Lightning Pay Bitcoin OTC Service Terms and Conditions

Effective Date: 7/11/2024

1. Introduction

These Terms and Conditions ("Terms") govern the use of the Bitcoin Over-the-Counter (OTC) Service ("Service") provided by Lightning Pay ("Company," "we," "us," or "our"). By accessing or using our Service, you ("Client," "you," or "your") agree to be bound by these Terms. If you do not agree with any part of these Terms, you must not use the Service.

2. Definitions

  • Bitcoin: A decentralized digital currency without a central bank or single administrator.
  • Business Day: Any day other than a Saturday, Sunday, or public holiday in New Zealand.
  • Exchange: A third-party platform where Bitcoin is bought and sold.
  • NZD: New Zealand Dollar.
  • USD: United States Dollar.
  • Wallet: A software application or hardware device where Bitcoin is stored.

3. Services Provided

3.1. Currency Exchange

  • We accept NZD from you and will confirm an exchange rate to USD with you before executing the currency conversion.
  • The confirmed exchange rate will be valid only at the time of confirmation and may be subject to change if not accepted promptly.

3.2. Wire Transfer

  • Upon your confirmation, we will wire the USD to a Bitcoin Exchange, which may take 1–2 Business Days.
  • We are not responsible for any delays caused by banking systems, intermediaries, or unforeseen circumstances.

3.3. Bitcoin Purchase

  • Once the USD funds have been received at the Exchange, we will confirm the Bitcoin exchange rate with you before executing the trade.
  • The Bitcoin exchange rate is subject to market fluctuations and will be confirmed at the time of trade execution.
  • If you do not wish to continue with the trade we can return the funds to you minus our commission and any fees accrued in the entire process.
  • We will not hold custody of your funds for any longer than is required to complete the transaction.

3.4. Bitcoin Transfer

  • After purchasing Bitcoin, we will send the Bitcoin to your designated Wallet.
  • It is your responsibility to provide an accurate and functional Wallet address.

4. Client Responsibilities

4.1. Accurate Information

  • You must provide accurate and complete information necessary for the execution of the Service, including banking details and Wallet address.
  • We are not liable for any losses arising from incorrect information provided by you.

4.2. Compliance

  • You agree to comply with all applicable laws and regulations, including anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
  • You consent to provide any information required for compliance purposes.

4.3. Risk Acknowledgment

  • You acknowledge and accept the risks associated with currency exchange, wire transfers, and cryptocurrency transactions, including market volatility and regulatory changes.

5. Exchange Rate Confirmations

5.1. NZD to USD Exchange Rate

  • Before converting NZD to USD, we will provide you with the applicable exchange rate for your confirmation.
  • The exchange rate is derived from reputable financial data sources and includes any applicable fees.

5.2. USD to Bitcoin Exchange Rate

  • Upon receipt of USD at the Exchange, we will provide you with the applicable Bitcoin exchange rate for your confirmation before executing the trade.
  • Failure to promptly confirm may result in a different exchange rate due to market movements.

6. Timing and Delays

6.1. Wire Transfer Delays

  • Wire transfers may take 1–2 Business Days or longer due to factors beyond our control.
  • We are not responsible for any losses due to delays in wire transfers.

6.2. Market Fluctuations

  • Exchange rates are subject to change due to market fluctuations.
  • We are not liable for any losses due to changes in exchange rates during transfer delays.

7. Fees and Charges

7.1. Service Fees

  • All fees for the Service will be communicated to you prior to execution.
  • Fees may include transaction fees, currency conversion fees, and any other applicable charges.

7.2. Third-Party Fees

  • You are responsible for any fees charged by third parties, including banks and Exchanges.
  • These fees are separate from our Service fees.

8. Risk Disclosure

8.1. Market Risks

  • Cryptocurrency markets are volatile.
  • You acknowledge and accept the risks associated with price fluctuations.

8.2. Regulatory Risks

  • Changes in laws or regulations may affect the value or legality of Bitcoin.
  • We are not responsible for any losses due to regulatory changes.

8.3. Security Risks

  • While we take reasonable measures to secure transactions, inherent risks exist.
  • We are not liable for any losses due to cyberattacks, technological failures, or unauthorized access.

9. Limitation of Liability

9.1. No Liability for Indirect Damages

  • We shall not be liable for any indirect, incidental, special, or consequential damages arising out of or in connection with the Service.

9.2. Maximum Liability

  • Our maximum aggregate liability to you shall not exceed the total amount of fees received from you for the Service.

10. Indemnification

  • You agree to indemnify and hold us harmless from any claims, losses, liabilities, and expenses arising out of your breach of these Terms or violation of any laws or regulations.

11. Compliance with Laws

  • We comply with all applicable laws and regulations, including AML and CTF obligations.
  • We may require you to provide identification documents and other information for verification purposes.

12. Confidentiality and Privacy

12.1. Data Protection

  • We will handle your personal information in accordance with our Privacy Policy.
  • Your data will be used solely for the purpose of providing the Service and complying with legal obligations.

12.2. Disclosure

  • We may disclose your information to regulatory authorities as required by law.
  • We are not liable for any disclosure made in good faith to comply with legal requirements.

13. Termination

  • We reserve the right to terminate or suspend the Service to you at any time for any reason, including but not limited to breach of these Terms or suspected illegal activities.
  • Upon termination, all pending transactions may be canceled, and any funds held will be returned to you after deducting applicable fees and charges.

14. Governing Law and Jurisdiction

  • These Terms shall be governed by and construed in accordance with the laws of New Zealand.
  • Any disputes arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts of New Zealand.

15. Amendments

  • We reserve the right to amend these Terms at any time.
  • Any changes will be effective upon posting the updated Terms on our website.
  • Your continued use of the Service constitutes acceptance of the amended Terms.

16. Severability

  • If any provision of these Terms is found to be unenforceable or invalid, the remaining provisions shall remain in full force and effect.

17. Entire Agreement

  • These Terms constitute the entire agreement between you and us regarding the Service and supersede all prior agreements and understandings.

18. Contact Information

If you have any questions about these Terms, please contact us at:

Lightning Pay

  • Address: 1092 Frankton Rd, Queenstown, 9300
  • Email: support@lightningpay.nz

By using our Service, you acknowledge that you have read, understood, and agree to these Terms and Conditions.