Onboarded once
Company file opened once, then every subsequent trade is a quote and a settlement.
Business settlement
Convert USDT into
Convert USDT into
the company bank balance.
For companies that receive stablecoins from customers, pay suppliers in them, or hold a treasury balance that has to become money in the company account — with an invoice, a deal confirmation and a reconciliation your auditor will accept. The statute detail below is South African, because that is the market this desk knows best; in any other market the corridor and its treatment are confirmed before a quote is given.
Conexus
Indicative USDT rate
—
USDT / ZAR
Settled to the company account
At a glance
Set up once, documented every time.
Invoiced properly
Tax invoice and deal confirmation for every trade, with the VAT treatment stated on the face of it.
Audit-ready records
Timestamp, rate, fee, on-chain reference and bank reference on every line. Kept five years.
Recurring settlement
A standing arrangement with an agreed margin band, executed on instruction — never at our discretion.
Who this is for
When a stablecoin balance becomes an accounting problem.
Businesses end up holding crypto assets for ordinary commercial reasons. A software firm invoices a client in Dubai and gets paid in USDT. An importer settles with a supplier in USDC because the wire takes four days and the stablecoin takes twenty minutes. A group holds a treasury balance in a stablecoin because that is what its counterparties use. None of that is speculation, and all of it eventually needs to become money in a bank account, cleanly enough that the auditor signs off without a management letter point.
That is the service. We convert USDT and USDC — and the other assets the desk quotes — into the currency the company banks in, settle to the company's own bank account, and hand over documentation built for an accountant rather than a screenshot from an app. We do not manage treasury, we do not hold balances for you, we do not decide when you should convert, and we do not lend. We quote, you accept, we settle.
A note on the boundary, in the terms the South African regulator uses. Providing intermediary services in relation to crypto assets is a Category I activity under the FAIS Act — advice and intermediary services. Discretionary management is Category II, and this desk does not hold that mandate and does not want it. Nobody here will decide on your behalf when to convert a treasury balance. If you need that, you need a discretionary manager, and it is not us.
Onboarding a company
What we need before the first trade.
More than a private client, and for good reason: an accountable institution must know who ultimately controls the counterparty it deals with, not merely which company name is on the invoice. The list below is the South African version; elsewhere the equivalent registry documents are named at onboarding.
The entity itself
CIPC registration documents, the current MOI, the registered and trading addresses, and the VAT registration number where the company is a vendor. For a trust or a close corporation, the equivalent founding documents.
Directors and authorised signatories
Identity documents and proof of address for each director or member, plus a resolution naming the individuals entitled to instruct the desk. We deal only with those named people.
Beneficial ownership
The natural persons who ultimately own or control the company, traced through holding structures where they exist. Companies must keep and file beneficial ownership information under the anti-money-laundering amendments, and we must establish it before transacting.
The bank account
Bank confirmation for an account in the company’s own name. Settlement goes there and nowhere else. No director accounts, no supplier accounts, no third parties.
Wallets and networks
The wallet addresses the company will send from and receive to, and the networks in use. Recorded on file so a repeat trade does not restart the verification each time.
Source of funds and expected activity
Where the crypto assets come from, how much you expect to convert and how often. This sets the risk rating for the relationship and prevents ordinary flow being treated as unusual later.
The full onboarding list, including how source of funds is evidenced, is on the onboarding and FICA page. Onboarding is done once. It is a Risk Management and Compliance Programme requirement under section 42 of the FIC Act, not a formality we can shorten on request.
Invoicing and VAT
How the paperwork is built.
Every trade produces two documents. The deal confirmation is the record of the transaction itself: date and time, asset, network, quantity received, the firm rate applied, the fee, the net amount, the on-chain transaction reference and the bank payment reference. The tax invoice covers any separately charged service fee, with the VAT treatment stated on its face.
The VAT position is worth understanding rather than assuming, and the position below is the South African one. The supply of a crypto asset is a deemed financial service and is exempt from VAT under section 2(1) of the VAT Act. The exchange leg therefore does not attract VAT. Where a fee is charged as a separate, identifiable supply of a service rather than being built into the exchange rate, that fee may fall outside the exemption and be standard-rated. The two are treated differently on our invoices for exactly that reason.
What follows from that — how the exempt supply affects your own input tax apportionment, whether your business is making mixed supplies, and how the disposal is recognised for income tax — is a question for your tax practitioner. SARS treats crypto assets as assets of an intangible nature and taxes gains on revenue or capital account under ordinary principles, and which side of that line a given company falls on depends on facts we do not have. We will give your adviser every document they ask for. We will not give them the answer.
Automatic reporting is now part of the landscape
South Africa adopted the OECD Crypto-Asset Reporting Framework with effect from 1 March 2026, and the first return is due to SARS by 31 May 2027. Other jurisdictions are implementing the same OECD framework on their own timetables. Plan your record keeping on the assumption that the transaction history is visible, because increasingly it is.
Reconciliation
What ends up in your accounting system.
The point of an OTC desk for a business is not the rate. It is that the transaction reconciles without anyone reconstructing it from chat history nine months later.
Conexus
Indicative USDT rate
—
USDT / ZAR
One deal number, end to end
01
Instruction from an authorised signatory
Asset, network, amount and direction, from a person named in your resolution. Logged with a timestamp against your company file.
02
Firm quote, confirmed in writing
The rate, the margin at that size, the fee and the net amount, held for an agreed window. Nothing executes until you accept it in writing.
03
Transfer and settlement
The crypto asset arrives from a wallet on file, on the network confirmed in the deal note. Settlement reaches the company account the same business day — in South Africa by EFT, RTC or PayShap — with a reference that ties to the deal number.
04
Documents issued
Deal confirmation and, where applicable, tax invoice, immediately after settlement. Both carry the same deal number as the bank reference, so the bank statement line, the invoice and the on-chain record all point to each other.
05
Period statement and retention
A statement of every trade for a chosen period, on request. Records are kept for five years under sections 22 and 23 of the FIC Act, so year-end queries can be answered years later.
Recurring flow
For businesses converting every week.
A standing arrangement removes the negotiation from each individual trade without removing the human being from it.
An agreed margin band
Rather than pricing each ticket from scratch, a band is agreed for the relationship at a given size and settlement rail, and reviewed on a fixed cadence. You know roughly what a conversion will cost before you ask.
A predictable rhythm
Convert on the same day each week, or on receipt above an agreed amount. Predictable flow is easier for the desk to price than the same volume arriving unannounced, and that shows up in the rate.
A named trader
The same person, reachable on a published channel, who knows your file and does not need the background explained again. Cover is arranged when they are away, and you are told who it is.
A standing arrangement is not a mandate
Every conversion still requires an instruction from an authorised signatory. The desk does not convert on its own initiative, does not run a discretionary mandate, and holds no authority over your assets. If a provider offers to manage the timing of your conversions for you, ask to see the Category II authorisation that would allow it.
Business questions
The company is onboarded once — registration documents, directors, beneficial owners, a resolution authorising the trades and the bank account in the company's name. After that a trader quotes a firm rate on request, the company sends the stablecoin from a wallet recorded on file, and the rand settles to the company account against a tax invoice and a deal confirmation. Nothing about the process is different for the tenth trade than for the first, except that onboarding is already done.
The supply of a crypto asset is a deemed financial service and is exempt from VAT under section 2(1) of the VAT Act, so the exchange itself does not carry VAT. A separate service fee, where one is charged as a distinct supply, may fall outside that exemption and be standard-rated. Our invoices state the treatment of each line rather than leaving your bookkeeper to guess, and your own tax practitioner should confirm the input-tax position for your business.
The CIPC registration documents and the current MOI, proof of the registered and trading address, identity documents for the directors and for the natural persons who ultimately own or control the company, a board or members' resolution authorising crypto asset transactions and naming who may instruct us, and bank confirmation for the account in the company's name. Beneficial ownership is not optional: since the anti-money-laundering amendments took effect, companies must keep and file beneficial ownership information, and an accountable institution must establish it before transacting.
No. Rand settles to an account in the name of the counterparty we onboarded, and crypto assets are received from and sent to wallets recorded against that same counterparty. Third-party settlement defeats the purpose of the whole due diligence exercise, and it is the pattern most often seen in the arrangements that end badly. If a group entity needs to trade, onboard that entity.
For each trade: a deal confirmation with a timestamp, the asset and network, the amount received, the firm rate applied, the fee, the net rand figure, the on-chain transaction reference and the bank payment reference. A tax invoice where a fee is charged. On request, a period statement listing every trade. We keep records for five years as sections 22 and 23 of the FIC Act require, so a document can be reproduced long after the event.
Yes, as a standing arrangement with an agreed margin band, an agreed settlement rail and a named trader. Each conversion still needs an instruction from an authorised signatory — the desk does not convert on its own initiative. This is an execution arrangement, not discretionary management: we do not hold a Category II mandate and we will not decide when or whether to trade on your behalf.
Where the law requires it, yes, and we would rather you hear that from us. Cash transactions above R49,999.99 are reported to the Financial Intelligence Centre under section 28. Suspicious and unusual transactions are reported under section 29, which has no threshold and a fifteen-day deadline excluding weekends and public holidays. Transfer information travels with each crypto asset transfer under FIC Directive 9 of 2024, in force since 30 April 2025 with no minimum threshold. And South Africa adopted the OECD Crypto-Asset Reporting Framework from 1 March 2026, with the first return due to SARS by 31 May 2027.
The desk is built for size and the margin narrows as the ticket grows; the ladder is published on the fees and limits page. If your weekly flow is small but constant, say so — a recurring arrangement with a fixed rhythm is often better priced than the same total volume arriving unannounced.
Where to read next.
The USDT desk
USDT and USDC across four networks, and why network selection is where money is actually lost.
Large-volume trades
How a ticket above roughly R1 million is priced whole instead of being worked into a thin local book.
Compliance
The obligations, the FIC Act duties and the reporting that applies to every trade the desk does.
Open a company file.
Send the registration documents and tell us the expected flow. A trader will confirm what onboarding needs, what the documentation looks like and what a conversion at your size actually costs.
Investing in crypto assets may result in the loss of capital, as the value is variable and can go up as well as down. A crypto asset is not legal tender and does not fall within the National Payment System Act. Conexus Crypto provides an exchange service only and does not provide financial, investment, accounting or tax advice.