Common use of TRANSACTION PROCESS Clause in Contracts

TRANSACTION PROCESS. (a) Before you can undertake a Purchase or Sale, you must first submit a Purchase order (Purchase Order) or Sale order (Sale Order) (each, an Order) to us or our Service Provider through a Banxa Platform. (b) We may, from time to time, display certain Purchase or Sale rates or prices on a Banxa Platform. Before you confirm your Purchase Order or Sale Order, a bid or ask quote for the price of the Order will be displayed. The bid or ask price quote to buy or sell may be different from the aggregated historical market price displayed in the price chart. Any price displayed is for informational purposes only unless provided in the Order. We obtain price data from one or more Service Providers. (c) Once we receive your Order, we will display: for Purchases, a spot exchange rate for Fiat to the Crypto Asset (plus any fees) (Purchase Price); or for Sales, a spot exchange rate for Crypto Asset to Fiat (plus any fees) (Sale Price), the Purchase Price and Sale Price are each, and together, the Price. (d) We may vary the Price or cancel any Order that is not confirmed by you within five (5) seconds of us displaying the Price. (e) The final price is the locked-in Price which appears on the Banxa Platform at the time you execute an Order (Final Price). By clicking the ‘Create Order’ button or similar, you are executing your Order (Execution) and authorising us to process the transaction at the Final Price. (f) To guarantee the Final Price, you must immediately send us proof of payment. Failing to do this as soon as possible will mean that we are unable to guarantee you the Final Price. Until then, any Order by you will be considered as pending and incomplete (see clauses 2.4 – 2.8). (g) We may, at any time, cancel or deny processing any Order, with immediate effect, for any reason, including where we: are required to do so by law; reasonably believe that we need to do so in order to protect our interests; or reasonably suspect the order or transaction involves illegal activity including money laundering, terrorist financing, fraud or any crime (financial or otherwise).