1.About these Terms
These Terms and Conditions (Terms) apply to your use of the website fomestics.au (Website) and to the exchange services described below (Services), provided by FOMESTICS PTY LTD (ACN 697 241 642) (Fomestics, we, us, our). Our registered address is Level 6, 152 Elizabeth Street, Melbourne VIC 3000, Australia.
By using the Website or the Services you agree to these Terms. If you do not agree, please do not use the Website or the Services.
Pre-launch status. At the date of this draft, Fomestics is not yet providing Services and is not accepting customers or transactions. The Services will only become available once all required registrations are in place. Until then, the Website is for information only.
2.Definitions
- Customer, you, your — the individual or business that uses the Services.
- Exchange — a single, one-off transaction in which we convert the asset or funds you send into the asset or currency you request.
- Digital asset — a cryptocurrency or other digital asset we support for exchange.
- Designated Destination — the wallet address or bank account you nominate to receive the result of an Exchange.
3.Our Services
We provide two one-off exchange services:
- Crypto-to-crypto exchange. You transfer one digital asset (for example, USDC) to us for immediate conversion into another digital asset (for example, BTC). Once the exchange is completed, the converted asset is sent directly to a wallet address you designate. That wallet may be held with a third-party wallet provider and is not required to be hosted or controlled by us. We do not maintain an ongoing wallet account for you and act solely as an exchange service provider for the execution of the swap transaction.
- Fiat currency exchange. You transfer funds (for example, USD) to us for immediate conversion into another fiat currency (for example, EUR). Following execution of the exchange, the converted funds are transferred to a bank account you designate. That account may be held with a third-party financial institution and is not required to be operated or controlled by us. We do not open or maintain ongoing client accounts and act solely for the purpose of executing the requested currency conversion transaction.
For clarity, we do not: open or maintain client accounts; provide, host or control wallets for customers; hold balances on your behalf; or provide investment, financial, tax or legal advice.
4.Eligibility
To use the Services you must:
- be at least 18 years old and have full legal capacity, or, for a business, be validly established and act through an authorised representative;
- successfully complete our customer identification and verification process; and
- use the Services only for lawful purposes and on your own behalf, unless we have agreed otherwise in writing.
5.Identity verification and compliance
We must identify and verify our customers and monitor transactions under Australian anti-money laundering and counter-terrorism financing laws. Before your first Exchange, and at any time afterwards, we may ask you for information and documents about you, your business, the source of your funds or digital assets, and the purpose of an Exchange.
Identity verification is carried out on our behalf by our third-party identity verification provider, Didit. See our Privacy Policy for how your personal information is handled.
We may delay, refuse, suspend or not complete an Exchange, or decline to provide Services to you, where we reasonably consider this necessary to comply with the law or to manage legal, fraud or financial crime risk. Where the law prevents us from doing so, we may not be able to tell you the reason.
6.How an Exchange works
- Request. You tell us what you will send, what you want to receive and your Designated Destination.
- Transfer. You transfer the asset or funds to us using the payment details we provide for that Exchange. You must use only those details.
- Conversion. On receipt, we convert the asset or funds immediately.
- Delivery. We send the converted asset or funds to your Designated Destination.
7.Your Designated Destination
You are responsible for ensuring that your Designated Destination is accurate, complete and able to receive the relevant asset or currency (including, for digital assets, the correct network). Your Designated Destination may be held with a third-party wallet provider or financial institution. We do not control those providers and are not responsible for their acts, omissions, fees or availability.
Transfers of digital assets are generally irreversible. If you give us incorrect destination details, we may be unable to recover the asset or funds.
8.Payments that do not match your request
If you send an amount, asset or currency that does not match your Exchange request, or send it to details other than those we provided, we may be unable to complete the Exchange.
9.Your obligations
You must not use the Services:
- for any unlawful purpose, including money laundering, terrorism financing, fraud, sanctions evasion or scams;
- on behalf of another person without our prior agreement;
- with assets or funds that you do not lawfully own or control; or
- by giving us false, misleading or incomplete information.
You must tell us promptly if any information you have given us changes.
10.Liability
Nothing in these Terms excludes, restricts or modifies any right or remedy you have under the Australian Consumer Law or any other law that cannot be excluded.
To the extent permitted by law, we are not liable for any loss arising from: incorrect information or destination details you provide; the acts or omissions of third-party wallet providers, financial institutions or blockchain networks; delays or refusals required to comply with the law; or events beyond our reasonable control.
11.Privacy
We handle personal information in accordance with our Privacy Policy, available on the Website.
12.Website use and intellectual property
The content of the Website, including the Fomestics name and logo, is owned by or licensed to us. You may view and print it for your personal use, but you must not copy, modify or distribute it for any other purpose without our written consent. Information on the Website is general in nature and is not financial advice.
13.Complaints
If you have a complaint, please contact us at info@fomestics.au.
14.Changes to these Terms
We may update these Terms from time to time. The version published on the Website applies from the date shown at the top. Where a change materially affects you, we will give you reasonable notice before it applies to an Exchange.
15.Governing law
These Terms are governed by the laws applicable in Australia.