RetailBets- Terms of Service

Last Updated: May 30, 2025

Welcome to RetailBets! These Terms of Service (“Terms”) govern your access to and use of the RetailBets exchange platform, including its website, mobile applications, and all related services (collectively, the “Service”).

By accessing, using, or registering for the Service, you agree to be bound by these Terms, our Privacy Policy, and all other operating rules, policies, and procedures that may be published from time to time on the Service by RetailBets (collectively, the “Agreements”). If you do not agree to these Terms, you must not use the Service.

IMPORTANT NOTICE: These Terms contain provisions that govern how disputes between you and RetailBets are resolved, including a binding arbitration clause and a class action waiver. Please read these Terms carefully.

1. Definitions

1. “RetailBets,” “We,” “Us,” “Our”: Refers to the company operating the RetailBets exchange.
2. “User,” “You,” “Your”: Refers to any individual or entity accessing or using the Service.
3. “Service”: The RetailBets exchange platform, including its website, mobile applications, and all related services, facilitating the exchange of stablecoins for Fiat and vice versa.
4. “USDT”: Tether, a cryptocurrency stablecoin pegged to the US Dollar.
5. “Fiat USD”: Legal tender United States Dollars, as held within the Zimbabwean banking system or EcoCash wallet.
6. “Fiat Escrow”: A designated account or system managed by RetailBets where Fiat USD funds are held securely on behalf of users for the purpose of facilitating stablecoin purchases and fiat withdrawals.
7. “Crypto Vault”: A secure digital wallet or system managed by RetailBets where users’ stablecoin deposits are held securely for the purpose of facilitating stablecoin sales and crypto withdrawals.
8. “Deposit”: The act of transferring funds (Fiat or stablecoin) into your RetailBets account.
9. “Withdrawal”: The act of transferring funds (Fiat or stablecoin) out of your RetailBets account to an external bank account, EcoCash wallet, or cryptocurrency address.
10. “Exchange Rate”: The rate at which a stablecoin can be exchanged for Fiat or vice versa on the Service, determined by market dynamics and the Service’s algorithms.
11. “AML”: Anti-Money Laundering.
12. “KYC”: Know Your Customer.

2. Eligibility

2.1. To use the Service, you must be at least 18 years old and have the legal capacity to enter into a binding contract.

2.2. You must be a resident of Zimbabwe or a legal entity duly registered and operating in Zimbabwe.

2.3. You must not be a resident of any jurisdiction where the use of the Service is prohibited by law, regulation, or international sanctions.

2.4. By using the Service, you represent and warrant that you meet all eligibility requirements.

3. Account Registration and Security

3.1. Account Creation: To use the Service, you must register for an account by providing accurate, current, and complete information as prompted by the registration form. You agree to update this information promptly if it changes.

3.2. Identity Verification (KYC): RetailBets is committed to complying with all applicable AML and KYC laws and regulations in Zimbabwe. As part of our compliance efforts, you will be required to provide certain personal information and documentation for identity verification purposes. This may include, but is not limited to, your full name, date of birth, national identification number, residential address, and proof of address. We reserve the right to request additional information or documentation at any time to verify your identity or the source of your funds. Your access to the Service may be limited or suspended until verification is complete.

3.3. Account Security: You are solely responsible for maintaining the confidentiality of your account login credentials (username, password, and any two-factor authentication codes). You agree to notify RetailBets immediately of any unauthorized use of your account or any other breach of security. RetailBets will not be liable for any loss or damage arising from your failure to protect your account information.

3.4. Single Account: You may only register for and operate one RetailBets account. Multiple accounts are strictly prohibited and may lead to the suspension or termination of all associated accounts.

4. Services Offered

RetailBets provides a platform for users to exchange stablecoins for Fiat and Fiat for stablecoins. The core services include:

4.1. Buying Stablecoins: Users deposit Fiat into the RetailBets Fiat Escrow. Once Fiat is confirmed in the Escrow, users can place orders to buy a Stablecoin at the prevailing Exchange Rate. Upon successful purchase, the acquired stablecoin is transferred to the user’s designated external crypto wallet address.

4.2. Selling USDT: Users deposit stablecoins into the RetailBets Crypto Vault. Once stablecoin is confirmed in the Crypto Vault, users can place orders to sell stablecoins at the prevailing Exchange Rate. Upon successful sale, the corresponding Fiat is credited to the user’s balance within the Fiat Escrow. Users can then initiate a withdrawal of Fiat to their linked bank account or EcoCash wallet.

4.3. Order Matching: RetailBets operates an internal order matching system to facilitate exchanges between users. While we strive for efficient matching, we do not guarantee immediate execution of all orders.

4.4. Exchange Rates: Exchange Rates are dynamic and determined by market supply and demand on the Service. RetailBets does not guarantee any specific Exchange Rate.

5. Fiat Deposits and Withdrawals

5.1. Fiat Deposits: Fiat deposits must be made through approved methods specified by RetailBets (e.g., bank transfer, EcoCash). You agree to provide accurate transaction details for all deposits. While we aim for instant confirmation of fiat deposits, processing times may vary depending on your bank or payment provider. RetailBets is not responsible for delays caused by third-party financial institutions.

5.2. Fiat Withdrawals: Fiat withdrawals can be made to your verified Zimbabwean bank account or EcoCash wallet. Due to the operational realities and potential slowness of banking systems in Zimbabwe, Fiat withdrawals may not be instant and can take longer to process and reflect in your account. RetailBets will endeavor to process withdrawals promptly but cannot guarantee specific timelines and is not liable for delays beyond our reasonable control, including those caused by banks, payment processors, or public holidays. You are responsible for providing correct bank account or EcoCash details. RetailBets will not be liable for funds sent to incorrect accounts due to your error.

5.3. Deposit/Withdrawal Limits: RetailBets reserves the right to impose daily, weekly, or monthly limits on fiat deposits and withdrawals, which may vary based on your verification level and our internal risk assessment.

6. Cryptocurrency Deposits and Withdrawals

6.1. Stablecoin Deposits: Crypto deposits must be sent to the specific address provided by RetailBets for your account. It is your sole responsibility to ensure the correct network (e.g., Abitrum One ERC20) and address are used for crypto deposits. Funds sent to an incorrect address or network may be irretrievably lost, and RetailBets will not be liable for such losses. Stablecoin deposits are generally instant to near-instant, subject to blockchain confirmation times.

6.2. Stablecoin Withdrawals: Crypto withdrawals will be sent to the external wallet address you provide. You are solely responsible for providing the correct and valid destination address and network. Funds sent to an incorrect address or network may be irretrievably lost, and RetailBets will not be liable for such losses. Stablecoin withdrawals are generally instant to near-instant, subject to blockchain confirmation times.

6.3. Minimum/Maximum Amounts: RetailBets may impose minimum or maximum amounts for crypto deposits and withdrawals.

7. Fees

7.1. RetailBets may charge fees for various services, including but not limited to, stablecoin purchases, stablecoin sales, fiat deposits, fiat withdrawals, and crypto withdrawals.

7.2. All applicable fees will be clearly displayed on the Service, including during the transaction process, before you confirm your order.

7.3. Fees are subject to change at RetailBets’ sole discretion. We will notify you of any changes to our fee schedule in advance through the Service or via email.

7.4. By using the Service, you agree to pay all applicable fees.

8. Risks

You acknowledge and agree that using the Service and trading cryptocurrencies involves significant risks. You should carefully consider whether trading stablecoins is suitable for you in light of your financial condition and risk tolerance. These risks include, but are not limited to:

8.1. Market Risk: The price of stablecoins can fluctuate against Fiat due to various factors including market demand, liquidity, and underlying asset stability.

8.2. Liquidity Risk: There may not always be sufficient liquidity in the market to execute your orders at your desired price.

8.3. Technological Risk: The Service relies on complex technology. There is a risk of software bugs, internet outages, hardware failures, or other technical issues that could disrupt the Service or lead to loss of funds.

8.4. Security Risk: While RetailBets implements robust security measures, no system is entirely impervious to hacking, cyberattacks, or other security breaches. Your funds could be stolen or compromised.

8.5. Regulatory Risk: The regulatory landscape for cryptocurrencies in Zimbabwe and globally is evolving and uncertain. New laws or regulations could negatively impact the legality, value, or usability of stablecoins or the Service itself. RetailBets may be required to suspend or cease operations due to regulatory changes.

8.6. Fiat Banking Risk: Delays, restrictions, or failures in the traditional banking system in Zimbabwe can impact fiat deposits and withdrawals, which are beyond RetailBets’ control.

8.7. Smart Contract Risk: Stablecoins rely on smart contracts. There is a risk of vulnerabilities or exploits in these smart contracts.

8.8. Loss of Access: Loss of your account credentials or unauthorized access to your account could result in the loss of your funds.

8.9. Irreversible Transactions: Cryptocurrency transactions are generally irreversible. Once a stablecoin withdrawal is initiated and confirmed on the blockchain, it cannot be reversed.

8.10. Tax Implications: You are solely responsible for determining and paying any taxes applicable to your cryptocurrency transactions under Zimbabwean law. RetailBets does not provide tax advice.

BY USING THE SERVICE, YOU EXPRESSLY ACKNOWLEDGE AND ACCEPT THESE RISKS AND AGREE THAT RETAILBETS IS NOT RESPONSIBLE FOR ANY LOSSES INCURRED AS A RESULT OF THESE RISKS.

9. User Conduct and Prohibited Activities

9.1. Lawful Use: You agree to use the Service only for lawful purposes and in accordance with these Terms and all applicable laws and regulations in Zimbabwe.

9.2. Prohibited Activities: You are strictly prohibited from engaging in the following activities:

a. Any activity that violates any law, statute, ordinance, or regulation in Zimbabwe or any other applicable jurisdiction.

b. Fraudulent activities, including but not limited to, providing false information, engaging in pump-and-dump schemes, or market manipulation.

c. Money laundering, terrorist financing, or any other illicit financial activities.

d. Using the Service to transmit or store any material that is infringing, libelous, defamatory, obscene, pornographic, abusive, or otherwise unlawful or tortious.

e. Interfering with or disrupting the integrity or performance of the Service or data contained therein.

f. Attempting to gain unauthorized access to the Service or its related systems or networks.

g. Reverse engineering, decompiling, disassembling, or otherwise attempting to discover the source code of the Service.

h. Using any automated means (e.g., bots, scripts) to access, interact with, or collect data from the Service without express written permission from RetailBets.

i. Engaging in any activity that could harm, disable, overburden, or impair RetailBets’ servers or networks.

j. Using the Service for any purpose other than personal, non-commercial use, unless explicitly authorized by RetailBets.

9.3. Reporting Suspicious Activity: You agree to report any suspicious activity, security vulnerabilities, or unauthorized use of your account to RetailBets immediately.

10. Dispute Resolution

10.1. Informal Resolution: In the event of a dispute arising out of or in connection with these Terms or your use of the Service, you agree to first contact RetailBets’ customer support to attempt to resolve the dispute informally.

10.2. Governing Law: These Terms shall be governed by and construed in accordance with the laws of Zimbabwe, without regard to its conflict of law principles.

10.3. Jurisdiction: Any dispute, controversy, or claim arising out of or relating to these Terms or the breach, termination, or invalidity thereof, which cannot be resolved informally, shall be submitted to the exclusive jurisdiction of the courts of Zimbabwe.

11. Limitation of Liability

11.1. No Guarantees: RetailBets does not guarantee that the Service will be uninterrupted, timely, secure, or error-free. The Service is provided on an “as is” and “as available” basis.

11.2. Exclusion of Damages: To the maximum extent permitted by applicable law, in no event shall RetailBets, its affiliates, directors, employees, or agents be liable for any indirect, incidental, special, consequential, or punitive damages, including but not limited to, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the Service; (ii) any conduct or content of any third party on the Service; (iii) any content obtained from the Service; and (iv) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage.

11.3. Aggregate Liability: In no event shall the aggregate liability of RetailBets, its affiliates, directors, employees, or agents, arising out of or in connection with these Terms or the Service, exceed the greater of (a) the amount of fees paid by you to RetailBets in the 12 months preceding the event giving rise to the liability, or (b) USD 100.

11.4. Force Majeure: RetailBets shall not be liable for any failure or delay in performance of its obligations under these Terms arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God, natural disasters, wars, terrorism, riots, civil commotions, government acts, regulatory changes, power outages, network failures, blockchain congestion, or any other event of force majeure.

12. Indemnification

You agree to defend, indemnify, and hold harmless RetailBets, its affiliates, licensors, and service providers, and its and their respective officers, directors, employees, contractors, agents, licensors, suppliers, successors, and assigns from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses, or fees (including reasonable attorneys’ fees) arising out of or relating to your violation of these Terms or your use of the Service, including, but not limited to, your User Contributions, any use of the Service’s content, services, and products other than as expressly authorized in these Terms, or your use of any information obtained from the Service.

13. Intellectual Property

13.1. The Service and its entire contents, features, and functionality (including but not limited to all information, software, text, displays, images, video, and audio, and the design, selection, and arrangement thereof) are owned by RetailBets, its licensors, or other providers of such material and are protected by Zimbabwean and international copyright, trademark, patent, trade secret, and other intellectual property or proprietary rights laws.

13.2. These Terms permit you to use the Service for your personal, non-commercial use only. You must not reproduce, distribute, modify, create derivative works of, publicly display, publicly perform, republish, download, store, or transmit any of the material on our Service, except as generally and ordinarily permitted through the Service’s functionality.

14. Privacy Policy

Your use of the Service is also governed by our Privacy Policy, which is incorporated into these Terms by reference. The Privacy Policy describes how RetailBets collects, uses, and protects your personal information. By using the Service, you consent to all actions taken by us with respect to your information in compliance with the Privacy Policy.

15. Amendments to Terms

RetailBets reserves the right, at its sole discretion, to modify or replace these Terms at any time. If a revision is material, we will provide at least 30 days’ notice prior to any new terms taking effect. What constitutes a material change will be determined at our sole discretion. By continuing to access or use our Service after those revisions become effective, you agree to be bound by the revised terms. If you do not agree to the new terms, you are no longer authorized to use the Service.

16. Severability

If any provision of these Terms is held to be invalid or unenforceable by a court of competent jurisdiction, the remaining provisions of these Terms will remain in full force and effect.

17. Termination

17.1. RetailBets may terminate or suspend your account and bar access to the Service immediately, without prior notice or liability, for any reason whatsoever, including without limitation if you breach the Terms.

17.2. Upon termination, your right to use the Service will immediately cease. If you wish to terminate your account, you may simply discontinue using the Service and contact us to request account closure.

17.3. All provisions of the Terms which by their nature should survive termination shall survive termination, including, without limitation, ownership provisions, warranty disclaimers, indemnity, and limitations of liability.

18. Entire Agreement

These Terms, together with the Privacy Policy and any other legal notices published by RetailBets on the Service, constitute the entire agreement between you and RetailBets concerning the Service.

19. Contact Information

If you have any questions about these Terms, please contact us at:

Email: support@retailbets.com Website: retailbets.com