Terms of Service

1. Eligibility

You must be at least 18 years old and legally capable of entering into a binding contract to use the Service. By using Krait, you confirm you meet these requirements.

2. What Krait Does

Krait is a settlement service that allows you to convert supported cryptocurrencies into Nigerian naira, paid directly to your bank account, through our Telegram bot. Krait charges a service markup on the prevailing settlement rate for this service; the applicable rate is shown to you before you confirm each transaction.

3. Account & Verification

• You're responsible for the accuracy of the bank and identity information you provide.
• Transactions above certain thresholds require identity verification, which may include your BVN or NIN and a liveness check, processed through our verification partner. We use this only to comply with applicable regulatory requirements.
• You may only use one account. Creating multiple accounts to circumvent verification thresholds or referral program limits is prohibited.

4. Transactions & Settlement

• Rates are updated periodically and are not guaranteed to remain fixed between the time you view a rate and the time your crypto deposit is confirmed on-chain.
• Once you send cryptocurrency to a Krait-generated deposit address, the transaction cannot be reversed. Double-check the address, network, and asset before sending.
• We aim to settle confirmed transactions promptly, in line with our published settlement guarantee.
• Sending an unsupported asset, or sending to the wrong network, may result in permanent loss of funds. Krait is not responsible for losses caused by user error in this respect.

5. Referral Program

• Referral rewards are calculated as a percentage of Krait's markup earned on a referred user's transactions, as displayed in the bot.
• Minimum withdrawal thresholds apply, as shown in the bot.
• We reserve the right to withhold or reverse referral rewards obtained through fraudulent activity, fake accounts, or abuse of the program.

6. Prohibited Use

You agree not to use Krait to:

• Launder money or finance illegal activity
• Circumvent our verification or compliance processes
• Use funds obtained through fraud, theft, or other illegal means
• Abuse, exploit, or attempt to manipulate the referral program
• Interfere with or disrupt the Service

We may suspend or terminate your access, and report activity to relevant authorities, if we reasonably believe you've violated this section.

7. Fees

Krait's fee is the markup applied to the settlement rate, shown to you before each transaction. We do not charge separate account or withdrawal fees beyond what's disclosed in the bot.

8. Limitation of Liability

To the fullest extent permitted by Nigerian law:

• Krait is not liable for losses resulting from user error (wrong address, wrong network, wrong asset), delays caused by blockchain network congestion, or actions of third-party partners outside our reasonable control.
• Our total liability for any claim relating to the Service is limited to the value of the transaction giving rise to the claim.
• The Service is provided "as is." We do not guarantee uninterrupted or error-free operation.

9. Changes to the Service or These Terms

We may update these Terms or modify the Service at any time. Continued use of Krait after changes take effect constitutes acceptance of the updated Terms. We'll do our best to flag material changes through the bot.

10. Termination

We may suspend or terminate your access to the Service at our discretion, including for violations of these Terms, suspected fraud, or regulatory requirements. You may stop using the Service at any time.

11. Governing Law

These Terms are governed by the laws of the Federal Republic of Nigeria. Any disputes arising from these Terms or your use of the Service will be subject to the exclusive jurisdiction of the courts of Rivers State, Nigeria.

12. Contact Us

Questions about these Terms? Reach us at krait@kraittechnologies.online.