICILIUM
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All communications, agreements, documents, receipts, notices and disclosures (“communications”) between you and Dooya, will be electronic.
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You are responsible to:
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ensure that you have the means to access and retain electronic communications;
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keep your email address, address and other contact information up to date with Dooya. You can contact us on our contact page. to confirm or update your details. We may request you to provide proof of your updated details; and
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promptly notify us if you discover or suspect any security breaches related to your communication channels (e.g. email, contact number, etc) or bank account. You cannot hold us liable for acting on instructions received from your email address, including instructions to change bank details, if you did not notify us.
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If communications sent to you at the contact address or number that you provided, are returned, we may deem your account to be dormant, and you may not be able to use our services until you have updated or corrected your contact particulars.
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If we send you communications but you do not receive it because your email address or contact number on file is incorrect, out of date, or our communications are blocked by your service provider, we will be deemed to have provided the communication to you. Also check your spam or junk folder for communications and add Dooya to your safe sender list.
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Any notice or communication (including legal notices or documents), must be in writing, and must be delivered at the following addresses:
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Dooya: the physical and email address on our contact page.
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You: the physical and email address provided on your application form, or updated details that you subsequently provided in writing.
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Any notice or communication sent electronically or delivered by hand, is deemed to have been received:
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if it is transmitted/delivered on any business day between 09h00 and 16h00, within 2 hours of transmission/delivery;
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if it is transmitted/delivered outside of these times, by 11h00 of the first business day after transmission/delivery.
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7. BREACHES & CANCELLING THIS AGREEMENT
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If you breach or fail to comply with a provision of this agreement, we may suspend or close any open transactions, or suspend this agreement, until the breach is rectified.
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Either one of us may cancel this agreement, by written notice of 5 business days, if:
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the other party materially breaches this agreement and the breach cannot be corrected; or
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one of us is placed under voluntary or compulsory sequestration, winding-up, judicial management, business rescue, or enters into a scheme of arrangement with his/her/its creditors.
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If one of us breaches or fails to comply with a provision of this agreement and fails to correct the breach or comply after been given 5 business days’ notice thereof, by the other party, then the other party may claim immediate payment and/or performance of all of the obligations that are due for performance.
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No waiver, by you or Dooya, of any rights arising from a breach of any provision of this agreement will constitute a waiver of rights in respect of any subsequent breach of the same, or any other provision.
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Any cancellation is without prejudice to any claim that either one of us may have that arose before the agreement was cancelled.
8. TERMINATING THIS AGREEMENT
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This agreement will continue for as long as you use our services.
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If you want to terminate this agreement and close your account (“terminate/termination”), you must send us a written notice at: support@arbitragetrading.co.za.
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We may terminate this agreement by giving you written notice. Termination is in our sole discretion, and we will not be required to give you reasons for the termination. Examples of when we may terminate this agreement, include:
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your account has remained dormant, and you have not traded, for a certain amount of time (as we may determine from time to time);
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you have not complied with your obligations in this agreement (also refer to the breach clauses);
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you have not accepted any amended T&Cs; or
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we are required by law or our policies to do so.
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Any termination is subject to 5 business days’ notice, unless we are required to by this agreement, the law or in terms of our policies, to terminate immediately or on a shorter notice period.
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If the law and our policies and procedures allow us, we will complete all outstanding transactions before termination.
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Termination does not affect:
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your obligations that arose before the termination; or
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certain of our obligations, in terms of this agreement or law, that survives the termination (e.g. retention of records, confidentiality, etc.).
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There are no fees or penalties payable to Dooya for termination.
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If any of your transaction capital or profit is still held by Dooya, we will, after deduction of any outstanding fees, arrange for payment to you. Payment timelines are dependent on banking timelines for the conversion of the funds back to South African Rand and intra-service provider timelines.
9. GENERAL
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You may only assign, cede, or transfer your rights and obligations, with our written consent. You agree that we may transfer, cede, or assign our rights and obligations, or this agreement, to another suitably authorised financial services provider. We will notify you of such a transfer, cession, or assignment. Any reference to us shall include reference to our respective successors in title, or assigns.
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If either one of us have to use an attorney or debt collector to recover any amounts owed, or to enforce or exercise any rights or obligations, the other party will be liable for any attorney-and-own client costs, or collection commissions, incurred. Such amounts will be due and payable upon demand or, where applicable, upon taxation of the bill of costs.
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If, for some reason, any of provisions of this agreement are invalid, unlawful, or unenforceable, it will be severable from the remaining terms, which will still be valid and enforceable.
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This agreement is governed by South African law. You consent and submit to the jurisdiction of the Kwa-Zulu Natal Durban division of the High Court of South Africa in any dispute arising from or in connection with this agreement.
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No leniency or extension of a right, by one of the parties, shall prejudice, or preclude, that party from exercising any of its rights or be a waiver of that right.
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This agreement constitutes the whole agreement between us and supersedes all prior agreements, understandings, or representations by or between us, and neither one of us will be entitled to rely on any terms, conditions or representations not expressly contained in this agreement.