This article details Genesis Block's Terms and Conditions for using our OTC Trading Desk.
TERMS AND CONDITIONS
These Conditions (as defined below) confirm the terms of business that govern the contractual relationship between you and the Company. You will be deemed to accept them on each occasion you use the Services of the Company.
Depositing and Withdrawing Fiat
- Our minimum deposit or withdrawal size is USD20,000 (bank transfer only) / HKD200,000 (cash only).
- Deposits may take up to two working days for clearance, depending on your bank and transfer method.
- We accept bank transfer (USD), and cash (HKD) over the counter.
- Bank account name MUST match with your Genesis Block registered account name.
- Please DO NOT deposit physical cash directly into our bank account.
- Please DO NOT make any reference to Bitcoin or cryptocurrency in the remarks when making your bank transfer.
- After making your bank transfer, please send your deposit proof in your trading group chat.
Depositing or withdrawing fiat currencies will be facilitated with a third party OTC desk. By depositing or withdrawing fiat currencies you agree to use this OTC desk to send funds. Please review our wire instructions. Withdrawals are processed within one business day and subject to delays over US banking Holidays. GB is not responsible for delays or fees resulting from your bank or intermediary banks it uses. Please contact support for more information.
You can only send funds from or receive funds with a bank account under the same name as the registered person or entity of this GB account; any other wires will be returned at the beneficiary's expense.
GB is not responsible for delays in wire transfers due to your bank, or intermediary banks that your bank uses.
GB is not responsible for any impact this has on your bank account. You should be aware that many banks are uncomfortable sending cryptocurrency-related wire transfers.
GB can only process wire transfers on weekdays. USD Wire transfers can take up to one weekday to process. In rare cases it can take longer. This does not include transfer time; it can take up to a day to send a wire transfer to some countries, plus however much time intermediary banks spend processing it.
If you are unsure of the process before depositing or withdrawing fiat for the first time, please contact us and we can work through the details.
We can only wire fiat to bank accounts in the name of the GB account owner. We can only accept wires from accounts in the name of the GB account owner.
Note that all fiat transfers are handled through a third party OTC desk.
You must be KYC verified in order to deposit or withdraw fiat.
Requesting for a Quotation
We currently offer OTC trading for BTC, ETH, BCH, USDT, USDC, TUSD, and a broad array of altcoins.
Quotes will be provided upon request. Our trading hours are from 09:00 to 00:00, Monday to Sunday.
You will pre-fund your account with fiat prior to receiving live quotes for a buy order, and pre-fund with crypto assets prior to receiving live quotes for a sell order.
Once your deposit is confirmed received, trades will be executed via the following process:
- Request a quote by stating the following criteria
- Direction - BUY or SELL
- Cryptocurrency - E.g. BTC, ETH, BCH, USDT, USDC, TUSD, etc
- Volume - dollar or coin amount (minimum USD20,000 / HKD200,000 per transaction)
- Delivery terms - T+0 or T+1 (T+0 meaning same-day delivery or T+1 meaning 1 business day standard delivery.) Please note, sell order settlement is T+2 (2 business days).
- All cryptocurrencies will be quoted in USD per Coin. Quotes will be provided in your trading group chat every 10 seconds.
- To confirm your order, type the word “DONE” to execute the latest quote.
- Our Trader will confirm your order.
- Confirmation of your order will be sent via email within 15 minutes of execution. Please ”reply all” with your wallet address, or bank account information.
Please note that we round off USD/USDT/USDC/TUSD to the nearest dollar and BTC/ETH/BCH to the nearest 4th decimal point.
YOU: BUY, BTC, USD100,000, T+0
Trader: “Quoting USD100,000 volume on BTC, T+0, quotation in USD/BTC”
(10 seconds later)
Trader: “Your Buy Order of 2 BTC@ 50,000 USD/BTC has been confirmed”
Selling BTC, ETH, BCH, USDT, USDC, TUSD, etc
- State whether you would like settlement via bank transfer or cash.
- State the crypto asset and quantity you wish to sell.
- We will provide our wallet address for the deposit of your crypto asset.
- Once your deposit is confirmed received, quotes may be given upon request.
- To confirm your order, type the word “DONE” to execute the latest quotation.
- Confirmation of your order will be sent via email within 15 minutes of execution. Please ”reply all” with your bank account information/pick-up date.
- Settlement = quote x coin balance, the funds will be sent out by T+2 settlement.
Our fees are incorporated into the quoted price. The fee structure is as follows:
BUY / SELL ORDERS
USD 20,000+ / HKD200,000+
USD 60,000+ / HKD500,000+
USD 125,000+ / HKD 1,000,000+
Buy Order Settlement
We aim to deliver coins within the same-day of completion of the trade (T+0), or otherwise, within one business day at the latest (T+1).
We will only deliver to one wallet address per transaction. Delivery to two or more addresses is subject to an additional fee, and must be requested in advance.
Please note Genesis Block requires receipt of funds prior to settlement of the trade.
Sell Order Settlement
We aim to settle trade proceeds by bank wire within the same-day of the completion of the trade (T+0), or otherwise within two business days at the latest (T+2). If a trade is done on a weekend, then T+2 settlement will be on Wednesday.
Advanced notice is required for T+0 cash settlement before trading.
Please note Genesis Block requires receipt of coins and funds prior to settlement of the trade.
You may request settlement in HKD by cash, or USD by bank transfer.
In the event of withdrawing funds without trading, no withdrawal fee will be incurred on the deposit. Bank transfer charges may be borne by the customer.
Genesis Block, may without any reason terminate or close any of the Accounts by giving at least 30 days' prior written notice to the Customer or such longer period as otherwise agreed between Genesis Block and the Customer.