Glossary

Purchase of Crypto-assets, Purchase: acquisition by a User of a quantity of Crypto-assets sold by IZICHANGE in return for a payment in XOF by a payment method accepted on the Platform.

Refund of a Purchase Amount : IZICHANGE calculates the quantity of Crypto-assets to be received by the User during a Purchase by dividing the Purchase Amount expressed in XOF by the Crypto-asset Price fixed by IZICHANGE at the time of the validation of the Purchase by the User.

Sale Refund : IZICHANGE calculates the amount paid to the User during a Sale by multiplying the given quantity of the User's Crypto-assets available in the event of the Sale by a Crypto-asset Price fixed by IZICHANGE at the time of the validation of the Sale. This Price includes both the amount paid as well as the transaction fees collected by the Platform.

Terms & Conditions: correspond to the T&Cs as well as the Terms of Service.

TCU: corresponds to the present Terms & Conditions of Use of the IZICHANGE platform governing :

• the terms and conditions under which IZICHANGE SAS provides the User with the services available on the present Platform
• as well as the terms and conditions under which this Platform and its services may be used.

The GTCU are available and downloadable on the IZICHANGE Platform; they can also be sent to the User by e-mail. In particular, the User must validate them when creating their Account and when performing each Service.

Particular Conditions : are considered as Particular Conditions the various mentions and stipulations specifying all the contractual characteristics specific to the IZICHANGE TCU and Terms of Service. The Special Conditions are added to or modify the TCU and the Terms of Service in order to adapt them to the particular case of a User and/or a Service. The Particular Conditions proposed by IZICHANGE may be specified in a specific document or contract signed by the User or on any durable medium proposed by IZICHANGE (including electronic signature system) and validated by the User who accepts them.

Terms of Service: correspond to the present Terms of Services of IZICHANGE governing the Services offered to all IZICHANGE Customers as well as the execution of said Services for the Customers. They are, if necessary, completed or amended by the Special Conditions.
The Terms of Service are available and downloadable on the IZICHANGE Platform; they can also be sent to the Customer by e-mail. In particular, the Customer must validate them when creating their Account and when performing each Service.

User Account or Account: means a unique and personal nominative account allowing access to IZICHANGE services on its platform. The identifier of a User Account is an email address. A User Account is protected by a password that must respect the imposed format. IZICHANGE performs Login Verifications and strongly recommends its Users to use a double authentication ("Google Authenticator") to access the Customer Account on the Website and perform Transactions and Withdrawals, modify and provide Account information.
IZICHANGE very strongly recommends that Users of its Platform take necessary security precautions when accessing the User Account on the Platform and performing Transactions, modifying and providing Account information.

Validated User Account: a User Account is validated when the User receives an email from IZICHANGE informing them of the validation. IZICHANGE decides alone through its Compliance and Risk Management Department on the validation of a User Account based on the User's identification data, its AML/CFT policy and the information provided by the latter. Only a User with a validated User Account can access the Services.

Consumer: means, in the sense of the provisions of Law No. 2007-21 of October 16, 2007 on consumer protection in the Republic of Benin, the natural person who buys or offers to buy goods or services for reasons other than resale, or who benefits as an end user from a personal or real right to goods or services, regardless of the public or private, individual or collective nature of the persons who produced, facilitated the supply or transmission of that right.

Conversion, Conversion operation or operation: service offered by IZICHANGE consisting in exchanging a quantity of one type of Crypto-asset into a quantity of another Crypto-asset.

Crypto-asset or Crypto-currency: is a digital representation of values or rights that can be transferred and stored electronically, using blockchain or similar technology.
It is specified that in the absence of a specific regulation for crypto-assets in Benin and within the West African Economic and Monetary Union (WAEMU), the above definition is the legal definition accepted by the Parties. However, it may change over time. Crypto-assets do not have a single legal definition. The legal qualification applicable to them, and, where applicable, the related regulatory regime, must be assessed on a case-by-case basis and in concreto, taking into account the specific characteristics of each project.
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Technical Failure: refers to one of the following cases resulting from a fact not attributable to IZICHANGE: unavailability of access to the telephone network or the Internet by IZICHANGE or the User, unavailability of access to IZICHANGE data hosted by third parties for reasons attributable to these third parties, unavailability of access to IZICHANGE Wallets, technical problems inherent to the functioning of a Blockchain or a "smart contract", unavailability or failure of IZICHANGE's partners (payment aggregators/integrators), cell phone operators or technical problems related to the payment of Transactions, unavailability of access to partner platforms or marketplaces for the purchase or sale of Crypto-assets operated by IZICHANGE for its own account, unavailability or loss by the User of access to their Wallet, facts resulting from the action of hackers (computer pirates), a logical attack or a computer virus or any other malicious act on the User's computer systems, on those of the technical partners, or of the marketplaces used by IZICHANGE for Transactions and the Custody.

Electronic Money Institution: means, within the meaning of Instruction N° 008-05-2015 governing the conditions and modalities of exercise of activities of electronic money issuers in the Member States of the West African Monetary Union (WAMU), any legal entity, other than banks, payment institutions and decentralized financial systems, entitled to issue payment methods in the form of electronic money and whose activities are limited to :

• the issuance of electronic money;
• distribution of electronic money.

Transaction Fee or Commission: amount in XOF, or if applicable in Crypto-Asset, of the costs related to the realization of a Transaction. These Fees vary depending on the nature of the Transaction, the amount of the Transaction and the type of Crypto-asset. They are presented and explicitly validated by the User before each Transaction.

Force Majeure: means any event beyond the control of its debtor, which could not be reasonably foreseen at the time of entry into force of these TCU and of these Terms of Service and the effects of which cannot be avoided by appropriate measures and which prevent the performance of its obligation. If the impediment is temporary, performance of the obligation shall be suspended unless the resulting delay would justify termination of the agreement. If the impediment is final, the agreement is terminated by operation of law and the parties are released from their obligations.

KYC (Know Your Customer): term used in the context of the application of an anti-money laundering and anti-terrorist financing (AML-CFT) procedure and designating the diligence to be carried out to enable the identification of a Customer (Know Your Customer).

AML-CFT or : means the fight against money laundering and the financing of terrorism within the meaning of the regulatory and legislative provisions applicable within the West African Economic and Monetary Union (WAEMU) and in the Republic of Benin and giving rise to the establishment of a system for evaluating User operations in accordance with the regulations in force in Benin and within the WAEMU.

Buying and Selling Limit: means, for a given User, the sums equal to the maximum amounts of Buying and Selling per transaction and in aggregate achievable by that User over a given period.

Purchase Amount, Net Sale Amount: terms defined in the "Specific Rules Applicable to Services" section of the Terms & Conditions.

Party or Parties: means the User and IZICHANGE, together or separately depending on the context.

Personnel or Operator: any employee, contractor, service provider, trainee, agent or person designated as such, employed by IZICHANGE, its subsidiaries or its parent company.

Wallet: a computer application allowing the control, reception and sending of Crypto-assets, the security of which is guaranteed by the use of cryptographic processes based on private and public key mechanisms. A Wallet contains one or more addresses used for the exchange of Crypto-assets and one or more private keys securing the assets. Disclosure, theft, or loss of the private keys may result in total loss of the Crypto-assets.

Electronic Money Wallet or Wallet or Mobile Money Account : A system that allows you to store money without the need for a bank account and to make payments. In the context of its services IZICHANGE only interacts with wallets or electronic Wallet (or Mobile Money Account) that is in the form of a secure setup installed on portable electronic devices (mainly cell phones).

External Wallet: a Wallet over which the User has control and over which IZICHANGE has no possible control. The External Wallet is totally unrelated to IZICHANGE's computer systems.

Price of a Crypto-asset or Price: counter-value in XOF, in another currency or in another given Crypto-asset of a unit of the concerned Crypto-asset offered to the User, as fixed by IZICHANGE upon request of the User.<The></The>

• nature of the Crypto-asset,
• price and liquidity of the assets on the market places and liquidity providers partners of IZICHANGE,
• quantity required by the User,
• nature of the business relationship between the User and IZICHANGE or any other relevant criterion determined at the time of setting the Price.

The Price of a Crypto-asset is indicated in various places on the Platform. It is updated regularly (usually every few minutes). When not indicated in a procedure related to a Purchase, Sale or Conversion operation, the Price of a Crypto-asset is given as an indication and may represent an average value between a Purchase and Sale operation of this Crypto-asset, and therefore differ from the Price that will be retained at the time of the Transaction. Only the Price retained at the time of the Transaction is considered in its accounting and for the application of the present TCU and Terms of Service.

Unless otherwise mentioned or Special Terms, IZICHANGE cannot therefore guarantee in advance the Price of the Crypto-asset under which a Transaction is carried out since this Price fluctuates by nature.

Know Your Customer : questionnaire established with the objective of AML/CFT, the fight against fraud, the evaluation of a User's expectations and their tolerance to risks, and sent to the User via an interface of the Platform or directly by IZICHANGE Staff. IZICHANGE reserves the right to refuse a Service to a User, without compensation, in the event of a lack of response, partial response or unsatisfactory response to a KYC within 72 hours of its communication to the User.

Services : refers to all the services offered by IZICHANGE to its Users from the Platform or through an Operator or a Customer Service Representative. The Services include Transactions, including the purchase and sale of Crypto-assets and the conversion of Crypto-assets. IZICHANGE reserves the right to offer or not the Services to its Users according to their needs and profiles. Some Services may be subject to Special Conditions.

Platform : means all the IZICHANGE Services accessible at the following web address: https://izichange.com/ including the User Account interface accessible with their login credentials.

Transaction : means Purchase, Sale or Conversion of Crypto-assets by a User.

User : means any natural person wishing to use the services offered by this Platform. In this context, the said person acts as a consumer within the meaning of Article 1 of Law No. 2007-21 of 16 October 2007 on consumer protection in the Republic of Benin. They must be of legal age within the meaning of the provisions of the Family and Personal Code of the Republic of Benin (Law No. 2002-07 of August 24, 2004) and must not be incapacitated as listed in the said Code.

Sale of Crypto-assets, Sale: a service whereby IZICHANGE buys a quantity of Crypto-assets held by a User with a validated User Account in exchange for a payment in XOF made via transfer to an electronic money Wallet (or Mobile Money Account) belonging to the User and regularly opened with an Electronic Money Institution.

Connection Verification: optional security procedure recommended to the User by IZICHANGE by asking the User to fill in a code generated by Google authenticator in order to verify that he/she is indeed the originator of the connection to their User Account.