User Agreement

Introduction

This User Agreement (“User Agreement”) should be regarded as a framework agreement, containing the provisions applicable to all legal relationships between:

BLOX and you;
Stichting BLOX Custody and you; and
Coinmerce Earn and you.

This User Agreement describes the terms on which BLOX offers you access to – and use of – products, services and service offerings. Stichting BLOX Custody is a party to this User Agreement solely as regards the custody and management of the E-Money Credit. If you use a Custody Account, your crypto assets will also be held and managed by Stichting BLOX Custody on the basis of the Custody and Administration Agreement. Coinmerce Earn is a party only if you use an Earn Account and thereby make all your crypto assets available for the Yield Service under the Earn Agreement.

This User Agreement applies to all Users of the Services. By opening an Account and using a Custody Account or an Earn Account, the User agrees to the User Agreement. Users should read the User Agreement carefully before using the Services. The User Agreement should be read in conjunction with the following documents:

Privacy statement;
Cookie statement.

If you choose a Custody Account in accordance with Article 5 of this User Agreement, you must read this User Agreement in conjunction with the following documents:

Custody and Administration Agreement;
Risk disclaimer Custody Account.

If you choose an Earn Account in accordance with Article 5 of this User Agreement, you must read this User Agreement together with the following documents:

Earn agreement;
Risk Disclaimer Earn Account.

You should be aware that crypto assets can be subject to large price fluctuations and thus entail significant losses. Trading in crypto assets carries a significant risk. Only use funds that you can afford to lose.

Definitions

The following definitions are used in this User Agreement and any other legal relationships agreed between you, BLOX and Coinmerce Earn:

Account: a Custody Account or Earn Account held with BLOX by the User, which provides access to the associated Service.

Custody Account: an account held by Users with BLOX, in which the User’s crypto assets and e-money balance are held and managed by Stichting BLOX Custody.

Custody and Administration Agreement: the agreement between the User, BLOX and Stichting BLOX Custody under which the User’s crypto assets are held and managed by Stichting BLOX Custody on behalf of BLOX.

BLOX: the private company under Dutch law BLOX B.V., having its registered office at Kerkenbos 1025, 6546 BB Nijmegen and registered with the Chamber of Commerce under no. 71663533, with a license from the Netherlands Authority for the Financial Markets (“AFM”) to operate as a crypto asset service provider within the meaning of the Markets in Crypto Assets Regulation (“MiCAR”).

BLOX Environment: all mobile application(s), website(s) and/or communication channels made available by BLOX to the User through which the Services are offered to Users.

Coinmerce Earn: the private limited liability company under Dutch law Coinmerce Earn B.V., located at Beechavenue 140, 1119 PR Schiphol-Rijk and registered with the Chamber of Commerce under no. 95262326, concerning only the borrowing party in the Earn Agreement that is entered into separately between a User and Coinmerce Earn if and to the extent the User chooses an Earn Account in the BLOX Environment.

Crypto assets: a digital representation of value or of a right that can be electronically transferred and stored using distributed ledger technology or similar technology.

Service provision: the execution in the BLOX Environment of the Orders initiated by the User, the safekeeping of crypto assets (in a Custody Account) and/or E-Money Balance on behalf of and at the risk of the User, the Yield Service (in an Earn Account) and all other services, products and offerings provided by or through BLOX.

E-Money Credit: the electronic money issued by BLOX in exchange for received funds and with which the User can buy and sell Crypto Assets solely within the BLOX Environment.

User: the person who uses the Services and/or the BLOX Environment, hereinafter also ‘you’ or ‘your’.

Earn Agreement: the agreement between the User and Coinmerce Earn under which the User’s Crypto Assets are made available to Coinmerce Earn in exchange for returns.

Order: a request from the User to BLOX within the BLOX Environment to execute a Transaction, (crypto assets) deposit or withdrawal.

Force majeure: a situation that obstructs the normal functioning of the BLOX Environment and/or Services and/or renders business operations (partially) impossible and cannot reasonably be foreseen by BLOX or Stichting BLOX Custody, or over which BLOX or Stichting BLOX Custody has no influence, such as fire, natural disaster, civil unrest, strike or lockout, war, mobilization, declaration of a state of war or siege, riot, government measures, exceptional network or hardware failures, power outage, banking failure, failure relating to the custody or transfer of crypto assets, bankruptcy of or conflict with a bank, a partner that holds (part of) the crypto assets in custody or any other partner of BLOX, disagreement with a regulator, problems with the network or protocol of crypto assets.

Yield Service: the service that BLOX facilitates in the BLOX Environment for users with an Earn Account, whereby users with an Earn Account make all their crypto assets available to a third party, Coinmerce Earn, and which enables BLOX users to receive yield on these provided crypto assets.

Stichting BLOX Custody: the foundation under Dutch law Stichting BLOX Custody, located at Kerkenbos 1025, 6546 BB in Nijmegen and registered with the Chamber of Commerce under number 96870966. The Foundation has a cooperation agreement with BLOX and functions solely as a legally separate entity to segregate assets from BLOX’s own funds, thereby protecting Users’ assets.

Recurring Order: a successfully set up recurring Order by which, via a bank transfer referencing a unique number, a request is automatically made by the User to purchase Crypto Assets from BLOX without requiring any action in the BLOX Environment.

Transaction: a successfully executed Order in the BLOX environment in which the User executed a crypto-to-fiat buy or sell transaction with BLOX as the counterparty.

Earn Account: an account held by the User at BLOX in which all of the User’s Crypto Assets are made available to Coinmerce Earn in exchange for returns.

Website: https://weareblox.com and all connected and/or related (sub)domains.

1. General

1.1. BLOX performs its Services as carefully as possible. Once a Transaction has taken place, it is irreversible. The right of withdrawal for consumers is excluded. Users do not have the option to revoke Transactions involving Crypto Assets, except in the event that BLOX fails to fulfill its obligations.

1.2. All information provided by BLOX (regardless of how it has been made available) is non-binding, purely informative in nature and should not be considered professional, financial or legal advice. BLOX does not provide buy or sell advice and makes no statements about the expected price or rate. BLOX does not provide any (investment) advice regarding crypto assets. BLOX accepts no responsibility or liability for the information provided by BLOX nor for its use or for any loss arising from or that may arise from it.

1.3. You acknowledge that the information provided as part of the products, services and offerings offered by BLOX is not intended as a (personal) recommendation to buy, sell or hold assets (in the form of crypto assets). BLOX solely offers you the opportunity to use its products, services and offerings without advice. Your Orders are executed automatically by BLOX’s systems.

1.4. By creating an Account and/or using the Service, you declare that you:

have accepted all terms of this User Agreement;
In the event that the User Agreement is entered into by a natural person, you act on your own behalf and are at least 18 years old or, if and to the extent that a higher age is required for the valid conclusion of this User Agreement, have reached that age;
in the event that the User Agreement is entered into by or on behalf of a legal entity, you are authorized to enter into agreements on behalf of the legal entity and that the legal entity is authorized to enter into the User Agreement;
are authorized to enter into a binding agreement with BLOX and that this use is permitted under applicable law;
only open one Account and have no other Accounts. The account is not transferable without prior written consent from BLOX.
You are the account holder of the bank account(s) used by you and such bank account is in your name or, if the Account belongs to a legal entity, the bank account belongs to the legal entity and is in the name of that legal entity;
You will use the BLOX Environment and/or the Account on your own behalf and at your own risk, and not as an agent or representative of a third party or otherwise for the benefit of third parties;
acts in accordance with applicable laws and regulations and this User Agreement and the other agreements that you enter into or have entered into for the Service;
are not a resident of a country or are not subject to the jurisdiction of a country whose applicable law does not permit you to enter into this User Agreement or to use the Services of BLOX;
are not a US person, are not a resident of the United States, do not hold US nationality or otherwise may be considered a US citizen, and indemnify BLOX against any damages BLOX suffers as a result of breaching this prohibition;
Provide BLOX with up-to-date, accurate and complete information during the registration and verification process. Additionally, you must keep us informed if any changes occur in the information provided.
does not appear on a sanctions list.

1.5. As a User of the Services, you must have basic knowledge of the crypto assets that BLOX trades and the functioning of these products. You are solely responsible for the risks involved in investing in and lending crypto assets.

2. User Obligations

2.1. To use the Service you must register by completing the (full) registration process, providing the requested information and accepting the terms of this User Agreement and the other agreement for the use of the chosen Service.

2.2. As a User, you agree and undertake to provide BLOX with all information BLOX deems necessary to comply with our legal obligations, to cooperate with customer due diligence carried out by BLOX, including for the prevention of fraud, money laundering, the financing of terrorism and/or other (financial) crimes, and to inform BLOX of any changes to the information you previously provided.

2.3. BLOX is entitled to suspend and/or terminate your Account or the Service if you are unwilling to provide the requested information (in a timely manner) in a proper fashion, or if it appears or BLOX has a (serious) suspicion that the information provided is incorrect, incomplete and/or misleading. BLOX is at all times entitled (including as a result of the information received) to change the status of your Account and/or restrict the limits on the Account.

2.4. You authorize BLOX to make inquiries, directly or through third parties, that BLOX deems necessary to verify your identity or to protect BLOX against fraud or other financial crimes.

2.5. You are solely responsible for the Orders / Transactions / withdrawals and/or deposits you place and/or execute. This includes, among other things, entering the correct details, such as quantity, e-mail address, accurate bank details, wallet address, as well as communicating any changes. You guarantee the accuracy of the information you provide. By confirming the Order / Transaction / withdrawal and/or deposit you declare that you have reviewed the respective action and that all details are correct. Failure, or failure to timely, notify changes is entirely at your own cost and risk.

2.6. As a User, you may not use the Account and the Services for criminal activities of any kind, including but not limited to money laundering, market manipulation, terrorism financing, sanctions evasion, fraud or other punishable or illegal activities, as determined by BLOX in its sole discretion. This includes, among others:

Activities that conflict with sanctions legislation or guidelines in countries where BLOX operates, including the EU sanctions list.
Activities in conflict with laws and regulations
Fraudulent activities, including providing incorrect or misleading information.
Activities related to drug dealing or equipment for drug use.
Activities related to pyramid schemes or network marketing.
Unfair or misleading practices such as promises of excessive returns.
Illegal gambling such as unregulated lotteries or betting on sports.
Activities with an increased financial or legal risk.
Attempts to reverse engineer, modify, or otherwise manipulate the software behind BLOX.

2.7. As a User you guarantee that all (current and future) customer balances in the Account do not directly or indirectly originate from criminal or fraudulent activities and are held exclusively for the User and not for third parties.

2.8. As a User you agree and undertake to use the BLOX environment in a normal manner. The BLOX environment focuses on consumers; simplicity is paramount. It is therefore not permitted to execute automated orders in any way or otherwise use or abuse the BLOX environment. If BLOX detects unusual behavior in the BLOX environment, it is entitled to implement measures including, but not limited to, imposing limits on the number of quotes that can be requested in a certain period, restricting the trading of crypto assets, refusing to execute or cancel orders (with or without retroactive effect), and/or temporarily freezing an Account. If unusual behavior in the BLOX environment is detected and BLOX suffers damage as a result, BLOX may recover such damage from the User and offset it against the E-Money balance in the Account and, if that is insufficient, against the User’s crypto assets.

3. Rights and obligations BLOX

3.1. BLOX endeavors to make the Services function as well as possible. BLOX partly depends on third parties for the proper functioning of the Services, which means that BLOX cannot fully guarantee this proper functioning. Accordingly, BLOX cannot provide any representations or warranties of any kind regarding the operation of the Services insofar as they depend on third parties. BLOX disclaims all liability in this respect, except in the case of intent or conscious recklessness on the part of BLOX.

3.2. It is possible that (part of) BLOX’s Services may not operate continuously, optimally and/or error-free. BLOX cannot be held liable for any problems and/or damages that may occur as a result of the (temporary) unavailability of the full Services and/or changes made by BLOX, except in cases of intent or gross negligence by BLOX.

3.3. BLOX is entitled to temporarily suspend/cancel/modify/terminate or freeze access to or the operation of (part of) the Services as long as an investigation into the use of the Services is ongoing. If the legitimacy of the User or their use of the Services cannot be established, the User may lose all rights to the Crypto Assets or E-Money Balance. If BLOX ceases to facilitate the Yield Service, BLOX will no longer facilitate the allocation of the yield agreed between the Users and Coinmerce Earn. The Crypto Assets lent by Users will then be returned by Coinmerce Earn to the Users in Stichting BLOX Custody. Users will have the option to change the account type to a Custody Account.

3.4. BLOX is entitled to perform maintenance from time to time, during which it will be temporarily impossible to use the Services. BLOX endeavors to provide prior notice of major maintenance during which the BLOX Environment and/or the Services will be unavailable or only partially available for an extended period. However, due to factors such as reliance on third parties and the technical integrations of services, this will not always be possible.

3.5. BLOX can never be held liable for any damage suffered by you as a result of price fluctuations or due to the (temporary) suspension of the Service. BLOX is also not liable, in any form whatsoever, for any damage in the event that these terms and/or the other terms accepted by the User for the Service are not or not properly complied with by you.

3.6. BLOX makes every effort to prevent fraud, money laundering, the financing of terrorism and/or other (financial) criminal offences. To carry this out as effectively as possible, BLOX will:

Report suspicious (proposed) transactions to the competent authorities;
Actively monitor transactions and, if BLOX has reason to do so, take appropriate measures (including but not limited to blocking transactions, withdrawals and/or deposits and closing Accounts);
Collaborate with, among others, the police, regulatory authorities, the public prosecutor’s office, other government agencies and competent supervisory authorities.

3.7. In addition, BLOX reserves the right to, without being liable for any damage or lost revenues:

To block and/or freeze accounts that are (potentially) associated with fraud or other activities in violation of laws and regulations, this User Agreement, or any other agreement you have entered into for the Services;
to restrict or block Accounts during an internal investigation or in accordance with this User Agreement, the compliance policy, or laws and regulations;
Orders to suspend and/or cancel for compelling reasons by BLOX without being liable for any damages and/or lost income;
To sell the User’s positions in crypto assets at any time if BLOX receives a court order to do so or is otherwise obliged to do so;
To sell the User’s positions in crypto assets at any time if BLOX feels compelled to do so as a result of being unable to complete a customer due diligence, if the User fails to comply sufficiently with requests from BLOX in the context of the customer due diligence, or if necessary to satisfy the User’s obligations in light of costs and fees;
to unilaterally terminate the User Agreement for BLOX’s own compelling reasons without being liable for any damage and/or lost revenues;
to charge Users, in the event of fraudulent use or use in breach of the User Agreement or any other agreement you have entered into for the Services, for the costs that BLOX incurs and/or has had to incur in investigating and remedying fraudulent or other criminal activities. BLOX is entitled to offset these costs against the balance of the User’s Account;
to close accounts, terminate the service, or take any other measures that, given the circumstances, BLOX considers most appropriate in the event that a change in laws or regulations gives BLOX cause to do so, a regulator so requests, or there is another urgent reason that, in BLOX’s view, necessitates taking action;
to take other reasonably appropriate measures to prevent misuse, criminal offenses or use in violation of this User Agreement or any other agreement you have entered into for the Service.

4. Account

4.1. To use the Services, you must have an Account registered with BLOX. BLOX has an acceptance policy under which it assesses whether a User is eligible for an Account. Part of this policy is that only persons with a valid ID and a bank account in one of the SEPA countries can have an Account with BLOX. If at any time it appears that a User does not fall within the acceptance policy, BLOX reserves the right to close an Account and terminate the User Agreement and any other agreement concluded for the Services without being liable for any damage and/or loss of income. BLOX may make changes to the acceptance policy at any time.

4.2. BLOX has a legal obligation to conduct customer due diligence and monitor (suspicious) transactions. This applies both when creating the Account and during the Service. The User must provide the requested information at BLOX’s request and answer questions truthfully. BLOX has the right to take appropriate measures if it has not been able to complete the customer due diligence or not with sufficient certainty.

4.3. You are personally responsible for understanding the legislation regarding crypto-assets in the country where you reside or are located. BLOX cannot be held liable if the User breaches any laws or regulations.

4.4. An Account, including all account data and the balances in the Account, is personal and non-transferable and therefore cannot be transferred to a third party.

4.5. BLOX is entitled, without giving any reason, to refuse requests for an Account or modifications/extensions to the Account and/or to discontinue further processing.

4.6. BLOX is entitled at any time to block, close, delete and/or freeze accounts if an Account is used in violation of the User Agreement or any other agreement you have entered into for the provision of services, BLOX’s compliance policy or any legal provision, or if BLOX has reason to suspect such use. BLOX may, within the limits of the law, impose conditions on the repayment of any outstanding balances.

4.7. BLOX is entitled to freeze an Account in full until further notice and/or to take other measures deemed appropriate by BLOX if one or more of your balances are or become subject to attachment.

4.8. If an Account has not been used for a certain period and BLOX cannot reach the User, BLOX may deem the remaining customer balances as unclaimed property. BLOX may deduct an administrative fee for this. If the costs of maintaining the customer balances in an Account or transferring them exceed the estimated value of the customer balances, BLOX may close the Account, causing the User to forfeit all rights to the funds.

4.9. You declare that you have provided all information truthfully. If BLOX notices—or has reasonable grounds to suspect—that the obligations and/or representations under this User Agreement are not (or are no longer) correct, or are not being properly fulfilled, BLOX is entitled to immediately (temporarily) block your Account and/or close the Account and terminate this User Agreement.

5. Custody Account and Earn Account

5.1. BLOX enables you to select an Account that matches your preference and offers you the choice between a Custody Account and an Earn Account. The terms applicable to the Custody Account and the Earn Account are further explained in this User Agreement and in the Custody and Administration Agreement and the Earn Agreement. For more information about the Custody Account and the Earn Account, BLOX refers to the following page on the BLOX environment.

5.2. If you choose the Custody Account, you enter into a Custody and Administration Agreement. You give BLOX the explicit instruction to hold and manage your crypto assets in the segregated assets of Stichting BLOX Custody in accordance with the roles and responsibilities of Stichting BLOX Custody as described in Article 6 of this User Agreement and the Custody and Administration Agreement.

5.3. If you choose the Earn Account, you enter into a Earn Agreement with Coinmerce Earn. Your crypto assets are made available to Coinmerce Earn by BLOX on your behalf on the basis of the Earn Agreement. In exchange for these provided crypto assets, you receive the yield agreed between you and Coinmerce Earn on the basis of this Earn Agreement.

5.4. You can adjust your previous choice for a Custody Account or an Earn Account in your Account settings in the BLOX environment or by contacting our support department via support@weareblox.com.

6. Stichting BLOX Custody

6.1. Stichting BLOX Custody is responsible for safeguarding and managing Users’ E-Money Balance. Stichting BLOX Custody is a party to this User Agreement solely for the purpose of asset segregation and safeguarding Users’ E-Money Balance. Stichting BLOX Custody will hold the E-Money Balance with banks in accordance with applicable law and generally accepted rules and standards.

6.2. Stichting BLOX Custody maintains a safekeeping policy that determines how Stichting BLOX Custody secures the E-Money balance for Users. Stichting BLOX Custody may engage third parties for the safekeeping and management of this E-Money balance in accordance with the policy established by BLOX.

At the User’s request, a summary of the custody policy will be shared with the User electronically. E-Money Credit held by Stichting BLOX Custody is held in the name of Stichting BLOX Custody. E-Money Credit can, also for the purpose of risk diversification, be held in different accounts in the name of Stichting BLOX Custody.

6.3. Stichting BLOX Custody cannot be held liable if E-Money Credit cannot be paid out as a result of Force Majeure. Stichting BLOX Custody reserves the right, in the event of a discovered shortage of E-Money Credit due to Force Majeure, to make arrangements for the entitled parties. This may, for example, involve distributing the remaining funds pro rata among the entitled parties.

6.4. For questions, complaints and/or comments about Stichting BLOX Custody, you can contact: stichtingbloxcustody@weareblox.com.

7. E-Money Balance

7.1. By making a deposit in euros in the BLOX Environment, the E-Money Balance is topped up. The limits as indicated in the Account and/or via the BLOX Environment apply. These limits may be changed by BLOX at any time. For payments in other currencies, conversion fees will be charged by BLOX.

7.2. The E-Money Credit is recognized exclusively by BLOX.

7.3. Within BLOX, the E-Money Credit may only be used within the BLOX Environment to perform Transactions for the purchase of the Cryptoassets offered in the BLOX Environment.

7.4. E-Money Balance is electronic money and not a deposit like in a bank account. This means that it is not protected by a deposit guarantee scheme. E-Money Balance is held and managed by Stichting BLOX Custody in accordance with the policy of Stichting BLOX Custody for safeguarding the E-Money Balances.

The E-Money balance, or part thereof, may, upon request, be paid out in euros to your verified (SEPA) bank account. Requests will be processed as soon as possible, unless there is Force Majeure.

7.6. Upon requests to transfer (part of) the E-Money Balance and upon closing the Account, the value of the E-Money Balance in euros will be transferred to the User at the verified bank account number linked to the Account. It is not possible to transfer the balance to another (unverified) bank account.

7.7. The E-Money Balance is displayed as a euro-denominated balance shown in the Account. BLOX strives to ensure that the information made available in the BLOX Environment or in the Account is always complete, correct, accurate and up to date. In the event of any discrepancy between the information provided via the BLOX Environment or the Account and BLOX’s records, BLOX’s records shall prevail. BLOX will, where applicable, make the necessary efforts to correct any discrepancies as quickly as possible.

7.8. BLOX is at all times entitled, in case of suspicion of fraud and/or misuse, to suspend requests for payment of the E-Money Credit or for topping up the E-Money Credit until legitimacy has been demonstrated and/or the requested information has been provided.

7.9. In the event of an erroneous transfer, for example as a result of an incorrect description or a mismatched account holder name, it will be returned. The costs arising from this erroneous deposit may be charged to you. In the event that the bank refuses a SEPA withdrawal instruction, BLOX is entitled to pass all costs on to you.

8. Transactions, Orders, withdrawals and deposits

8.1. Purchases within BLOX can only be made with E-Money Balance. This can be done on the one hand by manually topping up your E-Money Balance, after which a crypto asset can be selected on the price page in the BLOX Environment, and on the other hand by setting up an automatic Recurring Order. To make a manual purchase, the following steps must be followed:

Go to the first page of the BLOX Environment, where all crypto assets are listed;
Select the desired crypto assets;
View the price over the past 24 hours and press the button: ‘Buy’;
Enter the desired purchase amount and press the button: ‘Continue’
A quote with the amount of crypto assets to be purchased appears on the screen; this quote is only valid for a limited period. If you agree with the quote (amount of crypto assets to be purchased), you can complete the purchase by pressing the button: ‘Confirm purchase’;
Once the order has been executed, you will receive a confirmation of the successful transaction in the history overview. The e-money balance will be reduced by the order amount.
Only after all previous points have been successfully completed has the transaction been executed and you can claim it.

8.2. To make a sale on BLOX, the following steps must be followed:

Go to the first page of the BLOX Environment, where all crypto assets are listed;
Select the desired crypto assets to sell;
View the price over the past 24 hours and press the ‘Sell’ button;
Enter the desired amount of Cryptoassets to sell and press the button: ‘Continue’;
A quote appears on the screen showing the proceeds from the offered crypto assets; this quote is only valid for a limited period. If you agree with the quote (of the proceeds from the crypto assets to be sold), you can complete the Order by pressing the button: ‘Confirm sale’;
Once the order has been executed, you will receive a confirmation of the successful transaction in your transaction overview. The e-money balance will be topped up with the proceeds from the sale.
Only after all the previous steps have been successfully completed is the Transaction executed and you can claim your E-Money Credit.

8.3. The quote to be provided by BLOX under step 5 (see paragraphs 1 and 2 of this article) for a buy or sell transaction is valid only for a limited period. By clicking the ‘Confirm Purchase’ or ‘Confirm Sale’ button, you agree to BLOX’s offer, the price and any applicable fees, and the Transaction is final at the stated price. Once the Order has been confirmed by you, it can no longer be cancelled, reversed or amended by you, without prejudice to the right to request rescission if BLOX fails to fulfil its obligations.

8.4. When using an Earn Account, it may occur that your crypto assets (temporarily) are held by Stichting BLOX Custody. In those cases, Stichting BLOX Custody is responsible for the safekeeping and management of your crypto assets in accordance with its safekeeping and management policy. When you indicate within the BLOX Environment that you wish to sell (a portion of) your crypto assets, they are first transferred from Coinmerce Earn to Stichting BLOX Custody. The subsequent sale transaction is then settled between Stichting BLOX Custody and BLOX. At your request, you can receive a summary of Stichting BLOX Custody’s safekeeping and management policy electronically.

During the above-described period, your Crypto Assets may be temporarily stored in pooled wallets. You will not receive any compensation in the form of returns, interest, or any other type of remuneration for this temporary storage. In this arrangement, Stichting BLOX Custody relies on software protocols that govern the operation of the supported Crypto Assets. Stichting BLOX Custody cannot be held liable if your Crypto Assets held by Stichting BLOX Custody cannot be paid out as a result of Force Majeure. Stichting BLOX Custody reserves the right to reach an agreement with entitled parties. BLOX is liable for the loss of your Crypto Assets that are held and managed by Stichting BLOX Custody, or the loss of means of access to your Crypto Assets that are held and managed by Stichting BLOX Custody, if a BLOX-attributable incident occurs. This liability is limited to the market value of the lost Crypto Assets at the time of the incident.

8.5. If an Order is placed within your Account, BLOX may assume that it is a legitimate Order and will execute it in accordance with the request.

8.6. If BLOX deems this necessary, for example in the event of an unusual situation (of a technical, legal or other nature), BLOX is entitled to suspend one or more Orders/Transactions, withdrawals and/or deposits until further verification is carried out if BLOX deems this necessary.

8.7. The initiation and execution of orders is subject to generally accepted rules and standards, including those relating to execution, fees and (market) integrity. Market abuse in any form is prohibited (think of pump and dump, front-running, market manipulation, etc.) For the avoidance of doubt: failure to comply with these rules constitutes a valid reason for BLOX to terminate the Services under the User Agreement, the supplementary Custody and Administration Agreement or Earn Agreement. In that case any other agreement for the Services automatically terminates as well.

8.8. In exceptional cases, errors may occur within the BLOX Environment, among others with regard to displayed prices or the manner in which Orders are executed. In addition, Crypto assets offered on the BLOX Environment may be subject to unusual price fluctuations, among others as a result of market manipulation or sudden decreases or increases in liquidity. In such cases, BLOX may, at its sole discretion (and is not obliged to):

correct such errors afterwards or restore price movements, including by modifying or reversing transactions, which may be to both the benefit and detriment of the User;
to suspend trading in one or more digital assets temporarily or indefinitely.

8.9. BLOX may cancel or refuse one or more Order(s) / Transaction(s) / withdrawal(s) or deposit(s) for its own reasons. This may, for example but not exclusively, occur in case of insufficient supply, in case of special (market) circumstances, if Order(s) / Transaction(s) / withdrawal(s) or deposit(s) are, in BLOX’s opinion, suspicious or in violation (or appear to be in violation) of the User Agreement or BLOX’s compliance policy, or if a Transaction is concluded that, at the time of closing the Transaction, given normal market conditions, deviates so much from the actual market price that it is unlikely to have been quoted correctly (for example as a result of a technical malfunction). In those cases, BLOX is not liable for any losses or lost income resulting from the failure to execute or the cancellation of the Order / Transaction / withdrawal or deposit.

8.10. After the Transaction has been fully executed and confirmed by BLOX, the User has purchased the crypto assets. The risks associated with the crypto assets transfer to you once the Transaction is completed.

8.11. A deposit of crypto assets is only added to and displayed in the User’s Account once multiple blockchain network confirmations of the transfer have been received. The number of confirmations required is determined solely by BLOX and may vary per crypto asset. BLOX only accepts deposits with a euro value of more than €0.01 at the time of deposit.

8.12. Only crypto assets that BLOX has indicated can be deposited may be deposited. The crypto assets that may be deposited may change from time to time. Under no circumstances may the User attempt to deposit crypto assets in a form that is not supported by BLOX. This also applies to sidechains or forked protocols of crypto assets that are included on the platform. Any attempt to deposit or receive such assets will result in the loss of those crypto assets.

8.13 Crypto assets can only be deposited when they meet the conditions set by BLOX in its compliance policy. You may only deposit your own crypto assets into your BLOX Account. These crypto assets may originate from your personal (self-hosted) wallet or a wallet held on your behalf with a third party. Also, always use the correct receiving address and network to send your crypto assets to your BLOX Account. If you fail to do so, we will have to charge you additional fees and you may even lose your crypto assets.

9. Recurring order

9.1 For specific Crypto Assets, BLOX may enable you to set up a (periodic) Recurring Order. Unlike the (manual) Order, this gives you the option to initiate an automatic purchase request for a specific Crypto Asset from your banking environment so that purchases can be made periodically at the same time. To set up this Recurring Order, you must indicate in your banking environment the amount for which you wish to purchase Crypto Assets and the frequency thereof.

9.2. The Recurring Orders may only be executed from a previously verified bank account. BLOX may impose additional conditions regarding the Recurring Transactions, such as applicable fees, minimum and maximum amounts. If the conditions are not met, BLOX has the option to reverse received payments to the account from which the payment originated.

9.3. BLOX will execute the Orders as soon as the euro amounts have been received at the then-applicable rate. The time at which the euro amounts reach BLOX depends on the bank and may vary per Recurring Order. In exceptional cases it may be that BLOX cannot execute the Order. If a Recurring Order is not executed, BLOX will try again to execute the Recurring Order as soon as possible. If the second attempt also fails, the amount will be added to your Account as E-Money Credit. BLOX can in no event be held liable for any lost income as a result of the failure to execute a Recurring Order.

10. Price Guarantee

10.1. When you request a quote for a purchase or sale, you have a limited period to accept this price and place the Order with BLOX. For the specified period, this price is guaranteed by BLOX.

10.2. Any form of abuse thereof, to be determined at BLOX’s sole discretion, constitutes a valid reason for BLOX to cancel the Order and/or terminate the User Agreement and the ancillary agreements, and to close the Account.

10.3. In exceptional cases errors may occur in the price guarantee, for example regarding displayed prices or the way in which requests are executed (think of quoting a price that deviates by several percent from the (average) market price at that moment). In such cases, BLOX may at its sole discretion (and is under no obligation to):

correct such errors retroactively or restore prices, including by adjusting or reversing transactions, which can be to the user's advantage or disadvantage;
to suspend or entirely terminate trading in one or more digital assets temporarily or permanently at its own discretion

11. Service provision

11.1. All Services are provided on an “as is” and “as available” basis, without any warranty. BLOX does not guarantee that the BLOX Environment or the Services will be available for a specific (absolute or relative) period of time. BLOX does not guarantee that access will not be interrupted or that there will be no delays, outages, errors, losses or similar issues in transmitted information. This may occur, among others but not limited to, during periods of high volumes, low liquidity, rapid market movements or high volatility. BLOX makes no implied warranties as to title, merchantability, fitness for a particular purpose and/or non-infringement.

11.2. All information made available via the BLOX Environment is for informational purposes only and may be changed without prior notice. The User is always responsible for assessing the relevance, accuracy, completeness and reliability of the information on the BLOX Environment. BLOX is not liable for any loss that directly or indirectly results from the User’s actions based on this information. The User must always conduct independent and appropriate research before using the Service. BLOX is not responsible for information provided for convenience but not managed by BLOX, such as links to third-party websites.

BLOX aims to provide accurate and timely information to the User. However, the content may sometimes not be complete, accurate or up-to-date and may contain inaccuracies or errors.

11.4. BLOX may at any time transfer, outsource or assign its rights and obligations under the User Agreement, attachments and related agreements, or otherwise in relation to the Services, to a third party without the User’s consent.

11.5. Information that is stored or transmitted via BLOX’s Services may be irretrievably lost, damaged or temporarily unavailable due to various causes, including but not limited to software errors, protocol changes by external providers, internet outages, force majeure or other emergencies, including DDoS attacks by third parties, scheduled or unscheduled maintenance or other causes inside or outside BLOX’s control. The User is solely responsible for creating backups and retaining duplicates of all information stored or transmitted via the Services.

11.6. BLOX, Stichting, BLOX Custody and Coinmerce Ean are not obliged to provide services when BLOX or Coinmerce Earn may reasonably assume that doing so would conflict with applicable laws and regulations.

11.7. The User is personally responsible for verifying whether information provided by BLOX is correct, and whether the information was actually sent by BLOX at the expected time.

12. Transactions with BLOX

12.1. For each Transaction, BLOX acts as counterparty to you and will register crypto assets purchased/sold by you.

12.2. BLOX strives to ensure that the information provided in the BLOX Environment or in the Account (including, among other things, regarding wallet balances) is always complete, correct, accurate and up to date.

13. Identification and verification

13.1. In order to use the Service, you must create an Account, provide all requested information and supporting documents, and ensure all data is complete and accurate. The information that BLOX requests may include personal data, such as—but not limited to—name, address, telephone number, e-mail address, date of birth, personal identification number, as well as information such as bank account statements, tax returns and/or other documents.

13.2. Both prior to opening an Account and on an ongoing basis, the User agrees to provide BLOX with all requested information for the purpose of complying with the ‘know-your-customer’ rules, as amended from time to time, and for the detection of money laundering, terrorism financing, sanctions, fraud or any other criminal or illicit activity.

13.3. BLOX reserves the right to verify the information provided – at a time to be determined by BLOX. The timing of this verification may vary depending on the situation and is partly dependent on BLOX’s compliance and risk management policies. BLOX is at all times entitled to reject verifications or request additional data if it deems this necessary and/or desirable. If there is any doubt about the verification of your identity, BLOX may take any measure it considers appropriate, including, but not limited to, temporarily suspending the Account or limiting functionalities in the BLOX Environment. All these actions require time and may lead to delays in service, which could have adverse consequences for you as a User. You acknowledge and accept these risks, and agree that BLOX cannot be held liable for any delayed services that have adverse consequences for the User.

13.4. Depending on the status of your Account, not all functionalities of the Service may be available or (lower) limits may apply.

13.5. BLOX reserves the right to adjust the requirements for identification and verification procedures. Even if your identity has already been verified, BLOX may request additional information. BLOX is at any time authorized to block the Account, freeze the funds, or terminate the Account.

13.6. If you refuse to provide the requested information and/or documents, or do not wish to comply with a request for additional verification, BLOX is entitled to immediately block or close the Account and terminate this User Agreement.

13.7. By visiting the Website or registering for the Services, the User consents to the collection, use and disclosure of information in accordance with our Privacy Statement. A copy of the most recent version of the Privacy Statement is available on our Website. BLOX will process the User’s personal data in accordance with the Privacy Statement.

14. AML & KYC Policy

14.1. BLOX makes every effort to prevent money laundering, fraud or other criminal activities through the Services offered by BLOX. BLOX is entitled to take, prior to, during and after the Services, any measures it deems necessary.

14.2. In the event of suspected criminal or fraudulent activities, BLOX is entitled, within the confines of the law, to take mitigating and/or additional measures, such as suspending and/or canceling transactions and/or blocking your Account and/or freezing funds.

14.3. The User acknowledges that BLOX is entitled and grants BLOX permission, in addition to requesting the mandatory documentation, to perform additional screening, such as obtaining publicly available data and consulting non-public databases for information regarding identification documents and political involvement.

14.4. BLOX is at all times entitled, within the limits of the law and for its own reasons, to suspend, refuse or cancel an Order / Transaction / withdrawal / deposit, temporarily block an Account and/or close an Account.

14.5. Upon detecting a violation of law (or a serious suspicion thereof) by you and/or in the event of an (intended) so-called unusual transaction, BLOX may report it to the competent authorities.

15. Costs and fees

15.1. The User owes fees to BLOX. These include, but are not limited to, fees for trading, depositing Crypto Assets or E-Money Balance and withdrawing Crypto Assets or E-Money Balance. Fees are also owed by Users who choose the Custody Account. The current rates are displayed in the BLOX Environment and can be found in the pricing policy. BLOX is entitled to adjust these rates.

15.2. If in an exceptional case it is necessary and permitted by BLOX to send crypto assets to an external wallet, administrative and transaction fees may be charged by BLOX. BLOX will inform the User in advance of the fees then applicable. These fees are based on the internal and external costs that BLOX and Stichting BLOX Custody must incur to facilitate the transfer. Before a transaction is executed to a User’s wallet, the User’s wallet must be verified and additional administrative requirements may apply (such as the provision of extra information).

15.3. Any fees and the corresponding amounts are published by BLOX on the pages designated for fee information on the Website and/or in the BLOX Environment, as amended from time to time, or are otherwise made available to the User. BLOX may, at its sole discretion, make changes to this from time to time. Changes that have been communicated to the User will take effect immediately or at the time specified by BLOX.

16. Crypto assets

16.1. The BLOX Environment can be used to trade crypto assets. In addition, it is under certain conditions possible to bring crypto assets into the BLOX Environment by means of a deposit in the form of crypto assets. As a rule, it is not possible within the BLOX Environment to send crypto assets to an (external) wallet address, unless otherwise agreed in this User Agreement.

16.2. Deposits in crypto assets are only possible insofar as BLOX facilitates these deposits for the relevant crypto assets and the other conditions in the Account have been met (for example, limits). A blockchain analysis will form part of a deposit in crypto assets.

16.3. In the event that, based on blockchain analysis, there is doubt about the origin of the specific cryptoassets (for example involvement in illegal activities), BLOX may conduct further investigation into their provenance. BLOX is entitled to (temporarily) block this deposit of cryptoassets. If, in BLOX’s opinion, the further investigation is not sufficiently satisfactory or an explanation is not sufficiently / satisfactorily provided, BLOX is entitled to definitively refuse the deposit and return it to the User. The User shall, upon first request, provide all information necessary to transfer the cryptoassets back to the User. Fees are charged for returning the cryptoassets, which shall be borne by the User. BLOX will inform the User of the then applicable fees. These fees are based on the internal and external costs that BLOX and Stichting BLOX Custody must incur to facilitate the transfer.

16.4. BLOX is free, at its sole discretion, to add, remove or (temporarily) suspend crypto assets (both for trading and for deposits in crypto assets) from the BLOX Environment. Whenever possible, BLOX will announce any decision to do so in advance.

16.5. Upon the removal or temporary suspension of trading in Crypto Assets in the BLOX Environment, BLOX shall, to the extent possible, set a period within which BLOX offers you the opportunity to sell the Crypto Assets in the BLOX Environment or withdraw them to your personal (self-hosted) wallet if you meet the conditions and policies of BLOX as set out in clause 7 of this article. BLOX aims to announce this—where possible—30 days in advance. In cases of Force Majeure or if required by law and regulations, this period may be shorter. In that case, BLOX will inform you prior to the sale of the period that will apply.

16.6. If you have not sold the crypto assets within the period specified in paragraph 5 as a result of the announcement that a crypto asset will be permanently removed from the BLOX Environment, BLOX is entitled, after the expiry of that period, to sell those crypto assets for and on your behalf (to the extent still possible) and to increase the E-Money Credit by the value of the sale. BLOX is authorized to determine the exact timing thereof.

16.7. You can also request BLOX by email at support@weareblox.com, during the relevant period, to transfer the Crypto Assets to your personal (self-hosted) wallet, provided that the wallet complies with the conditions set by BLOX and the value of your Crypto Assets is at least €250. BLOX charges network fees for this. BLOX may refuse such a request if it is not permitted by law or regulation or by instructions from competent authorities to execute such a transaction, insofar as the User has not responded in a timely, accurate and/or complete manner, or for other reasons at BLOX’s discretion.

16.8. In the event of a temporary suspension of trading in a crypto asset, BLOX will, in principle, hold the crypto asset for you. If a temporary suspension leads to the permanent removal of the crypto asset, you authorize BLOX to sell it on your behalf and increase your E-Money Balance by that amount.

16.9. BLOX is not liable for any damage arising from adding or not adding a Crypto Asset to the BLOX Environment, the (temporary) unavailability of a Crypto Asset and/or the removal of a Crypto Asset within the BLOX Environment, except in the case of intent or gross negligence by BLOX or parties appointed by BLOX.

17. Crypto asset transfer services

17.1. BLOX also provides a crypto-asset transfer service on behalf of the Users and has applied for a MiCAR license for this service. This article goes into more detail about this crypto-asset transfer service.

17.2. BLOX provides this crypto asset transfer service to its Users upon requests from Users, which may include transferring crypto assets made available to Coinmerce Earn in the context of an Earn Account or the activities for executing the conversion service on an Account. The custody policy may also entail that crypto asset transfer services are provided as a result of the secure storage of Users’ crypto assets with a Custody Account.

17.3. In performing the Crypto Asset Transfer Service, BLOX shall exercise due care. For the performance of this service, BLOX may use (software from) third parties that it engages for the provision of its custody service. This is explained in more detail in the custody policy, which also includes the security systems.

17.4. The crypto asset transfer service provided by BLOX and, as an extension of BLOX, by Stichting BLOX Custody is in principle free of charge unless otherwise agreed with the User in individual cases.

17.5. Furthermore, this User Agreement, including the right described in article 298 of this User Agreement, applies to these services.

18. Security

18.1. You are responsible for having available:

a good and secure internet connection;
a computer, tablet, smartphone or other device with which a connection to the BLOX Environment via the internet can be made, which is equipped with up-to-date measures against, among others, intruders, viruses, spam, etc.;
an email account to which only you have access, and through which the email messages from BLOX can be received without hindrance.

18.2. You must use a strong password and employ two-factor authentication. Passwords and two-factor authentication data are strictly personal and may not be shared with others. Unless proven otherwise, BLOX and Stichting BLOX Custody assume that anyone who logs into the User’s Account with the correct login credentials is indeed the User. The User accepts responsibility for – and bears the full risk of – all activities conducted through his or her Account and all transactions executed through the Account.

18.3. BLOX will never ask you to provide authentication means, such as passwords and two-factor authentication, in any way other than when logging into your Account or requesting a transfer of (part of) your E-Money Balance. You should never comply with such a request, even if it appears to come from BLOX.

18.4. To the extent that BLOX would be liable for any damage incurred, you are not entitled to compensation if the security measures are not complied with or have not been complied with. It is up to you to demonstrate that the described security measures have been complied with.

18.5. If you know or suspect that your account information has been stolen or may be misused, you must contact BLOX immediately.

19. Risks

19.1. BLOX holds a license as a Crypto Asset Service Provider within the meaning of the Markets in Crypto Assets Regulation (“MiCAR”). The number of BLOX in the register of the Netherlands Authority for the Financial Markets (“AFM”) is 41000020. As a result of this license, BLOX is supervised by the AFM and De Nederlandsche Bank (“DNB”). BLOX holds a license to custody and manage Crypto Assets on behalf of Users, to exchange Crypto Assets for funds, and to provide Crypto Asset transfer services on behalf of Users.

19.2. BLOX makes use of the limited network exemption under Article 1(4) of Directive 2009/110/EC, as transposed into national law. This allows BLOX to issue electronic money without a license as an electronic money institution.

19.3. You acknowledge and take full responsibility for the risks associated with trading crypto assets. Investing in crypto carries risks and you may lose all or part of your investment due to, among other things, the absence of guarantees for value and value preservation.

19.4. You accept the special circumstances that may occur when providing the Service via the internet and the (technical) imperfections that may arise, such as the inability to obtain (full) access to our Service or the BLOX Environment; the failure or untimely provision and/or processing of an Order; malfunctions and/or defects in the BLOX Environment and/or its underlying hardware and/or (inter)network connections and/or software on which the BLOX Environment runs. Except in cases of intent or gross negligence by BLOX or our employees or authorised agents, BLOX shall not be liable for these special circumstances, nor for any consequences of the (temporary) unavailability or incomplete availability of the BLOX Environment or the Account, nor for delays and/or malfunctions and/or incomplete operation of the BLOX Environment.

19.5. You understand and accept that by using our Services, you run a risk in relation to BLOX, Coinmerce Earn and/or Stichting BLOX Custody.

20. Force Majeure

20.1. In the event of Force Majeure, BLOX, Stichting BLOX Custody and Coinmerce Earn are entitled to suspend performance of the obligations towards the User and/or terminate the User Agreement.

20.2. If BLOX and Coinmerce Earn are still unable to fulfill their obligations after three months, BLOX and Coinmerce Earn are entitled to terminate or (in whole or in part) rescind the User Agreement (for the portion of the obligations that BLOX is unable to fulfill due to Force Majeure). In that case, Users have no right to compensation for any damages suffered or to be suffered as a result of the termination or rescission.

21. Termination of the User Agreement and the Account

21.1. Parties may terminate the User Agreement at any time. Termination of the User Agreement automatically results in the closure of the Account and the cessation of the Service. Termination of the User Agreement also automatically results in the termination of the other agreements for the Service.

21.2. You can terminate the User Agreement at any time by sending an email to: support@weareblox.com. There are no costs associated with the termination. Prior to terminating the User Agreement, you must sell and withdraw your funds.

If you do not withdraw your balances upon termination of the User Agreement, eight days after termination BLOX may sell the Crypto Assets on your behalf at a time determined by BLOX and credit the E-Money Balance with the sale proceeds so that these funds can be transferred to your bank account. You hereby authorize BLOX to do so. Upon termination of the User Agreement, any balance remaining in your Account (E-Wallet) will be transferred to your most recently used verified bank account after eight business days, unless there is suspicion or confirmation of misuse or fraud or any other law, regulation or legitimate ground exists on the basis of which the payment may be suspended.

21.3. If, at the time you request termination of the User Agreement, you are using an Earn Account, you will by that termination request (to the extent this has not already occurred) also automatically request termination of the Earn Agreement with Coinmerce Earn and the return of the Crypto Assets made available to Coinmerce Earn under the Earn Account. The relevant Crypto Assets will, after termination of the Earn Account, be transferred and credited to your Account. The E-Money Credit will then be increased once the Crypto Assets have been sold. Termination of the User Agreement automatically results in closure of the Account and cessation of the Services.

21.4. Subject to the foregoing, after terminating the User Agreement you may still have a claim against BLOX or Coinmerce Earn. This claim can, for example, arise from the Earn Account. If it is expected that a long period may elapse before it is determined what the User’s claim consists of and its amount, for example in the event of the bankruptcy of a third party, your Account will remain available after termination of the User Agreement solely for receiving and subsequently selling that claim, and you will no longer be able to trade via the BLOX Environment or deposit crypto assets or funds. In that case, the Account will remain active exclusively to receive the future claim. In both situations, you must (continue to) provide your current details to the parties so that the claim (in whole or in part) can still be paid out once it has been determined by BLOX. The relevant crypto assets will be transferred and credited to your Account. Subsequently, the E-Money Balance will be increased once the crypto assets have been sold.

21.5. In the event of suspicion or confirmation of misuse or fraud, or if there is any other law, regulation or other legitimate ground on which the payout may be suspended, BLOX will, in principle, not proceed with the sale of the crypto assets until there is sufficient clarity (for BLOX), unless BLOX is required to do so by a competent authority or another power or obligation to sell arises, such as delisting or payment of the due fees. In the foregoing case, measures will be taken at BLOX’s discretion. In such circumstances, BLOX will never be liable for any damage or loss of income resulting, for example, from price fluctuations.

21.6. If, due to Force Majeure, it is no longer possible or feasible to continue providing the Services, BLOX is entitled to immediately terminate one or more parts of the Services. All open Orders will lapse at that time and all balances must be withdrawn.

22. Privacy

22.1. BLOX collects, processes and stores the User’s personal data in accordance with BLOX’s privacy statement. This is done, among other things, to comply with legal obligations and to offer the Service as optimally as possible. The privacy statement describes on what grounds personal data are processed, which data are processed and the reasons for this processing. The privacy statement also states that BLOX will handle your data with care and will not share it with third parties without good reason.

22.2. You must have taken note of BLOX’s privacy statement as it forms part of the User Agreement. It explains why BLOX needs your data and what it is used for.

23. Confidentiality

The User may receive or otherwise become aware of information concerning BLOX or its Services that is not known to the general public. The User hereby agrees to use such confidential information solely to the extent necessary for the use of the Services, and agrees not to disclose any of this confidential information to third parties or other persons, unless BLOX has expressly given written consent. All confidential information remains the property of BLOX.

24. Intellectual property rights

BLOX and its affiliated companies own all rights, titles and interests, including all associated intellectual property rights, in and to the BLOX platform, the BLOX Environment and the services offered by BLOX. The same applies to suggestions, ideas, requests for improvements, feedback, recommendations or other information provided by the User in connection with the services. These Terms of Use do not grant any ownership rights in the intellectual property rights owned by BLOX. No right or license is granted to use BLOX’s intellectual property rights, except as strictly necessary for use of the BLOX Environment and the services in accordance with these terms. In the case of such a license, it is not sublicensable and may be revoked by BLOX. The name BLOX and the BLOX logo are trade and service marks of BLOX and its affiliated companies, and no right or license is granted to use them.

25. Complaints

25.1. Users can report feedback or questions via support@weareblox.com. Complaints can be reported via complaint@weareblox.com, the online complaints form or by sending the pdf version of BLOX to BLOX’s address.

25.2. When a User contacts BLOX, the User will be informed about the complaints procedure and is required to provide their name and email address, as well as any other information that may be necessary based on the complaints form to identify the User and assess the complaint. If the User does not respond to such a request and is unwilling to follow the procedure in the complaints procedure, the complaint will not be processed further.

25.3. If the complaints procedure has been completed but your complaint has not been handled to your satisfaction, you are entitled to submit the dispute to the court in accordance with the provisions of article 29.

25.4. Correspondence between you and BLOX is confidential and, unless there is a legal obligation to do so, may not be published or disclosed by either party without the express consent of both parties.

26. Liability

26.1. BLOX and Coinmerce Earn endeavor to provide the Services to Users in a professional and careful manner. Nevertheless, the use of the Services and trading in Crypto Assets involves inherent risks. For that reason, BLOX and Coinmerce Earn are compelled to limit their liability as described in this article.

26.2. BLOX and Coinmerce Earn accept no liability for any damage, unless it results from intent or gross negligence on their part. Furthermore, they shall not be liable for damage arising from or related to:

acts of the User in violation of this User Agreement and the other agreements you enter into or have entered into for the Service;
malfunctions/bugs in the power supply or malfunctions/bugs in communication connections and/or equipment and/or other facilities, regardless of whether these connections, equipment or facilities are managed by BLOX, Coinmerce Earn or a third party, or other causes preventing the User or BLOX or Coinmerce Earn itself from making full or timely use of BLOX’s systems and the associated Services; BLOX cannot guarantee that the Services are available 24 hours a day, 7 days a week. BLOX makes every effort to achieve this availability but cannot be held liable if this is not the case.
inaccuracies in and/or non-receipt or delayed receipt of price information, calculations, balance statements, quotes or other information provided by BLOX to the User;
analyses and/or other information of any kind whatsoever regarding investing in crypto assets that is available to the User;
changes in BLOX’s internal operations, policy documents and/or compliance policy that may result in the User no longer being able to use BLOX’s Services;
loss of profits or loss of expected returns, including loss of expected trading profits or hypothetical trading losses, direct or indirect, such as missed trading opportunities or actions that the User otherwise would have taken, even if such loss arises from the temporary non-tradability of your crypto assets;
misuse, unauthorized or improper use of the BLOX Environment and/or access codes and/or security measures of the BLOX Environment resulting in access to the Account;
the shortcomings of exchanges, trading platforms, liquidity providers, payment and settlement systems, or custodial institutions;
any act, default or omission by a third party with crypto assets provided by BLOX in connection with the Yield Service;
the temporary or permanent inability of the User to trade Crypto Assets in the BLOX Environment;
the choices made by the User with regard to security settings and/or security measures – or the (partial) absence thereof – of the products or services offered by BLOX; and
any other damage whatsoever, except insofar as it is established that such damage is the direct result of gross negligence or intent on the part of BLOX.

26.3. To the extent that BLOX or Coinmerce Earn is liable for any damages suffered, the total liability of BLOX and Coinmerce Earn, to the extent permitted by applicable law, shall be limited to:

the maximum aggregate of the fees you paid to BLOX and Coinmerce Earn in the six months immediately preceding the date of any claim that gives rise to such liability.
the damage that could reasonably have been mitigated if the User had reported the damage without undue delay, up to the amount of damage that would have arisen if the User had reported the error to BLOX or Coinmerce Earn within 24 hours of discovery;
direct damage that was reasonably foreseeable and directly arises from a breach of the User Agreement by BLOX and Coinmerce Earn.

26.4. BLOX or Coinmerce Earn may, in specific cases and at its sole discretion, decide to compensate the User for damages or losses, without being obliged to do so and without creating any precedent.

26.5. Insofar as BLOX is culpably in default with respect to an incident in the context of the custody and management of crypto assets and crypto assets have been lost as a result, BLOX’s liability is limited to the market value at the time the crypto assets were lost.

27. Indemnification

The User agrees to defend, indemnify and hold harmless BLOX and Coinmerce Earn, including their directors, employees, representatives and affiliates, from and against any and all claims, lawsuits, investigations, damages, costs or other proceedings (including reasonable attorneys' fees) arising out of the following:

An actual or alleged breach of the agreements, warranties or obligations that the user has entered into in this User Agreement and the other service agreements;;
Incorrect, unlawful or inappropriate use of BLOX’s Services by the User;
A violation of the rights of another person or organization by the User.

This provision protects BLOX and Coinmerce Earn against any adverse consequences arising from errors or unlawful conduct by the User.

28. Other provisions

28.1. Dutch law shall apply to the User Agreement and all Orders/Transactions/withdrawals and deposits, without prejudice to Regulation (EC) No. 593/2008 of the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual obligations (Rome I).

28.2. In the event of disputes, a claim by a User shall be brought either before the Dutch courts or before the courts of the place where the User has his residence, at the User’s choice.

28.3. In the event of disputes, a claim against a User shall be brought before the courts of the Member State where the User resides.

28.4. BLOX is entitled to unilaterally amend and/or adjust the terms of this User Agreement. In the event of a change to the User Agreement, the User has the option to terminate the User Agreement immediately.

28.5. If one or more provisions of this User Agreement prove to be void or are declared invalid (for example as a result of a court ruling), the remaining provisions of the User Agreement remain in force.

28.6. BLOX communicates with you in Dutch or English. BLOX can communicate with you online, via e-mail, via the BLOX Environment and your Account.

28.7. BLOX may amend this User Agreement at its sole discretion. If you do not agree with these amendments, you may terminate the User Agreement immediately. If you continue to use the Services after the amendments have come into effect, this constitutes your acceptance of the amendments.

28.8. These terms are available in multiple languages. If they differ or can be interpreted differently, the Dutch text of the terms shall prevail.