These Terms and Conditions (“Terms”) govern the use of the Australian dollar (AUD) deposit and withdrawal platform provided at au.binance.com (the “Platform”) and form a binding legal agreement between the customer (“you”, “your”) and InvestbyBit Pty Ltd (ABN 98 621 652 579), operating under the business name “Binance Australia” (“we”, “us”, “our”). By accessing, using, or clicking “I agree” to any of the services made available by us, you agree that you have read, understood and accepted all of the terms and conditions contained in these Terms, as well as our Privacy Policy.
These Terms may be amended at any stage without notice at our sole discretion and will be effective immediately upon their publication on the Platform. By continuing to use the Platform, you agree to the changes set out in these Terms. If you do not agree to any modification to these Terms, you should cease using the Platform immediately. We encourage you to review these Terms often to stay up to date with the current terms and conditions that apply to your use of the Platform.
The Platform is provided by InvestbyBit Pty Ltd exclusively to Australian residents and is not intended to be offered or made available to non-Australian residents (with the exception of some liquidity providers). In order to access the Platform, you must be an individual, sole trader, partnership, company, or trustee (including corporate trustees and self-managed super funds) that resides in, or is incorporated in, Australia.
The Platform enables you to deposit AUD into your account via au.binance.com and withdraw AUD to your bank account. The provision of these services requires you to complete identity verification, otherwise known as a Know Your Customer (KYC) check, before the deposit or withdrawal services can be provided to you.
All other aspects are provided by the operators of Binance (“Binance Operators”), including all digital currency trading activity, accounts, and wallets, as well as the custody of your digital currency. The terms of use related to those services provided by Binance Operators can be found here.
“BUSD” means Binance USD, a US dollar denominated and backed stablecoin managed Paxos Trust Company, LLC.
“Conversion Inception Date” means the date, specified by Binance Operators and/or Binance Australia (collectively “Binance”), on which the Designated Stablecoin Conversion will commence.
“Designated Stablecoin” means each of USD Coin (USDC), Pax Dollar (USDP), TrueUSD (TUSD) and any other digital currency Binance may designate as such from time to time, provided that Binance may remove any digital currency from the scope of this definition at any time without prior notice.
“Designated Stablecoin Conversion” means, in respect of each Designated Stablecoin, the automatic conversion of that Designated Stablecoin into BUSD upon deposit or transfer into your account or the conversion of BUSD into that Designated Stablecoin in connection with a withdrawal request.
From such time on the Conversion Inception Date as Binance may determine, when you deposit or receive a Designated Stablecoin into your account, the amount received will automatically be converted into an equivalent amount of BUSD at a rate of 1 to 1.
At such time on the Conversion Inception Date as Binance may determine, any balance in your account denominated in a Designated Stablecoin will automatically be converted into an equivalent amount of BUSD at a rate of 1 to 1.
On or after the Conversion Inception Date, if you have a balance in your account denominated in BUSD, you may give instructions to withdraw such balance from your account either in BUSD or in any of the Designated Stablecoins. Where you choose to withdraw a Designated Stablecoin, you will receive an amount equal to your balance in BUSD, converted into the relevant Designated Stablecoin at a rate of 1 to 1, minus any applicable withdrawal and transaction fees.
Binance reserves the right to suspend or terminate the Designated Stablecoin Conversion for any or all Designated Stablcoins at any time without prior notice. Where necessary due to market conditions affecting one or more Designated Stablecoins, Binance may adjust the conversion rate used for the Designated Stablecoin Conversion.
Digital currencies are a high risk asset which requires a heightened level of security precautions by the user. The digital currency market is generally more volatile than traditional financial markets and, as a market that operates 24/7, your assets are constantly appreciating or depreciating in value. This can result in significant gains to your assets, but also significant losses. Since the purchase of digital currency is not akin to purchasing other currencies, where a legal entity such as a government backs the currency, there is no legal entity that regulates digital currencies. Rather, digital currencies rely on blockchain technology to safeguard your assets and their movements. In the event of a crisis, there is no entity that will protect the digital currency market to minimise investor losses.
We are not an Australian Financial Services Licensee and nothing in these terms, the Platform, or any other material published or made available by us (whether in print or online) should not be taken as legal, taxation, or financial product advice. We encourage you to seek your own financial, legal, tax and accounting advice in relation to the purchase and sale of digital currencies.
You should analyse your risk preferences and financial situation carefully before purchasing digital currency.
Different deposit and withdrawal methods may be subject to different conversion fees. The fees applicable to your transaction will be displayed to you prior at the time of your transaction. You acknowledge that these fees may be modified from time to time.
When you make an online deposit in AUD or withdraw AUD from the Platform, the bank account to which the AUD is being deposited from or withdrawn to must be held in the same name as your Platform account. The AUD amount that you are able to deposit or withdraw is dependent on the level of KYC that you have completed. These limits may change from time to time.
You are responsible for monitoring your account and the movements of any funds within your account to take appropriate actions in relation to deposits, withdrawals or other transactions that are incomplete, pending, have been cancelled or have lapsed, or have otherwise failed.
During periods of increased market activity or volatility, we may be unable to complete your deposit or withdrawal. In these cases, any deposits may be refunded to the bank account from which the deposit was sent and any withdrawals may be unable to be completed. We will not be liable for any fluctuations in price caused by market volatility, order, purchase or transfer delays, technical issues, or other issues that arise that are beyond our control.
If we reasonably believe that a transaction may be associated with fraud, money laundering or terrorism financing, or is suspected to be in breach of any other laws or any of the restrictions outlined in Section 8 of these Terms, or if there are technical reasons that prevent us from completing the transaction (including where any of the third party providers are unable to complete the transaction for any reason), we reserve the right to suspend, delay or cancel that transaction.
Deposit methods available on the Platform are provided by third parties. By using the services of these third parties, you agree to the terms and conditions and any other relevant policies applicable to your use of the services offered by these third parties:
POLi Payments is a business of Australia Post that enables you to securely log in to your bank account and initiate a transaction.
Please note that the POLi Payments service is not available at all Australian banks. For a complete up-to-date list of supported banks, please visit https://www.polipayments.com/Banks.
For more information on the terms and conditions of POLi Payments, please visit https://www.polipayments.com/terms.
PayID is provided by New Payments Platform Australia Limited, which is supported by over 100 Australian banks, credit unions, and financial institutions. PayID is delivered through your bank’s online banking.
For the full list of financial institutions that support PayID, please visit https://nppa.com.au/find-an-institution/.
For more information on the terms and conditions that apply to your use of PayID, please visit your bank’s website or contact your bank directly.
In order to access the Platform, we have a legal obligation under Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) laws to conduct a Know Your Customer (KYC) identity verification check before the Platform can be provided to you.
The KYC process involves collecting and verifying personal information that you provide to us, including (but not limited to) your full name, date of birth and residential address. This information is verified using a third party identity verification provider from documents that you provide, such as a driver’s licence, passport or other personal documents. You will be prompted to provide this information to us.
You may choose to refuse to provide personal and/or sensitive information to us, though your access to the Platform may be limited if you refuse to provide this information.
For more information on how we handle your personal and sensitive information, as well as how we use this information and who we disclose it to, please see our Privacy Policy.
The Platform must not be used for any of the following purposes:
We make no representations, warranties or guarantees about the Platform. To the maximum extent permitted by law, in no event does InvestbyBit Pty Ltd nor any of its directors, employees, agents or related bodies corporate accept liability for any direct, indirect, consequential or incidental loss, liability, damage, inconvenience, claim or additional expense which may be suffered as a result of your use of the Platform, including but not limited to:
If your use of the Platform violates any part of these Terms or is used fraudulently, we reserve the right to revoke your access to the Platform at our discretion. You agree to be held liable for any losses that we suffer and agree to indemnify us for any reasonable costs, expenses and losses that are incurred as a result of any fraudulent or illegal actions performed by you, or where you intentionally or negligently fail to comply with these Terms our Privacy Policy or AML/CTF Policy.
Other than as expressly set out in these Terms, to the maximum extent permitted by law, we exclude all representations, conditions, terms and warranties in connection with the provision and marketing of our Platform.
Where a failure to provide the Platform in accordance with these Terms arises, or where there is negligence on our part in relation to the Platform, to the maximum extent permitted by law, we limit our liability to repeating the provision of the services on the Platform or the cost of repeating the provision of the services on the Platform.
Applicable law will limit our liability to the relevant remedies in the event that our liability cannot be excluded. These terms and conditions do not limit any of your possible rights as a consumer as set out by the applicable laws.
The integrity of the Platform is extremely important to us. The Platform is provided on an ‘as is’ basis, and though reasonable steps are taken to sustain the reliability of the Platform, we make no representations, guarantees or warranties that:
You acknowledge that your use of the Platform is at your own discretion and in compliance with all applicable laws.
It is your responsibility to ensure that any details used to access the Platform, as well as the device you use to access the Platform, are kept safe by taking reasonable steps to prevent any loss, damage, theft or misuse from taking place, including password protecting your device, enabling two-factor authentication (2FA) and encrypting any data.
You should never provide your password or 2FA code to any third party, including us. We will never ask you for your password or 2FA code; anyone who asks for this information is likely to be impersonating us or one of our employees or representatives. We will not be liable for any loss that is sustained as a result of your account details being compromised.
If you suspect that your account has been compromised, or if you become aware of a fraud, attempted fraud, or any other security breach, please contact us as soon as possible. You will be required to provide us with accurate and up to date information throughout the duration of the incident and take any steps necessary to mitigate or manage the consequences of the incident.
The intellectual property contained in the Platform is owned by InvestbyBit Pty Ltd or our licensors. By using the Platform, you do not acquire any rights to this intellectual property.
All content related to the Platform is copyrighted and owned by InvestbyBit Pty Ltd or its affiliated companies. Unless indicated otherwise, expressly on the Platform or under applicable copyright laws, you are authorised to view, play, print and download the content found on the Platform for personal, informational, and non-commercial purposes only. Apart from the aforementioned reasons, except as permitted by applicable copyright laws, the content cannot be used for any other purposes, including but not limited to copying, modifying, distributing, displaying, transmitting, reproducing, publishing, performing, licensing, transferring or selling any part of the content. You may not reuse the content without first obtaining our consent or the consent of our affiliated companies, whichever the content relates to. No trademark, copyright or other proprietary notices from the content found on the Platform will be removed from the Platform by you.
InvestbyBit Pty Ltd or our affiliated bodies corporate have exclusive ownership of and retain exclusive rights to all trademarks, logos, names and service marks (collectively the “Marks”) that appear on any of our products or services and are protected by applicable trademark laws and treaties, whether registered or not. You may not use, copy, reproduce, republish, upload, post, transmit, distribute, or modify any of the Marks in any way, including in advertising or publicity pertaining to distribution of materials on the Platform, without our prior written consent. Using the Marks on any other application, website, computer environment, or physical environment is prohibited, unless express consent has been given by us.
We reserve the right to change or discontinue any and all aspects of the Platform at any time without your consent.
We reserve the right to impose limits on transactions and/or the Platform at any time at our discretion.
We reserve the right to refuse to complete transactions.
We reserve the right to restrict or block your access to the Platform if we believe, at our sole discretion, that you have breached these Terms, any applicable laws, or are otherwise using the Platform in such a way that undermines the integrity of the Platform, our brand, or our licensors brand. We also reserve the right to contact third parties for the purposes of notifying or warning them about your actions.
If necessary, we reserve the right to take legal action against you.
You are responsible for determining whether any taxes apply to any transactions that you make using the Platform, and subsequently whether you have an obligation to report, collect, withhold or remit the correct amount of tax to the appropriate tax authorities. We provide you with a history of your transactions within the Platform.
These Terms will apply for the duration of your account being active. Your access to the Platform may be limited, suspended or terminated if:
You may also voluntarily close your account. Prior to terminating your account, it is your responsibility to ensure that any of your remaining funds on the Platform are moved from your account within five (5) business days. Any charges/liabilities owed to InvestbyBit Pty Ltd or Binance Operators will be payable immediately.
If either party, you or us, fails to act with respect to a breach by the other party, this does not waive any right to act in the case of subsequent or similar breaches.
These Terms, as well as our rights and obligations under them, may be assigned by us, in whole or in part, to any person or business entity in a position to discharge them properly. Your rights or obligations under these Terms may not be assigned without our prior written consent.
If any provision of these Terms is deemed invalid or unenforceable, the provision will be enforceable to the maximum extent permissible and the remaining provisions will remain in full force and effect.
These Terms and all documents referenced in these Terms comprise the entire agreement between you and us in relation to your use of the Platform and supersede all prior agreements between the parties.
All disputes are governed by the laws of Queensland, Australia. You submit to the non-exclusive jurisdiction of the courts exercising jurisdiction in that State.