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User agreement

Introduction 

These terms and conditions describe the agreements that apply to the use of the BLOX platform and the services that are offered. These terms and conditions govern several legal relationships, namely the relationship between:        

1. BLOX B.V. (Chamber of Commerce: 75588749, Kerkenbos 1025, 6546BB, Nijmegen) and you with regard to the exchange of fiat money and cryptocurrencies and vice versa, the short-term custody of the cryptocurrencies on behalf of the customer during the period between purchase and sale of the cryptocurrencies and any Staking and/or Lending activities and the transfer of BLOX to Coinmerce for storage and preservation purposes. 

2. Stichting derdengelden Blox (Chamber of Commerce: 72296291, Kerkenbos 1025, 6546BB, Nijmegen) and you with regard to the storage and management of Euro balances (E-money credit) 3. Coinmerce B.V. (Chamber of Commerce: 70036969, Beechavenue 122-140, 1119 PR Schiphol-Rijk Nederland,) and you (Coinmerce) with regard to the storage and management of the cryptocurrencies. 

3. Coinmerce B.V. (Chamber of Commerce: 70036969, Beechavenue 122-140, 1119 PR Schiphol-Rijk Nederland,) and you (Coinmerce) with regard to the storage and management of the cryptocurrencies.  

More specifically, the agreements between BLOX, Stichting derdengelden BLOX and you are further elaborated in parts A and B of this User Agreement.    

The agreements between Coinmerce B.V. and you are further elaborated in part C of this user agreement. Finally, Section D contains a number of general provisions that apply to all Parties.               

Where an assignment of yours in the User Agreement also has consequences for another party, this legal consequence will be included as much as possible in the relevant article.   

By agreeing to the terms and conditions of this User Agreement, you declare that you have read, understood, and agree to the content. You also declare that you have taken note of the Privacy Statement and the (risk) disclaimer(s). 

You should be aware that cryptocurrencies can be subject to large price fluctuations and can therefore cause large losses. Trading digital currencies carries significant risk. Only use funds that you can afford to lose. 

 

Definitions 

Account: an account held by the User at BLOX. 

BLOX: the private limited company under Dutch law BLOX B.V. with its registered office at Kerkenbos 1025, 6546 BB in Nijmegen and registered with the Chamber of Commerce under no. 71663533. 

Coinmerce: the private limited company under Dutch law Coinmerce B.V. with its registered office at Beechavenue 122-140, 1119 PR in Schiphol-Rijk and registered with the Chamber of Commerce under no. 70036969. 

Services: the execution of the Orders initiated by the User and all other services, products and services offered by BLOX on the Platform. 

E-Money Credit: the electronic money issued by BLOX in exchange for money received and with which the User can buy and sell cryptocurrencies. 

User: the person who uses our Services and/or Platform, hereinafter also referred to as: 'you' or 'your'.  

User Agreement: the agreement between the User and BLOX  

Order: a request to execute a Transaction, (crypto) deposit, withdrawal, stake or lend cryptocurrencies. 

Force majeure: a situation that impedes the normal functioning of the Platform and/or Services and/or makes business operations (partially) impossible and cannot reasonably be foreseen by BLOX, or at least over which BLOX cannot have any influence, such as fire, natural disaster, social unrest, strike or lockout, war, mobilization, declaration of a state of war or siege, riots, government measures,  exceptional network or hardware failures, power failures, bank failures, failures related to the custody / transfer of cryptocurrencies, bankruptcy of or conflict with a bank, a partner that holds (part of) the cryptocurrency in custody or other partner of BLOX, difference of opinion with regulator, problems with the network or protocol of a cryptocurrency.
 

Platform: all mobile application(s), website(s) and/or communication channels made available to the User by BLOX through which our services, products and/or services are offered. 

Party/Parties: the parties that are part of this User Agreement, namely, BLOX, Stichting derdengelden Blox and/or Coinmerce, collectively referred to as Parties or individually Party, insofar as it concerns obligations that specifically relate to one of the parties.      
        

Lending: the product offered by BLOX in which you request BLOX to lend you cryptocurrencies in exchange for a return fee.  

Yield services: Staking and/or lending and/or other services of BLOX aimed at making returns on cryptocurrencies. 

Staking: The product offered by BLOX in which you request BLOX to stake your cryptocurrencies with the aim of receiving returns in the form of staking rewards on your cryptocurrencies. 

Transaction: a successfully executed Order on the Platform where the User has made a purchase or sale of cryptocurrencies for fiat or exchanged one cryptocurrency for another cryptocurrency. 

Recurring Order: a successfully set recurring Order (also known as DCA) in which a request is automatically made by the user to purchase a cryptocurrency by means of a bank transfer stating a unique number without requiring any action on the Platform.      

 

A. Agreement between the User and BLOX 

This User Agreement describes the terms and conditions under which BLOX offers you access to and use of our products and services. The user agreement between BLOX and you must be regarded as a framework agreement that applies to the use of the Platform. 

 

General 

Art. 1. 

1. BLOX performs our Services as carefully as possible. Once a Transaction has taken place, it is irreversible. The right of withdrawal for private individuals is excluded. Users do not have the option to terminate Transactions related to cryptocurrencies, except in the event that BLOX does not comply with its commitments. 

2. All information provided by BLOX (regardless of the way in which it is disclosed) is non-binding, purely informative in nature and may not be considered as professional, financial or legal advice. BLOX does not give buy or sell advice and do not make any statements about the expected price or price. BLOX does not provide (investment) advice with regard to cryptocurrencies. BLOX does not accept any responsibility or liability for the information provided by BLOX nor for the use that is made of it or for any loss that arises or could result from it. 

3. You acknowledge that the information provided as part of our products and services is not intended as a (personal) recommendation to buy, sell or hold assets (in the form of cryptocurrency). All products and services are offered on an "execution only" basis. Your Orders are automatically executed by our systems. 

4. By creating an Account and/or by using our Services, you declare that you: 

  • have accepted all the terms and conditions of this User Agreement; in the event that the User Agreement is entered into by a natural person, you are acting on your own behalf and are at least 18 years of age or, if and to the extent that it is required that a higher age has been reached for the purpose of validly entering into this User Agreement, that age has been reached; 
  • in the event that the User Agreement is entered into by/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 contract with BLOX and that such use is permitted by applicable law; 
  • create only one Account and have no other Accounts; 
  • that you are the account holder of the bank account(s) used by you and that that bank account is in your name or, if the Account is of a legal entity, that that bank account belongs to the legal entity and is in the name of that legal entity; 
  • use the Platform and/or Account for its own account and risk, and not as an agent or representative of a third party or otherwise for the benefit of any third party; 
  • act in accordance with applicable laws and regulations and this User Agreement; 
  • are not a resident of any country or subject to the jurisdiction of a country whose applicable law does not permit you to enter into this User Agreement or use our Services; 
  • are not a U.S. person, are not a resident of the United States, do not have a U.S. Citizenship or otherwise qualify as a U.S. citizen and indemnify BLOX against any damages suffered by BLOX as a result of violation of this prohibition; 
  • does not appear on a sanctions list. 

5. As a User of the BLOX Services, you must have basic knowledge of the cryptocurrencies that BLOX trades and the operation of these products. You are responsible for the risks involved in investing, lending and staking cryptocurrencies. 

6. It is forbidden to use the Platform for illegal purposes, such as money laundering or tax evasion, among others. 

7. BLOX offers different types of Services, which involve different risks. BLOX administers the cryptocurrencies associated with the various services separately, so that Users only have exposure to the products they actually use. Thus, any negative consequences associated with a particular Yield Service and/or a particular cryptocurrency will be linked to the group of Users who have also specifically chosen that Yield Service and/or specifically that cryptocurrency for the use of the Yield Service. Subsequently, if a risk materializes for a Yield Service or any of the cryptocurrencies associated with that Yield Service, that risk will be allocated on a pro rata basis to the Users who have opted for that Yield Service and/or the Users of that Yield Service who have opted for the use of specific cryptocurrencies, and not to other Users. 

 

Obligations of the User 

Art. 2. 

1. To use our Services, you must register by going through the (complete) registration process, providing the requested information and accepting the terms of this User Agreement.  

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

3. BLOX is entitled to suspend and/or cancel your Account or our Services if you are not prepared to provide the requested information (in a timely manner) in a proper manner or if it appears or if BLOX has a (far-reaching) suspicion that the information provided is incorrect, incomplete and/or misleading. BLOX is at all times entitled (therefore also as a result of the information received) to change the status of your Account and/or to limit the limits in the Account. 

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. 

5. You are solely responsible for the Orders / Transactions / withdrawals and/or deposits to be placed and/or made by you. This includes, among other things, entering the correct data, such as quantity, e-mail address, correct bank details, wallet address as well as reporting changes. You are responsible for the accuracy of the information you provide. By confirming the Order / Transaction / withdrawal and/or deposit you declare that you have checked the transaction in question and that all details are correct. Failure to report changes or failure to report them on time is entirely at your expense and risk. 

6. As a User, you agree and undertake to use the platform in a normal manner. BLOX is a platform with a focus on consumers; Simplicity is paramount. Therefore, it is not permitted to execute automated Orders in any way or to use or abuse the Platform in any other way. If BLOX detects unusual behavior on the platform, BLOX is entitled to set up measures, including but not limited to, placing restrictions on the number of quotes that can be requested in a certain period, imposing restrictions on the trading of cryptocurrencies, possibilities to not execute or cancel orders (with or without retroactive effect) and/or the temporary freezing of an account. If unusual behavior is detected on the platform and BLOX has suffered damage as a result, BLOX can recover this damage from the User and settle this damage against assets or E-money Credit in the account.        

 

Rights and obligations BLOX 

Art. 3. 

1. Blox makes every effort to ensure that our Services function as well as possible. BLOX is partly dependent on third parties for the correct operation of our Services, so that BLOX cannot fully guarantee this correct operation. BLOX can therefore not provide any representations or warranties of any kind with regard to the operation of our Services insofar as it is dependent on third parties. BLOX rejects all liability in this regard, except in the event of intent or deliberate recklessness on the part of BLOX. 

2. It is possible that (part of) our Services does not work continuously, optimally and/or error-free. BLOX cannot be held liable for any problems and/or damage that (may) occur as a result of the (temporary) unavailability of our entire Service and/or changes made by BLOX, except in the event of intent or gross negligence on the part of BLOX. 

3. Blox is entitled to temporarily suspend / change or discontinue access to or the operation of (part of) our Services. Blox will only make use of this right if BLOX deems it necessary, for example to comply with applicable laws and regulations, instructions from competent regulators and/or for the protection of you and/or other Users, the processing of Orders/Transactions/deposits and/or withdrawals, the Platform and/or for the proper functioning of markets and prices and/or the proper functioning of the Service. For the Staking and Lending products, BLOX is authorized to block the purchase of (more) of (one of) these products and/or to completely stop offering Staking and/or Lending. If BLOX completely stops offering Staking and/or Lending, the Users will no longer receive a return. The cryptocurrencies will be (again) provided to the Users (if and to the extent received) from the third party.  

4. Blox is entitled to carry out maintenance from time to time, during which it is temporarily not possible to use our Services. BLOX strives to notify major maintenance, in which the Platform and/or our Services are not available for a longer period of time. However, this will not always be possible due to, among other things, the dependence on third parties and the technical links of services. 

5. Blox can never be held liable for any damage suffered by you as a result of exchange rate fluctuations or as a result of the (temporary) discontinuation of our Services. BLOX is also not liable, in any form whatsoever, for any damage in the event that these terms and conditions are not or not correctly complied with by you. 

6. Blox does everything in its power to prevent fraud, money laundering, the financing of terrorism and/or other (financial) criminal offences. In order to implement this in the best possible way, BLOX will: 

  • Report suspicious (intended) transactions to the competent authorities; 
  • Actively monitor and monitor transactions and, in the event that BLOX sees reason to do so, take appropriate measures (including but not limited to stopping Transactions, withdrawals and/or deposits and closing Accounts); 
  • cooperate with, among others, the police, regulatory authorities, the Public Prosecutor's Office, other public authorities and competent regulators. 

 

7. In addition, BLOX reserves the right, without being liable for any damage or loss of income: 

  • Block and/or freeze accounts that are or may be associated with fraud or other activities in violation of laws or regulations or this User Agreement; 
  • Restrict or block accounts during its own investigation or in accordance with this User Agreement, compliance policies, or laws and regulations; 
  • Suspend and/or cancel orders for reasons of your own by BLOX without being liable for any damage and/or loss of income; 
  • Sell positions in the User's cryptocurrencies at any time if BLOX receives a court request to do so or is otherwise obliged to do so; 
  • Sell positions in the User's cryptocurrencies at any time if BLOX feels compelled to do so as a result of the (inability to) complete a customer survey or if the user does not sufficiently respond to requests from BLOX in the context of the customer due diligence;   
  • unilaterally terminate the User Agreement for reasons of its own on the part of BLOX without being liable for any damage and/or loss of income; 
  • In the event of fraudulent use or use in violation of the User Agreement, to charge Users for the costs that BLOX incurs and/or have had to incur for the investigation and remediation of fraudulent or other criminal activities. BLOX is entitled to deduct these costs from the balance of the User's Account; 
  • Close accounts, terminate our Services or take any other measure that BLOX deems most appropriate in view of the circumstances, in the event that a change in the laws and regulations gives BLOX cause to do so, requests a regulator to do so or there is another urgent reason that requires BLOX to take measures in its opinion; 
  • Take other reasonable measures to prevent abuse, criminal offenses or use in violation of this User Agreement. 

 

Account 

Art. 4. 

1. In order to use the Service, you must have registered an Account with BLOX. BLOX has an acceptance policy on the basis of which it is assessed whether a User is eligible for an account registration. Part of this policy is that only people with a valid ID and bank account from 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 without being liable for any damage and/or loss of income. BLOX can make changes to the acceptance policy at any time. 

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

3. You are responsible for knowledge of the legislation surrounding cryptocurrencies in the country where you live or are. BLOX cannot be held responsible if the User violates laws and regulations. 

4. An Account, including all account details and the funds in the Account, is personal and non-transferable and therefore cannot be transferred to a third party. 

5. Blox is entitled to refuse and/or not process requests for an Account or modifications/extensions to the Account without giving any reason. 

6. Blox is entitled to block, close, delete and/or freeze accounts at any time if an Account is used in violation of the User Agreement, BLOX's compliance policy or any legal provision or if BLOX suspects that this is the case. Within the limits of the law, BLOX may impose conditions on the possible repayment of outstanding balances. 

7. BLOX is entitled to (completely) freeze an Account until further notice and/or to take other appropriate measures, at the discretion of BLOX, if one or more of your funds have been seized. 

8. You declare that you have filled in all the information truthfully. In the event that BLOX becomes aware – or has reasonable grounds to suspect – that the obligations and/or statements based on this User Agreement are not (or no longer) correct, or at least are not being fulfilled correctly, BLOX is permitted to immediately (temporarily) block your Account and/or close the Account and terminate this User Agreement. 

9. You grant BLOX permission to share (account) data with Coinmerce in the context of the services to be provided and the execution of the user agreement, including the storage and management of the cryptocurrencies by Coinmerce. 

 

Transactions, Orders, and Withdrawals & Deposits 

Art. 5. 

1. Purchases within BLOX can only be made with E-Money Credit. This can be done on the one hand by manually topping up E-money Balance after which a cryptocurrency can be selected on the price page of the Platform and on the other hand by means of an automatically set Recurring Order. To make a manual purchase, the following steps must be completed: 

  • go to the first page of the BLOX Platform, where all cryptocurrencies are listed; 
  • Select the desired cryptocurrency to purchase; 
  • view the price of 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 cryptocurrencies to be purchased appears on the screen, this quote is only valid for a few seconds. If you agree with the quote (amount of cryptocurrencies to be purchased), you can complete the purchase by pressing the button: 'Confirm purchase'; 
  • if the Order has been executed, you will receive a confirmation of the successful Transaction in the history overview. The E-money Credit will be reduced by the order amount. 
  • Only after all the previous points have been successfully completed, the Transaction has been executed and you can claim it. 

2. To be able to make a sale at BLOX, the following steps must be completed: 

  • Go to the first page of the BLOX Platform, which lists all cryptocurrencies; 
  • Select the desired cryptocurrency to sell; 
  • view the price of the past 24 hours and press the button: 'Sell'; 
  • enter the desired amount of cryptocurrency to be sold and press the button: 'Continue'; 
  • A quote will appear on the screen with the proceeds of the offered cryptocurrencies, this quote is only valid for a few seconds. If you agree with the quote (of the proceeds of the cryptocurrencies to be sold), the Order can be completed by pressing the button: 'Confirm sale'; 
  • if the Order has been executed, you will receive a confirmation of the successful Transaction in the history overview. The E-money Credit will be increased by the sale proceeds. 
  • Only after all the previous points have been successfully completed, the Transaction has been executed and you can claim it. 

3. The quote to be given by BLOX under step 5 (see paragraphs 1 and 2) in the event of a purchase or sale transaction is only valid for a few seconds. By pressing the button marked 'Confirm Purchase' or 'Confirm Sale', you agree to BLOX's offer, the price and any associated 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 changed by you, without prejudice to the right to request dissolution if BLOX does not fulfil its obligations. 

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

5. If BLOX deems it necessary, for example in the event of an unusual situation (of a technical, legal or other nature), BLOX is entitled to suspend (an) Order(s)/Transaction(s), withdrawals and/or deposits, until further verification has been carried out if BLOX deems this necessary. 

6. For specific cryptocurrencies, BLOX may make it possible to set up a (periodic) Recurring Order. In deviation from the (manual) Order, this offers you the possibility to set up an automatic purchase request of a specific cryptocurrency 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 for what amount you want to purchase cryptocurrencies and what the frequency of this is.  

7. The Recurring Orders can only be executed from a previously verified bank account. BLOX may impose additional conditions with regard to 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.        

8. BLOX will execute the Orders as soon as the euro amounts have been received at the then prevailing price within BLOX. The time at which the euro amounts arrive at BLOX depends on your bank and can be different for each Recurring Order. In exceptional cases, the Order may not be executed by BLOX. In the event of an unexecuted Recurring Order, BLOX will try to execute the Recurring Order again as soon as possible. If the second attempt is also unsuccessful, the amount will be added to your Account as E-money credit. Under no circumstances can BLOX be held liable for any loss of income as a result of the failure to execute a Recurring Order. 

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 be the case in the event of insufficient stock, if there are special (market) circumstances, if Order(s) / Transaction(s) / withdrawal(s) or deposit(s) are suspect or appear to be in violation of the User Agreement or the compliance policy of BLOX or if a Transaction has been concluded that,  at the time of closing of the Transaction deviates from the actual market price in view of normal market conditions to such an extent that it is implausible that it is correctly quoted (e.g. as a result of a technical defect). In those cases, BLOX will not be liable for any losses or loss of income as a result of the failure to execute or cancel the Order/Transaction/withdrawal or deposit. 

10. After the Transaction has been fully executed and confirmed by BLOX, the User has purchased the cryptocurrency. BLOX will then forward the purchased cryptocurrencies on behalf of the User to Coinmerce, which will hold these cryptocurrencies for the User and store them for the User. The risks associated with the cryptocurrency will pass to you once the Transaction is complete. 

 

Wallet cryptocurrency’s 

Art. 6. 

1. BLOX acts as a counterparty in every transaction with you and will register cryptocurrencies that are purchased/sold by you. BLOX will also send the purchased assets to Coinmerce B.V. on your instructions (insofar as this is necessary), which will take care of their custody and management at your request (see the agreement between you and Coinmerce B.V., as included under part C).  

2. BLOX strives to ensure that the information made available on the Platform or in the Account (including with regard to wallet balances) is always complete, correct, accurate and up-to-date. In the event that there is a discrepancy between the information provided on (or through) the Platform or the Account and the administration of BLOX, the administration of BLOX will be decisive. If necessary, BLOX will make the necessary efforts to correct this as soon as possible. 

3. Only to the extent that BLOX holds the cryptocurrencies during the period between the purchase of cryptocurrency and the sending of the cryptocurrencies to Coinmerce B.V. on your behalf, BLOX will store the cryptocurrencies for you and will be liable for any shortages that occur during that period.    

 

Identification and verification 

Art. 7. 

1. In order to make use of our Services, it is required that you create an Account, provide all requested information and associated documents and fill in all data completely and correctly. The information requested by BLOX may include personal data, such as – but not limited to – name, address, telephone number, email address, date of birth, personal number, as well as information such as bank account statements, tax returns and/or other documents. 

2. BLOX reserves the right to verify the information provided – at a time to be determined by BLOX. The moment that BLOX carries out this verification can differ per situation and partly depends on BLOX's compliance and risk management policy. BLOX is at all times entitled to reject verifications or request additional data if BLOX deems this necessary and/or desirable. If there is any doubt about the verification, BLOX may take a measure that is appropriate at its discretion, including in any case the temporary suspension of the Account or the restriction of functionalities on the Platform. 

3. Depending on the status of your Account, not all functionalities of our Service may be available or (lower) limits may apply. This may be the case, for example, if an identity check has not (yet) taken place or verification has not yet been completed. 

4. BLOX reserves the right to modify the requirements for identification and verification procedure. Even if your identity has already been verified, BLOX may ask for additional information. In that case, BLOX is authorized to reset the Account to the status of unverified, to block the Account, or to freeze the funds. 

5. If you refuse to provide the requested information and/or documents, or at least do not wish to comply with a request for additional verification, BLOX is entitled to immediately block or close the Account. 

  

AML & KYC Policy 

Art. 8. 

1. BLOX does everything in its power to prevent money laundering, fraud or other criminal activities through our Services. BLOX is entitled, both before, during and after the end of our Services, within the limits of the law, to take all measures that BLOX deems necessary. 

2. In the event of suspicion of criminal or fraudulent acts, BLOX is entitled, within the limits of the law, to take mitigating measures and/or to take additional measures, such as: Suspend and/or cancel transactions and/or block your Account and/or freeze funds. 

3. You acknowledge that BLOX is entitled and give BLOX permission to carry out additional screenings in addition to requesting the mandatory documentation, such as requesting publicly available data and consulting non-public databases for data regarding identification documents and political involvement. 

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

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

 

Costs and fees  

Art. 9 

1. BLOX charges a fee for each Transaction. An overview of the fee can be found on the platform when executing a Transaction. This fee is calculated to cover, among other things, the following costs: 

  • trade fee: the fee that BLOX owes for our purchase; 
  • transaction costs: costs charged by Blox for its services 
  • Service surcharge: in order to be able to offer this service, BLOX must charge costs. 

2. Have you opted for Lending and/or Staking? Then our fee consists of a percentage of the return if applicable. This fee will be deducted by BLOX from the return to be paid to the User. The return you get can vary per cryptocurrency and product. You can find out which return applies to you on the price overview on the Platform. This overview includes your return, after deduction of the fees that BLOX receives for these products. This overview (as amended from time to time) is a part of your User Agreement with BLOX. BLOX is authorized to change the overview unilaterally (without your permission) and will inform you about the changed overview in the event of a change by making this information available on the BLOX website. BLOX may do this if there is a valid reason for doing so, such as a change in the rewards or interest income or any other form of return that BLOX receives or the costs that BLOX incurs.  

3.The User may, unless otherwise agreed in this User Agreement, terminate the additional service at no additional cost. If the Lending and/or Staking service is offered per cryptocurrency basis and you do not agree with a change in the fee for a particular cryptocurrency, you can also choose to terminate the service only for the cryptocurrency in question. 

4. If you lend cryptocurrencies to BLOX for Lending and/or Staking activities, you will only receive the agreed return if and to the extent that BLOX has received a return for lending this specific type of cryptocurrency from the third party(s). You therefore (indirectly) run a risk on the third party(s).  

5. The return on your cryptocurrencies will be paid out periodically. The distribution of the return can be suspended by BLOX. Reference is made to Article 12. 

 

Cryptocurrency’s 

Art. 10. 

1. The Platform can be used to trade cryptocurrencies within the Platform. In addition, under certain conditions, it is possible to bring cryptocurrencies into the Platform by means of a deposit in the form of cryptocurrencies. In principle, the Platform does not make it possible to send cryptocurrencies to an (external) wallet address, unless otherwise agreed in this User Agreement. 

2. Deposits in cryptocurrencies are only possible insofar as BLOX facilitates these deposits for the relevant cryptocurrencies and the other conditions in the account are met (e.g. limits). A blockchain analysis will be part of a cryptocurrency deposit. By making a deposit, the cryptocurrencies are directly transferred to Coinmerce and the provisions of this user agreement, more specifically part C, apply to the management and custody of the cryptocurrencies. 

3. In the event that, on the basis of the blockchain analysis, there is doubt about the origin of the specific cryptocurrencies (this may be the involvement of illegal activities, for example), BLOX can conduct further investigation into the origin of these cryptocurrencies. BLOX is free to (temporarily) block this deposit in cryptocurrencies. If, in the opinion of BLOX, the further investigation is insufficiently satisfactory or a statement is not sufficient/satisfactory, BLOX is free to definitively refuse the deposit and return the deposit to the User. Upon first request, the User shall provide all the information necessary to transfer the cryptocurrencies back to the User. There are costs associated with the return of the cryptocurrencies, which are at the expense of the User. BLOX will inform the User of the costs applicable at that time. These costs are based on the internal and external costs that BLOX incurs directly or indirectly to facilitate the transfer.         

4. BLOX is free to add, remove or (temporarily) suspend cryptocurrencies (for both trading and cryptocurrency deposits) to the BLOX Platform at its sole discretion. As far as possible, BLOX will announce a decision to do so in advance. 

5. When removing or temporarily suspending the trading of a cryptocurrency on the BLOX Platform, BLOX will, as far as possible, set a period within which BLOX offers you the opportunity to sell the cryptocurrencies on the BLOX Platform. BLOX strives to announce this - as far as possible - 30 days in advance. In cases of Force Majeure or if this is necessary in connection with laws and regulations, this period may be shorter. In that case, BLOX will inform you prior to the sale about the term that will be applied. 

6. If you have not sold the cryptocurrency - as a result of the announcement that a cryptocurrency will be definitively withdrawn from the BLOX Platform - within the stipulated period referred to in paragraph 5, BLOX is entitled to sell these cryptocurrencies for and on behalf of you after the set period (insofar as that is still possible) and to increase the E-Money Credit by this value. BLOX is authorized to determine the exact moment for this. 

7. During the relevant period, you can also request BLOX by e-mail to transfer the cryptocurrencies to your own wallet, whereby the wallet must meet the conditions set by BLOX. BLOX charges transaction and administration fees for this. BLOX may refuse such a request if BLOX is not permitted to carry out such a transaction on the basis of laws and regulations or instructions from competent authorities, insofar as the User has not responded in a timely, correct and/or complete manner, or for reasons of its own choosing. 

8. In the event of a temporary suspension of trading in a cryptocurrency, BLOX will, in principle, hold the cryptocurrency for your benefit. If a temporary suspension leads to the permanent removal of the cryptocurrency, you authorize BLOX to sell it for you and increase the E-Money Credit by this value. 

9. BLOX is not liable for any damage that arises as a result of whether or not a cryptocurrency is added to the BLOX Platform, the (temporary) unavailability of a cryptocurrency and/or the removal of a cryptocurrency on the BLOX Platform, except in the event of intent or gross negligence on the part of BLOX or parties appointed by BLOX. 

 

Forks, Staking, Airdrops and Giveaways 

Art. 11. 

1. You understand and agree that you are not entitled to any benefits from (hard)forks, staking, airdrops and giveaways. These will often not be supported. 

2. Only in the cases where BLOX explicitly states that a User can claim the proceeds of a (hard)fork, staking of a specific cryptocurrency, an airdrop or giveaway, can it be claimed by you. In all other cases, you as a User of BLOX Platform are not entitled to (the proceeds of): a (hard)fork, staking of a specific cryptocurrency, an airdrop or a giveaway and you waive these rights. 

3. In the event of a fork, the User agrees that BLOX may temporarily suspend cryptocurrency trading and that BLOX may decide, at its sole discretion, whether or not to support either direction of the fork. BLOX is in no way liable for any damage or damage. Lost revenue from opting to support the fork. 

 

Yield on crypto assets 

Art 12. 

1. There are several opportunities to generate returns on cryptocurrencies. Some examples include staking, airdrops, giveaways, and lending cryptocurrencies for a fee. Only in the cases where BLOX explicitly states that it facilitates a service that makes it possible to generate a return on cryptocurrencies (in whatever form) is it possible to make use of this, otherwise the provisions of article 11 apply. 

2. In cases where BLOX facilitates services that can generate returns on cryptocurrencies, these services are performed at the risk of the User. For Performance Services, please refer to Article 13. 

3. The User may decide to use (part of) the cryptocurrencies held in his BLOX account for the Lending and Staking Yield Services in order to generate (possible) returns on cryptocurrencies. The User must explicitly indicate that he wishes to use one of these services. By default, this service will not be enabled and the User will therefore not receive a return on the cryptocurrencies held. 

4. By using the Yield Service, the User lends the relevant cryptocurrencies to BLOX and makes the cryptocurrencies available to BLOX on that basis. Importantly, BLOX can then make the cryptocurrencies available to a third party, at BLOX's free choice. In the event that the User opts for the Yield Service Lending, BLOX will lend the User's cryptocurrencies to third parties in order to obtain returns. In the event that the User opts for the Yield Service Staking, BLOX will stake the Client's cryptocurrencies directly or with the help of a third party. The User acknowledges the risk incurred vis-à-vis that third party and any other parties involved. 

5. To the extent that the User has not locked up the cryptocurrencies for a certain period of time and unless otherwise provided in this User Agreement, the User may decide to terminate or change the services at any time. If the User indicates that he wishes to terminate / change the services, BLOX will implement this as soon as possible. It is possible that this cannot be implemented immediately, for example because the cryptocurrencies are held with a third party and that wallet is temporarily inaccessible, for example because it has been blocked or frozen. 

6. BLOX has the power to suspend distributions (freeze withdrawal/termination options and freeze returns distributions). BLOX can do this if, in the opinion of BLOX, there is a valid reason for doing so. This may be the case if, for example, the third party has filed for bankruptcy or the third party is (expected to (possibly)) no longer be able to (fully) meet the obligations that the third party has towards BLOX or there are special (market) circumstances that create additional uncertainty about whether the third party to whom BLOX has provided cryptocurrencies will return to BLOX (in a timely manner). This ensures that, if necessary, BLOX can make a fair (proportional) distribution of the proceeds between the Users of the relevant Yield Services and/or the Users of Yield Services with regard to a specific cryptocurrency. BLOX determines when this is the case. 

7. BLOX may at any time make changes to the Performance Services and/or discontinue the services (temporarily or partially). This can see, for example, whether the service is offered, but also for which cryptocurrencies the service is made available, etc. If the services are terminated in whole or in part, the User will be informed. As far as possible, BLOX will announce a decision to do so in advance. 

 

Yield Services 

Art. 13. 

1. Have you chosen the services of BLOX to make a return on your cryptocurrencies? Then this article is an important part of your User Agreement with BLOX. If you wish to use the Yield Services, you explicitly agree to the associated risks. Before you can use Yield Services, you as a User will have to agree to the Yield Services, the terms and conditions therefor and the associated risks. The statement you agree to is part of your User Agreement with BLOX.  

2. If you choose to use one or more Yield Services, you will also see whether the service applies to all your respective cryptocurrencies, to all specific cryptocurrencies that can be used for the Yield Service or whether you can also choose to use only a part of your cryptocurrencies for this service. Can you only use the service with all cryptocurrencies that can be used within the relevant Yield Service? Then if you purchase cryptocurrencies that are suitable for that service, they will (automatically) be added to this service. You can adjust the Yield Service per cryptocurrency if desired. 

3. If you opt for the Yield Services, this means that you are entering into a loan agreement with BLOX. You lend your cryptocurrencies to BLOX and BLOX may then make the cryptocurrencies borrowed from you (together with cryptocurrencies of other Users who have opted for Yield Services) available to third parties. You explicitly agree with BLOX that you will only receive (back) the same number of cryptocurrencies lent by you and any return if and insofar as BLOX receives (back) the cryptocurrencies provided by BLOX to the third party and any return from the third party (or parties). This means that you actually run a risk on the third party(s) to whom BLOX provides the cryptocurrencies. For example, if the third party goes bankrupt and BLOX does not recover the cryptocurrencies provided to the third party(s) and does not receive any returns, you will not receive any cryptocurrencies back and you will not receive any returns. In that case, you cannot hold BLOX accountable, because you have no claim against BLOX if and insofar as BLOX has not received anything from the third party. Does BLOX only receive part of its claim from one or more of the third parties to whom cryptocurrencies have been issued? In that case, this will be divided proportionally among the Users who have lent these cryptocurrencies in connection with the Yield Services and on that basis have a claim on BLOX in the amount paid out. In that case, the loss will be divided proportionally among the Users who have lent the specific cryptocurrencies.  

4. Is there a difference between the information provided on (or through) the Platform or the Account and the administration of BLOX, with regard to your claim in connection with the services of BLOX for making a return on your cryptocurrencies? Then the administration of BLOX is decisive. 

5. For the additional risks associated with Yield Services, reference is made to Article 15 paragraph 5 of this User Agreement. 

6. If you have opted for the Yield Services and you no longer wish to use these additional services? Then you can turn off the service on the Platform. 

7. If you – insofar as this is possible for the relevant Yield Service – sell cryptocurrencies at a time that you have made available for Yield Services at that time, you also (automatically) request BLOX to terminate the Yield Services with the request for sale. 

8. If you have switched off the Yield Service, you will no longer receive any return and the cryptocurrencies that you had lent to BLOX – insofar as BLOX gets them back from the third party – will be added back to the account. Payments by BLOX are first used to repay the borrowed cryptocurrencies and then a refund is attributed to payout returns. 

9. Please note! If BLOX has provided the cryptocurrencies to a third party, other than Coinmerce in the context of managing/storing the cryptocurrencies, you will only receive the cryptocurrencies if and only if BLOX has received cryptocurrencies from the third party (or parties). It is therefore possible that you will not get your cryptocurrencies (immediately) (back) after terminating the service. BLOX has the authority to discontinue the Yield Services and/or temporarily freeze the ability to request your cryptocurrency refunds. Reference is made to the Articles 12 and 13.  

 

Security 

Art. 14. 

  1. You are responsible for having: 
  • a good and secure internet connection; 
  • a computer, tablet, smartphone or other device that can be used to connect to the BLOX Platform via the internet, which is equipped with up-to-date measures against intruders, viruses, spam, etc.; 
  • an e-mail account to which you have exclusive access, and through which e-mail account the e-mail messages from BLOX can be received unimpeded. 

2. You must use a strong password and two-factor authentication. Passwords and two-factor authentication data are strictly personal and may not be shared with other people. 

3. BLOX will never ask you to provide means of authentication (two-factor authentication and passwords) in any other way than when logging in to the Account or making a request for transfer of (part of) your E-Money Credit. You should never respond to the request to provide these resources, even if the request appears to come from BLOX. 

4. Insofar as BLOX would be liable for damage caused, you are not entitled to compensation if the security measures are or have not been complied with. It is up to you to prove that the described security measures have been complied with. 

5. If you know or suspect that your account details have been stolen or may be misused, you should contact Blox immediately. 

 

Risks 

Art 15. 

1.BLOX is registered with De Nederlandsche Bank N.V. (DNB) as a provider of crypto services. BLOX is registered with DNB on the basis of the Money Laundering and Terrorist Financing (Prevention) Act and the Sanctions Act 1977. The User is aware that BLOX is not subject to prudential supervision by DNB or to conduct supervision by the AFM. This means that there is no oversight of financial requirements or business risks and there is no specific financial consumer protection. This also applies to Lending and Staking services offered by BLOX. In addition, BLOX makes use of the so-called limited network exception on the basis of Article 1 (4) Directive 2009/110/EC and as transposed into national law. This gives BLOX the ability to issue electronic money without a license as an electronic money institution. Also, third parties where BLOX can place cryptocurrencies in connection with the performance of the Service do not always have a license or registration and do not have to be established in the Netherlands or Europe.  

2. You are aware of and take full responsibility for the risks associated with trading cryptocurrencies and lending cryptocurrencies if you use them. This includes, among other things, the lack of guarantees of value and value retention. 

3. You accept the special circumstances that may arise in the provision of services by BLOX via the internet and the (technical) imperfections that may occur, such as the impossibility to obtain (full) access to our Services or the Platform, such as the inability to provide and/or process an Order or the inability to provide an Order on time, malfunctions of and/or defects on the Platform of BLOX and/or underlying hardware and/or (inter)network connections and/or software on which the Platform runs. Except in the case of intent or gross negligence on the part of BLOX or our appointees or agents, BLOX is not liable for these special circumstances, or for the possible consequences of the (temporary) non-or incomplete inaccessibility or availability of the Platform of BLOX or the Account, or in the event of delays and/or malfunctions and/or incomplete operation of the Platform. 

4. You understand and accept that by using our services you run a risk in relation to BLOX.  

5. Warning: There are risks associated with the use of the Yield Services. If you opt for the Yield Services, additional risks apply as included in the risk disclaimer. This disclaimer is part of your User Agreement. Before you take out Lending or Staking, you must assess whether these and other risks associated with these additional services are acceptable to you and whether you can bear those (higher) risks.  

 

********** 

B. Agreement between the User and the BLOX Third-Party Funds Foundation  

By creating an account with BLOX, an agreement is also concluded between the BLOX Third Party Funds Foundation and the user for the purpose of managing and storing E-money Credit. 
 

E-Money Credits 

Art. 1. 

1. By making a deposit in euros on the BLOX Platform, the E-Money Credit will be topped up. This E-Money Credit is received directly by Stichting derdengelden Blox, which takes care of the management and custody of this E-money Credit on behalf of users.  

2. The E-Money Credit is electronic money and not a deposit like in a bank account. This means that it is not protected by a deposit guarantee scheme. 

3. The E-Money Credit is only recognized by BLOX. 

4. Within BLOX, the E-Money Credit can only be used within the Platform to carry out Transactions for the purchase of the cryptocurrencies offered in the Platform. 

5. When purchasing cryptocurrencies on the BLOX Platform, the E-money Credit will decrease with the purchase amount. The User gives the Foundation a power of attorney to transfer the E-money balance to BLOX for the purpose of executing the Transaction.           

6. No interest will be charged on the balance of the E-Money Credit. 

7. The top-up of E-money Credit is subject to the limits indicated in the Account and/or via the Platform. These limits can be changed at any time by Stichting derdengelden Blox.  

8. The E-Money Credit, or part thereof, can be paid out in euros on request to your verified (SEPA) bank account. Requests will be processed as soon as possible by the Blox Third-Party Funds Foundation, on behalf of Blox, unless there is a Force Majeure Situation. 

9. In the event of requests for transfer of (part of) the E-Money Credit and upon closing the Account, the value of the E-Money Credit in euros will be transferred to the User to the (verified) bank account number linked to the Account. It is not possible to transfer the balance to another bank account (which has not been verified). 

10. The E-Money Credit held and managed by the Foundation will be displayed as a Euro balance stated in the Account. The Foundation strives to ensure that the information made available on the Platform or in the Account is always complete, correct, accurate and up-to-date. In the event that there is a discrepancy between the information provided on (or through) the Platform or the Account and the administration of Stichting derdengelden Blox, the administration of the Foundation will be decisive. If necessary, Stichting derdengelden Blox will make the required efforts to correct this as soon as possible. 

11. Stichting derdengelden Blox applies a retention policy that stipulates how the Stichting derdengelden secures Blox E-Money Funds. Stichting derdengelden Blox may engage third parties for the implementation of the management in accordance with its policy. E-Money Funds held by the Blox third-party funds foundation are held in the name of the Foundation. E-Money Balances can be held in various accounts in the name of the Blox third-party funds foundation or invested in low-risk products such as government bonds, money market funds, or short-term debts. Proceeds received by the Blox third-party funds foundation will accrue to the Blox third-party funds foundation, unless otherwise agreed. 

12. Stichting derdengelden Blox cannot be held liable if E-Money Funds cannot be paid out as a result of Force Majeure. Stichting derdengelden Blox reserves the right to make an arrangement for the entitled parties in the event of a shortage of E-money Credit due to a Force Majeure Situation. This could be, for example, distributing the remaining funds proportionally among the rightful owners.  

13. In the event of a suspicion of fraud and/or abuse, the Foundation is at all times entitled  to suspend requests for payment of the E-Money Credit or for the topping up of the E-Money Credit, within the limits of the law, until legitimacy has been demonstrated and/or requested information has been provided. 

14. In the event of an incorrect transfer, e.g. due to an incorrect description or different account holder name, it will be returned. The costs resulting from this incorrect deposit can be charged to you. In the event of a refusal by the bank of a SEPA order for withdrawal, the Foundation is entitled to charge you for all costs. 

15. If you have any questions, complaints and/or comments about Stichting derdengelden Blox, please contact: stichtingderdengelden@weareblox.com. 

 

C. Agreement between the User and Coinmerce B.V. regarding the custody and management of the cryptocurrencies 

By agreeing to this agreement, an agreement is also concluded between Coinmerce and the user for the purpose of the management and custody of cryptocurrencies. 
 

Management and Retention  

Art. 1. 

1. Coinmerce will be responsible for the management of the User's cryptocurrencies on behalf of the User, insofar as these funds are not lent out with the Yield Services at the User's request. The User enters into a direct relationship with Coinmerce for the management and storage of the cryptocurrencies.     

As a result, the User has a direct claim against Coinmerce in the amount of the cryptocurrencies held by Coinmerce for the User in the context of custody. 

2. If the User has indicated that he wants to use his cryptocurrencies for Yield Services and it is therefore necessary to place them with a third party as described in the BLOX User Agreement, Coinmerce will transfer these cryptocurrencies to BLOX at your request and Coinmerce's responsibility for these cryptocurrencies will lapse. If you decide to turn off Yield Services, Coinmerce will receive these cryptocurrencies from BLOX and take custody of the cryptocurrencies. From that moment on, Coinmerce will again be responsible for the Services.  

3. Coinmerce may decide to use part of the cryptocurrencies that the User has in his account for lending purposes to party(ies) designated by Coinmerce. The size of the portion of the assets that can be used by Coinmerce for lending to (a) designated third party (or parties) is at the discretion of Coinmerce and may be changed from time to time with due care. Coinmerce ensures that, if this option is used, the User will not be inconvenienced by it. By using the services offered by Coinmerce, the User agrees to this. 

4. Coinmerce makes every effort to realize the transfer of cryptocurrencies as quickly as possible as a result of an Order executed by the user. It is Coinmerce's responsibility to ensure safe storage and therefore Coinmerce may use third parties. Due to this dependence, it is possible that the transfer cannot take place immediately. Coinmerce is in no way liable for any damages caused by a delayed transfer of the cryptocurrencies.  

 

Power of Attorney for the Execution of Orders 

Art. 2 

1. By placing an Order, you give Coinmerce an irrevocable power of attorney for the following actions: 

i. to make the cryptocurrencies required for the Order available to BLOX; 

ii. to receive delivery of the cryptocurrencies owed to you by BLOX on your behalf; and 

iii. to perform all other actions that are necessary to carry out an Assignment given by you (or have it carried out). 

2. If BLOX sends cyrptocurrencies owed to you to Coinmerce's wallet, this counts as a payment to you. The sending of cryptocurrencies is considered to have taken place after 1 (one) confirmation on the blockchain in question, unless Coinmerce states otherwise on the Platform. 

3. By placing an Order, you give BLOX an irrevocable power of attorney to: 

i. request and receive from Coinmerce the cryptocurrencies required for the execution of the Order; 

ii. to set off the amount of cryptocurrencies owed to you after execution of the Order against any amounts that you owe to BLOX in connection with the execution of the Order (and any previous Orders) or against amounts that you owe to BLOX on other grounds; 

iii. to pay you the balance of cryptocurrencies still owed to you after settlement, by transferring the cryptocurrencies to Coinmerce's wallet; and 

iv. to perform all other actions that are necessary to carry out the Order given by you (or have it carried out). 

Obligations of the User 

Art. 3. 

1. In order to use the Service, you must provide the information requested by Coinmerce and accept these terms and conditions.      

2. As a User, you agree and undertake to provide Coinmerce with all information that Coinmerce deems necessary to comply with our legal obligations, you must cooperate with customer due diligence to be carried out by Coinmerce, among other things, to prevent fraud, money laundering, financing terrorism and/or other (financial) crimes, and you must inform Coinmerce of any changes to the data previously provided by you. 

3. Coinmerce is entitled to suspend and/or cancel our Services if you are not willing to provide the requested information (in a timely manner) in a proper manner or if it appears or if Coinmerce has a (far-reaching) suspicion that the information provided is incorrect, incomplete and/or misleading. Coinmerce is entitled at all times (including as a result of the information received) to take appropriate measures. 

4. You authorize Coinmerce to make inquiries, directly or through third parties, that Coinmerce deems necessary to verify your identity or protect Coinmerce from fraud or other financial crimes. If you find a violation of the law (or a serious suspicion thereof) by you, Coinmerce can report it to the appropriate authorities. 

5. In addition, Coinmerce reserves the right, without being liable for any damage or loss of income: 

  • in the event that BLOX wishes to block and/or freeze accounts that are (possibly) associated  with fraud or other activities in violation of laws and regulations or these terms and conditions, the user authorizes Coinmerce to cooperate with this. 
  • in the event that BLOX wishes to restrict or block accounts during its own investigation or in accordance with this User Agreement, compliance policy or laws and regulations, the user authorizes Coinmerce to cooperate with this. 
  • Orders to suspend and/or cancel Coinmerce's own reasons without being liable for any damages and/or lost revenue; 

  

Risks 

Art 4. 

1.Coinmerce is registered with De Nederlandsche Bank N.V. (DNB) as a provider of crypto services. Coinmerce is registered with DNB on the basis of the Money Laundering and Terrorist Financing (Prevention) Act and the Sanctions Act 1977. The User is aware that Coinmerce is not subject to prudential supervision by DNB or conduct supervision by the AFM. This means that there is no oversight of financial requirements or business risks and there is no specific financial consumer protection. Also, third parties where Coinmerce can place cryptocurrencies do not always have a license or registration and do not have to be based in the Netherlands or Europe.  

2. You are aware of and take full responsibility for the risks associated with trading and storing cryptocurrencies. This includes, but is not limited to, the lack of guarantees for value and value retention. 

3. You accept the special circumstances that may arise with the provision of services by Coinmerce via the internet and the (technical) imperfections that may occur, such as the impossibility to obtain (full) access to our Services or the Platform, such as the inability to provide and/or process an Order or the inability to do so on time, malfunctions of and/or defects on the Coinmerce Platform and/or underlying hardware and/or (inter)network connections and/or software on which the Platform runs. Except in the case of intent or gross negligence on the part of Coinmerce or our appointees or agents, Coinmerce is not liable for these special circumstances, or for the possible consequences of the (temporary) non-availability or incomplete accessibility or availability of the Platform of Coinmerce or the Account, or in the event of delays and/or malfunctions and/or incomplete operation of the Platform. 

 

Liability 

Art. 5 

1. Coinmerce stores and manages the cryptocurrencies for your account and risk. Only in the event of gross negligence or negligence can Coinmerce be held liable for any damage that may have occurred. In those cases, Coinmerce is only liable for direct damage as a result of one or more attributable shortcoming(s) in the performance of the Services by Coinmerce. Direct damage only includes: 
• reasonable costs for determining the cause and extent of the damage suffered; 
• reasonable costs to remedy any shortcomings so that the Services comply (again) with these terms and conditions. Coinmerce can never be held liable for any loss of income as a result of price fluctuations. 

2. Both Coinmerce and crypto assets depend on third-party software protocols for proper functioning. Coinmerce has no influence on the functionality, security, availability, and/or continuity of these software protocols. The underlying software protocols related to cryptocurrencies may change, which may materially affect the value, function, transferability, and/or other aspects of the cryptocurrencies. Coinmerce is in no way liable for damages related to and/or caused by these software protocols.     

3. In addition to the above, Coinmerce is not liable for any damage suffered by the User that is the result of or related to: 

  • malfunctions/bugs in the electricity supply or failures/bugs in communication links and/or equipment and/or other facilities, regardless of whether these connections, equipment or facilities are managed by Coinmerce or a third party, or other causes as a result of which the User or Coinmerce itself cannot use the systems and the associated Services in the context of the performance of the storage and management service; Coinmerce cannot guarantee that the Service will be available 24 hours a day, 7 days a week. Coinmerce makes every effort to achieve this availability but cannot be held liable if this is not the case. 
  • changes in internal operations, policy documents and compliance policies that may result in the User no longer being able to use Coinmerce's custody and management service; 
  • a decrease or increase in the value of cryptocurrency, losses suffered by the User and/or loss of profit, even if this results from the temporary untradeability of your cryptocurrencies; 
  • the shortcomings of exchanges, exchanges, payment and settlement systems or depository institutions; 
  • the choices made by the User with regard to security settings and/or security measures – or the (partial) absence thereof – of the storage and management service offered by Coinmerce. 
  • any other damage, except if and insofar as it is established that this damage is the direct result of gross negligence or intent on the part of the Parties. 

4. Coinmerce is not liable for any damage that arises as a result of whether or not a cryptocurrency is added to the BLOX Platform, the (temporary) unavailability of a cryptocurrency and/or the removal of a cryptocurrency on the BLOX Platform, except in the event of intent or gross negligence on the part of Coinmerce or parties appointed by Coinmerce. 

D. The following general provisions apply to the agreement between the User and BLOX (User Agreement) and the User and the Foundation and the User and Coinmerce. If the Parties are referred to below, this refers to both BLOX B.V., the Foundation and Coinmerce, depending on which party this concerns. The foregoing does not affect the separation of the agreements, but merely seeks to regulate that each of the parties can separately invoke the following provisions for the services offered by that entity. To the extent that the Agreement(s) are referred to, either the Agreement with the specific party is meant or all individual agreements are meant together.    

 

Force majeure 

Art 16. 

1. In the event of Force Majeure, the Parties are entitled to suspend the fulfilment of the described obligations towards the User and/or to terminate the agreement. 

2. If the Parties are still unable to fulfil their obligations after three months, the Parties are entitled to terminate the Agreement or to dissolve it (in whole or in part) (for the part of the obligations that the Parties are unable to fulfil due to the Force Majeure). In that case, Users are not entitled to compensation for the damage suffered or to be suffered as a result of the termination or dissolution. 

Termination of the Agreement and the Account 

Art 17. 

1. The parties are entitled to terminate the Agreement with due observance of a notice period of at least 14 days. In addition, the Parties may terminate the Agreement at any time (with immediate effect) if this is stipulated in the Agreement. 

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

If you have not withdrawn your funds at the termination of the Agreement, it is possible to sell the cryptocurrencies on your behalf after 8 days after termination at a time to be determined by the Parties and to increase the E-money Balance with sales proceeds so that this value can be transferred to your bank account. You authorize the Parties to do so. Upon termination of the Agreement, any balance remaining in your account (E-Wallet) will be transferred to your (last used) verified bank account after eight working days, unless there is suspicion or confirmation of abuse or fraud or there are other laws, regulations or other lawful grounds on the basis of which the payout can be suspended.  

3. If, at the time you request termination of the Agreement, you make use of the Staking and/or Lending Services, you also (automatically) request us to terminate these Yield Services with the request for termination (insofar as this has not already been done). The relevant cryptocurrencies will be transferred and credited to your account after termination of the Yield Services if and to the extent that the cryptocurrencies have been received from third party(ies). Subsequently, the E-Money Credit is increased when the cryptocurrencies are sold. 

4. Contrary to the foregoing, you may still have a claim against us after the termination of the Agreement. This claim can arise, for example, from a Lending or Staking service. If it is expected that a long period of time may elapse before it is determined what the User's claim consists of and what the amount is, for example in the event of bankruptcy of a third party, after the termination of the Agreement, your Account will remain available exclusively for receiving and then selling that claim and you will therefore no longer be able to trade via the Platform or deposit cryptocurrencies or funds. In this case, your account will remain active solely for the purpose of receiving the future claim. In both situations, you must (continue to) provide the Parties with your up-to-date information, so that the claim can still be paid to you (in whole or in part) as soon as it has been established by the Parties. 

The relevant cryptocurrencies will be transferred and credited to your account after final settlement with the third party if and to the extent that BLOX has received cryptocurrencies from the third party(s). Subsequently, the E-Money Credit is increased when the cryptocurrencies are sold. 

5. In the event of a suspicion or confirmation of abuse or fraud or there are other laws or regulations or any other lawful ground on the basis of which the payment can be suspended, the Parties will not proceed with the sale of the cryptocurrency until there is sufficient clarity (for the Parties). In the foregoing case, measures will be taken at the discretion of the Parties. In the above situation, the Parties will never be liable for any damage or loss of income due to, for example, exchange rate fluctuations. 

6. Insofar as it is no longer possible or feasible to continue to offer the services as a result of Force Majeure, the Parties are entitled to terminate one or more parts of the services with immediate effect. All outstanding Orders will expire at that time and all funds must be withdrawn. 

 

Privacy 

Art. 18. 

1. The Parties collect, process and store the User's personal data in accordance with the privacy statement as published on the website. The Parties do this, among other things, to comply with their legal obligations and offer their Services in the best possible way. The privacy statement describes the basis on which personal data is processed, which data is processed and what the reasons for this processing are. You can also read in the privacy statement that your data will be handled with care and that the parties will not simply share it with third parties. Data will be exchanged between the Parties as much as necessary for executing these Agreements.     

2. You must have taken note of the privacy statement as it is part of the Agreement. This explains what your data is needed for and what it is used for.  

 

Complaints 

Art 19. 

1. If you have a complaint about our services, that complaint can be submitted via complaints@weareblox.com or complaints@coinmerce.io, or (in writing) at the postal addresses. The description of the complaint must be accurate and complete (stating the Orders, Transactions involved, relevant date(s), any allegations, (other) relevant facts). The documents supporting that complaint must be attached as an annex. 

2. The complaint will be substantively responded to within a period of 4 weeks. If this complaints procedure has been followed, but your complaint has not been satisfactorily dealt with, you are entitled to submit the dispute to the court in accordance with the provisions of Article 21. 

3. Correspondence between you and one of the Parties is confidential and, unless required to do so by law, may not be published or made public by either Party without the express consent of all parties involved. 

 

Liability 

Art. 20. 

1. In addition to what is stipulated elsewhere in this Agreement, the Parties are not liable for any damage suffered by the User that is the result of or in connection with: 

  • malfunctions/bugs in the electricity supply or malfunctions/bugs in communication links and/or equipment and/or other facilities, regardless of whether these connections, equipment or facilities are managed by the Parties or a third party, or other causes as a result of which the User or the Parties themselves are unable to use the systems and the associated Services in the context of the performance of the Service; The parties cannot guarantee that the Services will be available 24 hours a day, 7 days a week. The parties will do their utmost to achieve this availability, but cannot be held liable if this is not the case. 
  • inaccuracies in and/or the non-receipt or delay of receiving exchange rate information, calculations, balance statements, quotes or other information provided by the Parties to the User by the Parties; 
  • analytics and/or other information of any kind related to cryptocurrency investing available to User; 
  • changes in internal business operations, policy documents and compliance policies as a result of which the User may no longer be able to use the Services of the Parties; 
  • a decrease or increase in the value of cryptocurrency, losses suffered by the User and/or loss of profit, even if this results from the temporary inability to trade your cryptocurrencies; 
  • misuse, unauthorized or improper use of the Platform and/or Access Codes and/or Platform security measures that allow access to the Account; 
  • the shortcomings of exchanges, exchanges, payment and settlement systems or depository institutions; 
  • any act or omission by a third party with cryptocurrencies provided by the Parties in connection with the Lending or Staking;  
  • the choices made by the User regarding security settings and/or security measures – or the (partial) absence thereof – of the products or services offered by the Parties; and 
  • any other damage, except if and as far as it is established that this damage is the direct result of gross negligence or intent on the part of the Parties. 

2. To the extent that the Parties are liable for damage suffered, the total liability of that Party shall, to the extent permitted by applicable law, be determined at the maximum of the sum of the transaction costs paid by you to the Parties for the 6 months immediately preceding the date of any claim giving rise to such liability. 

 

Miscellaneous 

Art. 21. 

1. The Agreement and all Orders/Transactions/withdrawals and deposits shall be governed by Dutch law, 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). 

2. In the event of a dispute, a claim will be brought by a User either before the Dutch courts or before the courts of the place where the User is domiciled, at the User's choice. 

3. In the event of a dispute, an action against a User shall be brought before the courts of the Member State in which the User is domiciled. 

4. The parties are entitled to unilaterally change and/or amend the terms and conditions of this agreement. In the event of an amendment to the Agreement, the User has the option to terminate the Agreement with immediate effect. 

5.If one or more provisions of this Agreement are found to be null and void or are declared invalid (e.g. as a result of a court decision), the other provisions of the Agreement shall remain in force. 

6. The parties will communicate with you in Dutch or English. Parties can communicate with you online, via email, the Platform and your Account. 

7. The parties may modify this Agreement in their sole discretion. If you do not agree to these changes, you may terminate the Agreement immediately. Your continued use of the Service after the changes become effective will constitute your acceptance of the changes. 

8. These terms and conditions are available in multiple languages. If these differ or can be interpreted differently, the Dutch text of the terms and conditions is decisive.