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User Agreement

User Agreement up to and including 30 June 2025

User Agreement 1 July 2025

Note: the User Agreement below applies from 1 July 2025. The current version, valid up to and including 30 June 2025, can be downloaded and viewed above.

Introduction

This user agreement (the User Agreement) should be regarded as a framework agreement, setting out the arrangements that apply to all legal relationships between:

  • BLOX and you; 
  • Stichting Blox Custody and you; and
  • Coinmerce Earn B.V. and you. 

This User Agreement describes the terms and conditions on which BLOX offers you access to and use of products, services and solutions. Coinmerce Earn B.V. is party solely with regard to the Lending Services. Stichting BLOX Custody is party solely for the purpose of asset segregation and for holding electronic money and cryptocurrencies, as set out herein.

This User Agreement applies to all Users of the Services. By opening an Account and using one or more of the Services, the user agrees to the User Agreement. Users must read the User Agreement carefully before making use of Services. The user agreement should be read in conjunction with the following documents:

  • Risk Disclaimer;
  • Privacy Statement;
  • Cookie Policy.

You should be aware that cryptocurrencies can be subject to significant price fluctuations and may bring substantial losses. Trading in cryptocurrencies involves significant risk. Only use funds you can afford to lose.

Definitions

Account: an account held by the User with BLOX, providing access to the Services.

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

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

Coinmerce Earn: the private limited company under Dutch law Coinmerce Earn B.V., established at Beechavenue 140, 1119 PR Schiphol-Rijk and registered with the Chamber of Commerce under no. 95262326, being solely the borrowing party in the loan agreement separately concluded between a User and Coinmerce Earn if and insofar as the User requests BLOX to provide the Yield Service.

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

Services: carrying out, within the BLOX Environment, the Orders initiated by the User, holding cryptocurrencies/E-Money Credit for the User’s account and risk, the Yield Service and all other services, products and solutions offered by or via BLOX.

E-Money Credit: the electronic money issued by BLOX in exchange for received funds, which allows the User to buy and sell cryptocurrencies solely within the BLOX Environment.

User: the person who uses the Service and/or BLOX Environment, hereinafter also: "you" or "your".

Order: a request by the User to BLOX within the BLOX Environment to execute a Transaction, (cryptocurrency) deposit, withdrawal or Yield Service.

Force Majeure: a situation that hinders the normal functioning of the BLOX Environment and/or Service and/or makes operations (partially) impossible, and that cannot reasonably be foreseen by BLOX, or is beyond BLOX’s control, such as fire, natural disaster, social 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 outage, failures pertaining to the storage/transfer of cryptocurrencies, bankruptcy of or conflict with a bank, a partner storing (part of) the cryptocurrencies or other BLOX partner, regulatory disagreements, issues with the network or protocol of a cryptocurrency.

Yield Service: the service offered by BLOX to Users in the BLOX Environment whereby Users can lend their cryptocurrencies to a third party, Coinmerce Earn, enabling BLOX Users to earn yield on their cryptocurrencies by lending them to Coinmerce Earn from time to time. 

               

Recurring Order: a successfully set up repeating Order, whereby via a bank transfer quoting a unique number, a request is automatically made by the User to buy cryptocurrency from BLOX without action being required in the BLOX Environment.     

Transaction: a successfully executed Order within the BLOX Environment where the User has made a buy or sell transaction of cryptocurrencies for fiat or has exchanged one cryptocurrency for another, with BLOX as counterparty.

Stichting Blox Custody: the foundation under Dutch law Stichting BLOX Custody, established at Kerkenbos 1025, 6546 BB in Nijmegen and registered with the Chamber of Commerce under no. 96870966. The Stichting functions under a cooperation agreement with BLOX and acts solely as a legally separate entity to segregate assets from BLOX’s own funds, protecting Users’ funds.

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

General

Art. 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 ability to dissolve Transactions involving cryptocurrencies, except in case BLOX does not fulfill its obligations.

2. All information provided by BLOX (regardless of how it is communicated) is non-binding, for informational purposes only, and should not be considered professional, financial or legal advice. BLOX does not give buy or sell advice and does not make statements about expected prices or rates. BLOX does not provide (investment) advice regarding cryptocurrencies. BLOX accepts no responsibility or liability for information provided by BLOX nor for its use or any loss arising or that could arise as a result thereof.

3. You acknowledge that the information provided as part of the products, services and solutions offered by BLOX is not intended as (personal) advice to buy, sell or hold assets (in the form of cryptocurrencies). All products, services and solutions are offered on an “execution only” basis. Your Orders are executed automatically by BLOX’s systems.

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

  • have accepted all the terms of this User Agreement;
  • in case 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 a higher age is required to lawfully enter into this User Agreement, you have reached that age;
  • in case the User Agreement is entered into by/on behalf of a legal entity, you have authority to contract on behalf of the legal entity and the entity is authorized to enter into the User Agreement;
  • are authorized to enter into a binding agreement with BLOX and this use is permitted under applicable law;
  • are resident or established in the European Economic Area, Switzerland, or the United Kingdom. 
  • only create one Account and do not have any other Accounts. The account is not transferable without BLOX’s prior written consent. 
  • are the account holder of the bank account(s) you use, and that bank account is in your name or, if the Account belongs to a legal entity, that the bank account belongs to and is in the name of that entity;
  • will use the BLOX Environment and/or the Account for your own account and risk, and not as agent or representative of a third party or otherwise for third parties;
  • act in compliance with applicable laws and regulations and with this User Agreement;
  • are not resident in a country, nor subject to the jurisdiction of a country, whose applicable law does not allow you to enter into this User Agreement or make use of BLOX’s Service;
  • are not a US person, are not resident in the United States, do not have American nationality or otherwise be classified as a US citizen, and indemnify BLOX against any damage incurred by BROX as a result of violation of this limitation;
  • provide BLOX with up-to-date, correct, and complete information during the registration and verification process. You must also inform us of any changes in the provided information.
  • are not on a sanctions list.

5. As a User of the Service you must have basic knowledge of the cryptocurrencies BLOX trades and how these products work. You are responsible for the risks that investing in and lending cryptocurrencies entail.

6. It is forbidden to use the BLOX Environment for illegal purposes, including, but not limited to, money laundering or tax evasion.


User Obligations

Art. 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.

2. As a User you agree and undertake to provide BLOX with any information BLOX deems necessary to comply with our legal obligations, you must cooperate with any client checks carried out by BLOX, including for fraud prevention, anti-money laundering, anti-terrorist financing and/or other (financial) crimes, and you must inform BLOX of any changes in information previously provided by you.

3. BLOX is entitled to suspend and/or cancel your Account or the Service if you do not (timely) provide the required information properly or if it becomes apparent or BLOX has (strong) suspicion that the provided information is incorrect, incomplete and/or misleading. BLOX is always entitled (including as a result of received information) to change the status of your Account and/or restrict the limits in the Account.

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

5. You are responsible for the Orders/Transactions/withdrawals and/or deposits you make or place. This includes, among other things, entering the correct information, such as amounts, email address, correct bank details, wallet address, as well as reporting changes. You guarantee the accuracy of the data you provide. By confirming the Order/Transaction/withdrawal and/or deposit you declare that you have checked the relevant action and all data are correct. Not reporting changes or not doing so on time is fully at your own risk.

6. As a User you may not use the Account and the Service for criminal activities of any kind, including but not limited to money laundering, market manipulation, terrorist financing, sanctions evasion, fraud or other criminal or illegal activities, with BLOX determining at its discretion what is included herein. This includes among other things:

  • Activities that contravene sanctions legislation or guidelines in countries where BLOX is active, including the EU sanctions list.
  • Activities breaching laws and regulations.
  • Fraudulent activities, including providing incorrect or misleading information.
  • Activities related to drug sales or drug paraphernalia.
  • 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 increased financial or legal risk.
  • Attempts to reverse-engineer or modify, or manipulate the software behind BLOX.

7. As a User you guarantee that all (current and future) client credits in the Account do not stem directly or indirectly from criminal or fraudulent activities and are held exclusively for the User, not for third parties.

8. As a User you agree and undertake to use the BLOX Environment in a normal way. The BLOX Environment is focused on consumers; simplicity is paramount. It is therefore not permitted to place automated Orders in any way or otherwise use or misuse the BLOX Environment. If BLOX detects unusual behavior in the BLOX Environment, BLOX is entitled to take measures including but not limited to, limiting the number of quotes that can be requested in a given period, limiting trading in cryptocurrencies, possibilities to not execute or cancel orders (retroactively), and/or temporarily freezing an Account. If unusual behavior is detected in the BLOX Environment and BLOX suffers damages because of this, BLOX may recover this damage from the User and offset damages against assets or E-Money Credit in the Account.     


Rights & Obligations of BLOX

Art. 3.

1. BLOX endeavors to ensure proper functioning of the Service. BLOX is also dependent on third parties for the proper operation of the Service, meaning BLOX cannot fully guarantee its performance. BLOX cannot make declarations or warranties of any kind as to the functioning of the Service insofar as it is dependent on third parties. BLOX excludes all liability in this respect, except in the event of intent or deliberate recklessness by BLOX.

2. It is possible that (part of) BLOX’s Service is not available, not optimal and/or not error-free at all times. BLOX cannot be held liable for any problems and/or damages that may occur as a result of the (temporary) unavailability of the full Service and/or changes made by BLOX, except in the case of intent or gross negligence by BLOX.

3. BLOX is entitled to temporarily suspend/cancel/modify/terminate or freeze access to or operation of (part of) the Service as long as an investigation is ongoing. BLOX will only exercise this right if BLOX deems it necessary, for example to comply with applicable laws and regulations, instructions from competent regulators and/or to protect you and/or other Users, the processing of Orders / Transactions / deposits and/or withdrawals, the BLOX Environment and/or for market and price integrity and/or proper functioning of the Service. If the legitimacy of the User or his/her use of the Service cannot be established, the User may lose all rights to the cryptocurrencies or electronic money. For the Yield Service, BLOX may block or stop offering (any of) these products altogether. If BLOX entirely stops offering the Yield Service, no yield will be earned by Users and the cryptocurrencies will be returned by Coinmerce Earn to Users.

4. BLOX is entitled to carry out maintenance from time to time, during which the Service may be temporarily unavailable. BLOX aims to notify in advance of major maintenance when the BLOX Environment and/or the Service are unavailable for a longer period. However, due, among other things, to dependence on third parties, technical integrations of services, this may not always be possible.

5. BLOX can never be held liable for losses incurred by you as a result of price fluctuations or (temporary) suspension of the Service. BLOX is also not liable, in any form, for any damage in the event that these terms are not followed or not properly followed by you.

6. BLOX does everything possible to prevent fraud, money laundering, terrorist financing and/or other (financial) offences. To fulfill this, BLOX will:

  • Report (planned) suspicious Transactions to competent authorities;
  • Actively monitor and track Transactions, and when BLOX deems appropriate, take measures (including but not limited to stopping Transactions, withdrawals and/or deposits and closing Accounts);
  • cooperate with police, regulatory authorities, public prosecutors, other government bodies and competent regulators.

7. Moreover, BLOX reserves the right, without being liable for any damage or lost income, to:

  • block and/or freeze Accounts possibly associated with fraud or other activities in violation of laws and regulations or this User Agreement;
  • restrict or block Accounts during its own investigation or when action is taken in accordance with this User Agreement, compliance policy or laws and regulations;
  • suspend and/or cancel Orders for reasons BLOX deems fit without liability for possible loss and/or lost income;
  • sell cryptocurrency positions of the User at any time if BLOX receives a court order to this effect or otherwise becomes obliged to do so;
  • sell cryptocurrency positions of the User at any time if BLOX deems it necessary following incomplete client verification or when the User does not adequately respond to requests during client review; 
  • terminate the User Agreement for reasons BLOX deems fit, unilaterally, without liability for possible damage and/or lost income;
  • charge Users in the event of fraudulent use or use in breach of the User Agreement for the costs incurred (or to be incurred) by BLOX for investigating and remedying fraudulent or other criminal activities. BLOX is entitled to offset these costs against User’s Account balance;
  • close Accounts, terminate the Service, or take other measures deemed most appropriate by BLOX given the circumstances, if there is a legislative change prompting BLOX, a regulator requests so or some other urgent reason that in BLOX’s view warrants action;
  • take other, reasonably appropriate, measures to prevent misuse, offences, or use in violation of this User Agreement.

Account

Art. 4.

1. To use the Service you need to have registered an Account with BLOX. BLOX has an acceptance policy based on which it is assessed whether a User qualifies for account registration. Under this policy, only persons with valid identification and a bank account from a SEPA country can have an Account with BLOX. If at any time it turns out that a User does not fall within the acceptance policy, BLOX reserves the right to close an Account and end the User Agreement without liability for any damage and/or lost income. BLOX may change the acceptance policy at any time.

2. BLOX has a legal obligation to conduct client checks and to monitor (suspicious) transactions. This applies both at account creation and during service provision. The User must provide the requested information at BLOX’s request and answer questions truthfully. BLOX has the right to take measures if BLOX cannot complete client checks (properly).

3. You are responsible for knowledge about the legislation regarding cryptocurrencies in the country where you live or are located. BLOX cannot be held responsible if the User breaches laws and regulations.

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

5. BLOX is entitled, without giving reasons, to refuse requests for an Account or adjustments/expansions in the Account and/or not to process them further.

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 compliance policy or any legal provision, or if BLOX suspects this is the case. For potential repayment of outstanding balances, BLOX may set conditions within the limits of the law.

7. BLOX is entitled to fully freeze an Account and/or take other measures deemed appropriate by BLOX if an attachment is/has been made on one or more of your assets.

8. If an Account is unused for a certain period and BLOX cannot reach the User, BLOX may designate the remaining amounts as unclaimed property. BLOX may charge an administrative fee for this. If the costs of maintaining the credits on an Account or transferring them exceed the estimated value of the credits, BLOX may close the Account, resulting in loss of all rights to the funds for the User.

8. You declare to have completed all data truthfully. If BLOX finds – or has reasonable grounds to suspect – that obligations or representations based on this User Agreement are not (or are no longer) correct, or are not being complied with, BLOX may immediately (temporarily) block your Account and/or close the Account and terminate this User Agreement.

Stichting Blox Custody 

Art. 5.

1. Stichting BLOX Custody is responsible for holding and managing client assets, both cryptocurrencies and E-Money credits, unless the User has requested use of the Yield Service. Stichting BLOX Custody is party to this User Agreement solely for the purpose of asset segregation and holding client assets. Stichting BLOX Custody will hold E-Money credits with banks in accordance with applicable legislation and generally accepted rules and standards. 2. Stichting Blox Custody uses a custody policy setting out how stichting Blox Custody secures E-Money credits and cryptocurrencies. Stichting Blox Custody may engage third parties to carry out administration as per BLOX policy. A summary of the custody policy can be provided electronically to the User on request. E-Money credits and cryptocurrencies held by Stichting Blox Custody are held in its name. E-Money credits and cryptocurrencies may be held in different accounts in the name of Stichting Blox Custody, among other things for risk diversification purposes.

3. Stichting Blox Custody cannot be held liable if E-Money credits and/or cryptocurrencies held by Stichting Blox Custody cannot be paid out as a result of Force Majeure. Stichting Blox Custody reserves the right, in case of a shortfall in E-Money Credit due to Force Majeure, to make arrangements for the beneficiaries. This could include, for example, distribvuting the remaining funds or cryptocurrencies pro rata among the beneficiaries. If Stichting Blox Custody has a shortfall in cryptocurrencies as a result of their use as described in paragraph 2, this shortage will be at the expense of BLOX. 

4. For questions, complaints and/or comments about Stichting Blox Custody, please contact: stichtingcustody@weareblox.com.

E-Money Credit

Art. 6.

1. By making an euro deposit in the BLOX Environment, the E-Money Credit is funded. The limits specified in the Account and/or via the BLOX Environment apply. These limits can be changed at any time by BLOX. For payments in other currencies, BLOX will charge conversion fees.

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

3. Within BLOX, the E-Money Credit may only be used within the BLOX Environment to make transactions for purchasing cryptocurrencies offered in the BLOX Environment.

4. The E-Money Credit is electronic money and not a deposit like on a bank account. This means it is not protected by a deposit guarantee scheme. E-Money Credits are held and managed by Stichting Blox Custody according to its policy for safeguarding E-Money Credits.

5. No interest is paid over the balance of the E-Money Credit.

6. The E-Money Credit or part thereof can, on 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. For transfer requests of (part of) the E-Money Credit and when closing the Account, the value of the E-Money Credit in euros is paid out to the User at the bank account number linked to the Account. It is not possible to transfer the balance to another (unverified) bank account.

8. The E-Money Credit is displayed as a euro balance in the Account. BLOX aims for the information provided in the BLOX Environment or the Account to be full, correct, accurate and up-to-date. If there is a difference between the information provided in the BLOX Environment or Account and BLOX’s records, the BLOX records prevail. BLOX will make the required efforts to correct this as soon as possible.

9. BLOX is at all times entitled, if fraud and/or abuse is suspected, to suspend requests for payment or funding of the E-Money Credit until legitimacy is demonstrated and/or required data provided, within the limits of the law.

10. In the event of an erroneous transfer, for example due to incorrect description or deviating account holder name, it will be returned. Costs resulting from such transfer may be charged to you. In the case of a bank refusal of a SEPA withdrawal order, BLOX is entitled to pass on all costs to you.

Transactions, Orders, Withdrawals and Deposits

Art. 7.

1. Purchases within BLOX can only be made using E-Money Credit. This can be done either by manually topping up E-Money Credit, after which a cryptocurrency can be selected on the rates page in the BLOX Environment, or 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 cryptocurrencies are listed;
  • select the desired cryptocurrency to purchase;
  • view the rate for the past 24 hours and press the ‘Buy’ button;
  • enter the desired purchase amount and press the button: ‘Proceed’;
  • a quote will be shown on screen with the quantity of cryptocurrencies being purchased, this quote is only valid for a few seconds. If you agree with the quote (purchase quantity), you can complete the purchase by pressing the ‘Confirm Purchase’ button;
  • if the Order is completed you will receive confirmation of the successful Transaction in the history overview. The E-Money Credit is reduced by the order amount.
  • Only after all the preceding steps have been successfully completed does the Transaction take place and you may claim it.

2. To make a sale with BLOX, follow these steps:

  • Go to the first page of the BLOX Environment, where all cryptocurrencies are listed;
  • select the cryptocurrency you wish to sell;
  • view the rate for the past 24 hours and press the ‘Sell’ button;
  • enter the desired number of cryptocurrencies to sell and press the button: ‘Proceed’;
  • a quote will appear on screen with the proceeds of the offered cryptocurrencies, this quote is only valid for a few seconds. If you agree with the quote (proceeds of the cryptocurrencies being sold), you can complete the Order by pressing the ‘Confirm Sale’ button;
  • if the Order is completed you will receive confirmation of the successful Transaction in the history overview. The E-Money Credit is increased by the proceeds.
  • Only after all the preceding steps have been successfully completed does the Transaction take place and you may claim it.

3. The quote provided by BLOX in step 5 (see paragraphs 1 and 2) of a purchase or sale transaction is valid only for a few seconds. By pressing the ‘Confirm Purchase’ or ‘Confirm Sale’ button, you agree to BLOX’s offer, price and any related costs, and the Transaction is final at the stated price. Once you have confirmed the Order, it can no longer be cancelled, reversed or amended by you, without prejudice to the right to request dissolution if BLOX fails to fulfil its obligations.

4. If an Order is placed within your Account, BLOX may assume it is a legitimate Order and will execute it as requested.

5. If BLOX deems it necessary, for example in case of an exceptional situation (technical, legal or otherwise), BLOX is entitled to suspend (an) Order(s)/Transaction(s), withdrawals and/or deposits, pending further verification if deemed necessary by BLOX.

6. Initiation and execution of Orders is subject to generally accepted rules and standards, including rules regarding execution, compensation and (market) integrity. Market manipulation in any form is prohibited (for example: pump and dump, front-running, market abuse, etc.). For clarity: non-compliance with these rules constitutes a valid reason for BLOX to terminate the User Agreement and Account.

7. In exceptional cases, errors may occur on the BLOX platform, including errors regarding displayed rates or the manner in which Orders are executed. Cryptocurrencies on the platform may also experience unusual price fluctuations, including due to market manipulation or sudden changes in liquidity. In such cases BLOX may at its own discretion (and is not obliged):

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

8. BLOX may, for its own reasons, cancel or refuse one or more Orders/Transactions/withdrawals or deposits. This may be the case, for example (but not exclusively), with insufficient supply, in special (market) circumstances, if BLOX considers the Order(s)/Transaction(s)/withdrawal(s) or deposit(s) suspicious or in breach (or suspected breach) of the User Agreement or BLOX compliance policy, or if a Transaction is concluded which, at the time of its closing, given normal market circumstances, deviates so significantly from the actual market price as to make it improbable it was correctly quoted (for example due to technical error). In such cases, BLOX is not liable for possible losses or lost income following non-execution or cancellation of the Order/Transaction/withdrawal or deposit.

9. Once the Transaction is fully executed and confirmed by BLOX, the User has acquired the cryptocurrency and gives it to Stichting Blox Custody for custody. Risk associated with the cryptocurrencies is transferred to you once the Transaction is completed.

10. A cryptocurrency deposit will only be added to and shown in the User’s Account after multiple blockchain network confirmations of the transfer have been received. The required number of confirmations is determined solely by BLOX and may vary per cryptocurrency.

11. Only cryptocurrencies that BLOX has indicated may be deposited, can be deposited. For which cryptocurrencies this is possible may change from time to time. Under no circumstances may the User attempt to deposit or receive a cryptocurrency not supported by BLOX. This includes sidechains or forked protocols of cryptocurrencies that are present on the platform. Any attempt to deposit or receive such assets will result in the loss of these assets.

The User may only deposit cryptocurrencies to his/her Account via a network supported by BLOX for that specific cryptocurrency. Depositing via an unsupported network will result in loss of the digital asset.

Recurring Order

Art 8.

1. For certain cryptocurrencies, BLOX may allow you to set up a (periodic) Recurring Order. Unlike (manual) Orders, this allows you to set up an automatic purchase request for a particular 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 the amount for which you want to buy cryptocurrencies and the frequency.

2. Recurring Orders can only be executed from a pre-verified bank account. BLOX may set additional requirements for Recurring Transactions, such as applicable fees and minimum and maximum amounts. If requirements are not met, BLOX may return received payments to the account from which payment was received.    

3. BLOX will execute the Orders as soon as the euro amounts are received at the then current rate. The time at which the euro amounts are credited to BLOX depends on your bank and may differ per Recurring Order. In exceptional cases, the Order may not be executed by BLOX. If a Recurring Order is not executed, BLOX will retry the Order as soon as possible. If the second attempt also fails, the amount will be added as E-Money Credit to your Account. BLOX cannot in any case be held liable for lost income as a result of non-execution of a Recurring Order.


Price Guarantee

Art. 9.

1. When the User requests a quote for a purchase or sale, the User has a preset period (of 5 seconds or otherwise) to accept the price. For the indicated period, this price is guaranteed by BLOX (Price Guarantee). 

2. Any abuse of this, to be determined at BLOX’s discretion, is a valid reason for cancelling the executed order and/or terminating the User Agreement and closing the account by BLOX.

3. In exceptional cases, errors may occur in the price guarantee, such as displayed prices or the manner in which requests are executed (e.g., a quoted price deviates by several percentage points from the (average) market price at that moment). In such cases, BLOX may, at its own discretion (and is on no account required):

  • retroactively correct such errors or restore prices, including by modifying or reversing transactions, which may benefit or disadvantage the user;
  • at its own discretion, temporarily or permanently suspend trading in the Price Guarantee Service for one or more digital assets, or terminate the service entirely.


Service Provision

Art. 10.

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 Service Provision will be available for any specific (absolute or relative) duration. BLOX does not guarantee uninterrupted access or no delays, outages, errors, losses, or similar problems with transmitted information. This may occur, among other things, during periods of high volume, low liquidity, rapid market movements, or high volatility. BLOX provides no implied warranties regarding ownership, merchantability, fitness for a particular purpose, and/or non-infringement.

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 solely responsible for assessing the relevance, accuracy, completeness, and reliability of the information on the BLOX Environment. BLOX is not liable for any loss directly or indirectly resulting from actions the User takes based on this information. The User should always conduct independent and appropriate research before using the Service Provision. BLOX is not responsible for information offered for convenience but not managed by BLOX, such as links to third-party websites.

3. BLOX strives to provide accurate and timely information to the User. However, content may sometimes be incomplete, incorrect, or not up to date and may contain inaccuracies or errors.

4. BLOX may, at any time, transfer, outsource, or assign its rights and obligations under the User Agreement, annexes and related agreements, or otherwise regarding the Service Provision, to a third party, without User consent.

5. Information stored or transmitted via the BLOX Service Provision may be irrevocably 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 calamities, such as DDOS attacks by third parties, planned or unplanned maintenance, or other causes within or outside BLOX’s control. The User is solely responsible for making back-ups and keeping duplicates of all information stored or transmitted via the Service Provision.

6. BLOX and Coinmerce Ean are not obliged to provide the Service Provision where BLOX or Coinmerce Earn may reasonably assume this would breach applicable laws and regulations.

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 moment.


Wallet Cryptocurrencies

Art. 11.

1. For every transaction with you, BLOX acts as the counterparty and will register cryptocurrencies you purchase/sell. Additionally, BLOX (where necessary) will, at your instruction, send the purchased cryptocurrencies to Stichting Blox Custody, which will handle custody and management at your request. Cryptocurrencies are held at your own account and risk. If you have chosen to use the Yield Service, your cryptocurrencies will be provided to a third party, and you acknowledge the risks this entails.

2. Stichting Blox Custody takes all reasonable measures to secure the cryptocurrencies held by BLOX on your behalf and may engage third parties for this purpose. Inventory management is used for secure storage of these cryptocurrencies. Despite this, Stichting Blox Custody cannot guarantee that this storage is completely secure. Use of the Service Provision is at your own risk. 

3. BLOX aims for the information available in the BLOX Environment or in the Account (including with regard to wallet balances) to always be complete, correct, accurate, and up-to-date. In the event of a difference between information provided on (or via) the BLOX Environment or the Account and the administration of BLOX and/or Stichting Blox Custody, the administration of BLOX and Stichting Blox Custody will be decisive. BLOX and Stichting Blox Custody will make the required efforts to correct this as quickly as possible, if applicable.

4. For cryptocurrency storage, BLOX may use pooled wallets. This means cryptocurrencies are not stored for each User in a separate wallet, but in joint wallets.

5. BLOX is obliged to compensate Stichting BLOX Custody for losses directly related to the custody and holding of cryptocurrencies. For clarification: if the User uses the Yield Service as set out in this User Agreement, BLOX is not required to compensate losses from the Yield Service to Stichting BLOX Custody, while the User in that case is still entitled to receive yield.

6. Cryptocurrencies held by Stichting BLOX Custody may yield certain benefits, including but not limited to airdrops, staking rewards, and hard forks. The User is, in principle, not entitled to such benefits unless otherwise provided in this User Agreement or decided by BLOX (e.g., when the User participates in the Yield Service and receives yield, or when BLOX decides to distribute proceeds from an airdrop or hard fork among Users).

7. The User acknowledges that storing cryptocurrencies in the BLOX account involves significant risks, as described in the risk disclosure statement. Although BLOX and Stichting BLOX Custody will take reasonable measures to secure wallets, complete security cannot be guaranteed. The User acknowledges use is at their own risk.

8. BLOX and the cryptocurrencies depend on third-party software protocols that govern the functioning of supported cryptocurrencies. BLOX has no influence over the functionality, security, availability, or continuity of these protocols. These protocols may change suddenly, which may affect value, function, transferability, or other properties. BLOX is not liable for damages resulting from this, including damages resulting from termination of a protocol or an error in a protocol leading to loss of assets.

9. For safety and efficiency purposes, Stichting BLOX Custody may store cryptocurrencies offline or with third parties. This may cause withdrawal delays. BLOX and Stichting BLOX Custody are not liable for damages resulting from defects at these external storage parties, their failures, or other problems. The User acknowledges that in the event of default or bankruptcy of a storage party, they may not recover all their cryptocurrencies.


Identification and verification

Art. 12.

1. To use the Service Provision, you must create an Account, provide all requested information and associated documents, and fill in all data completely and correctly. The information BLOX requests 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 copies of your bank statement, tax return, and/or other documents.

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

2. BLOX reserves the right to verify the information provided—at a time determined by BLOX. The time verification is carried out may vary depending on the situation and is also dependent on BLOX’s compliance and risk management policies. BLOX is always entitled to reject verifications or request additional information if it deems this necessary and/or desirable. If there are doubts about verification, BLOX may take a measure it deems appropriate, including at least the temporary suspension of the Account or restriction of functionalities in the BLOX Environment. All these actions take time and may result in delays in services, which may adversely affect the User. The User is aware of and accepts these risks, and acknowledges and agrees that BLOX cannot be held liable for any delayed services with adverse consequences for the User.

3. Depending on your Account status, not all functionalities of the Service Provision may be available or (lower) limits may apply. This may, for example, be the case if no identity check has (yet) taken place or verification has yet to be completed.

4. 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 data. BLOX is at all times entitled to revert the Account to unverified status, to block the Account, freeze balances, or terminate the Account.

5. 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 block or close the Account immediately.

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


AML & KYC Policy

Art. 10.

1. BLOX does everything possible to prevent money laundering, fraud, or other criminal activities via the Service Provision offered by BLOX. BLOX is entitled, both prior to, during, and after the Service Provision, within the limits of the law, to take all measures it deems necessary.

2. If there is suspicion of criminal or fraudulent actions, BLOX is entitled, within the limits of the law, to take mitigating and/or additional measures, such as suspending and/or cancelling Transactions and/or blocking your Account and/or freezing balances.

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

4. BLOX is always 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.

5. If you commit a legal violation (or there is serious suspicion of one) and/or in the case of a (proposed) so-called unusual transaction, BLOX may report this to the authorized authorities.


Fees and charges 

Art. 11

1. BLOX charges a fee for every Transaction. An overview of the fee can be found in the Environment during a Transaction and in the fee policy published on the website.

2. BLOX may charge a fee for withdrawals of funds and deposits of cryptocurrencies and funds. BLOX can adjust these fees. The current rates are displayed in the BLOX Environment and can be found in the fee policy. If, in exceptional cases, it is necessary and permitted by BLOX to send cryptocurrencies to an external wallet, BLOX will charge administration and transaction fees. BLOX will inform the User in such cases of the applicable fees at that time. These fees are based on the internal and external costs that BLOX and Stichting Blox Custody 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 providing extra information).

3. Have you chosen the Yield Service? Then the fee consists of a percentage of the yield, if applicable. This fee is deducted from the yield payable to the User. The yield you receive may differ per cryptocurrency and product. The applicable yield for you can be found in the fee summary in the BLOX Environment. This summary includes your yield. This overview (as amended from time to time) is part of your User Agreement with BLOX. BLOX is authorized to unilaterally (without your consent) amend the overview and will inform you in case of a change by making this information available on the BLOX website. BLOX may do this if there is a valid reason, such as a change in rewards or interest income or another form of yield that BLOX receives or the costs incurred by BLOX.

4. The User may, unless otherwise agreed in this User Agreement, terminate the additional service free of additional charges. If the Yield Service is offered per cryptocurrency and you disagree with a change in the fee for a certain cryptocurrency, you may also choose to terminate the service only for that cryptocurrency.     

5. The yield on your cryptocurrencies is paid out to you periodically. The payout of yield may be suspended. See article 14.


Cryptocurrencies

Art. 12.

1. The BLOX Environment can be used to trade cryptocurrencies. Additionally, under conditions, it is possible to add cryptocurrencies to the BLOX Environment by means of a deposit in cryptocurrency. In principle, it is not possible in the BLOX Environment to send cryptocurrencies to an (external) wallet address unless otherwise agreed in this User Agreement.

2. Cryptocurrency deposits are only possible as far as BLOX facilitates these deposits for the relevant cryptocurrencies and all other Account conditions have been met (such as limits). A blockchain analysis will be part of a cryptocurrency deposit.

3. If blockchain analysis creates doubt as to the source of the specific cryptocurrencies (for example, involvement in illegal activities), BLOX may conduct further investigation into its origin. BLOX is free to (temporarily) block this cryptocurrency deposit. If the additional investigation is not, in BLOX’s opinion, sufficiently satisfactory or an explanation is not adequate/satisfactory, BLOX is free to refuse the deposit permanently and return the deposit to the User. Upon request, the User provides all details required to return the cryptocurrencies. Costs are associated with returning the cryptocurrencies, for the account of the User. BLOX informs the User about the applicable fees. These fees are based on the internal and external costs that BLOX and Stichting Blox Custody have to incur to facilitate the transfer.        

4. BLOX is free, at its own discretion, to add, remove, or (temporarily) suspend cryptocurrencies (for both trading and deposits) in the BLOX Environment. Where possible, BLOX will announce such a decision in advance.

5. When removing or temporarily suspending trading in a cryptocurrency in the BLOX Environment, BLOX will, where possible, set a period during which BLOX offers you the opportunity to sell the cryptocurrencies in the BLOX Environment. BLOX aims to announce this – as far as possible – at least 30 days in advance. In cases of force majeure or if necessary due to laws and regulations, this period may be shorter. In that case, BLOX will inform you before the sale about the period applied.

6. If you have not sold the cryptocurrency within the set period referred to in paragraph 5 as a result of the announcement that a cryptocurrency will be permanently removed from the BLOX Environment, BLOX is authorized, after the end of that period, to sell these cryptocurrencies for and on behalf of you (to the extent possible) and to increase the E-Money Credit with this value. BLOX is authorized to determine the exact moment for this.

7. You may also, during the relevant period, request by email to have the cryptocurrencies transferred to your own wallet, with the wallet meeting conditions set by BLOX. BLOX charges transaction and administration fees for this. BLOX may refuse such a request if, based on laws and regulations or instructions from competent authorities, BLOX is not allowed to carry out such a transaction, if the User has not responded timely, correctly, and/or fully, or for reasons considered proper by BLOX.

8. In the event of the temporary suspension of trading in a cryptocurrency, BLOX will, in principle, continue to hold the cryptocurrencies for your benefit. If a temporary suspension leads to the permanent removal of the cryptocurrencies, you give BLOX authorization to sell these for you and to increase the E-Money Credit with this value.

9. BLOX is not liable for any damages arising from the addition, the (temporary) non-availability, and/or removal of a cryptocurrency within the BLOX Environment, unless in case of intent or gross negligence on the part of BLOX or parties appointed by BLOX.


Yield Service

Art 13.

1. BLOX offers the User the opportunity to earn yield on selected cryptocurrencies. The User loans their cryptocurrencies directly to Coinmerce Earn.2. If the User has indicated a wish to use the Yield Service and, via the BLOX Environment, entered into a loan agreement with Coinmerce Earn, the User agrees that BLOX instructs Stichting Blox Custody on behalf of the User to make the cryptocurrency available to Coinmerce Earn. 

3. It is important to note that cryptocurrencies loaned by the User to Coinmerce Earn are not held by Stichting Blox Custody. As a User, you have a claim on Coinmerce Earn for the return of the same amount and type of cryptocurrency as you have loaned to Coinmerce Earn. As part of the Yield Service, BLOX ensures that Coinmerce Earn is asked to return (early or otherwise) the loaned cryptocurrency to Stichting Blox Custody if you wish to terminate the Yield Service for any reason. As soon as the cryptocurrencies are returned, Stichting BLOX Custody will again store and manage them on behalf of the User. 

4. Coinmerce Earn may relend the loaned cryptocurrencies at its own discretion to third parties, from whom Coinmerce Earn may receive rewards or other amounts. For clarity: Coinmerce Earn is not required to pay yield to the User if it receives no or insufficient proceeds from Lending Partners to cover the payment of Lending Rewards.

3. There are significant risks attached to the Yield Service. Since Lending Partners do not always have to provide full collateral to Coinmerce Earn, the main risks include that if a Lending Partner defaults, the User may lose their cryptocurrencies. In that case, Coinmerce Earn will not be able to return these cryptocurrencies to the User. This can lead to the User’s cryptocurrencies being completely or partially lost. The User uses the Lending Service at their own expense and risk.

4. Unless otherwise specified in this User Agreement, the User may at any time decide to terminate the Yield Service or change the cryptocurrency on loan. If the User indicates in the BLOX Environment that they wish to end/modify the Yield Service, the request will be implemented as soon as possible. It may not be possible to implement the request immediately, e.g. because the cryptocurrencies are held by a third party and that wallet is temporarily inaccessible due to it being blocked or frozen. 

5. Coinmerce Earn may end the Lending Service at any time without prior notice. Clarification: ending the Lending Service by Coinmerce Earn does not necessarily affect the continuation of other Services provided to the User by Bitvavo.

6. BLOX registers, in cooperation with Stichting Blox Custody, every change in the User’s Account if the User loans cryptocurrencies to Coinmerce Earn or receives them back from Coinmerce Earn under the Yield Service. If a User loans cryptocurrencies to Coinmerce Earn, this results in an increased claim by the User on Coinmerce Earn on the one hand and an increased debt of Coinmerce Earn to the User on the other, for the return of the same amount and same type of cryptocurrency as loaned by the User to Coinmerce Earn. 

7. BLOX will, by instructing Stichting Blox Custody accordingly, adopt a facilitating role regarding the transfer of cryptocurrencies from Users by Stichting Blox Custody to Coinmerce Earn, the return of cryptocurrencies from Coinmerce Earn to Stichting Blox Custody for Users, and facilitate Stichting Blox Custody receiving the yield on the loaned cryptocurrencies for Users. Any return or yield payment by Coinmerce Earn to Stichting Blox Custody is a discharging payment by Coinmerce Earn to the relevant Users.

7. If the User – as far as possible – at a given time sells cryptocurrencies that are still available to the Yield Service, you also (automatically) request the termination of the Yield Service for the loaned cryptocurrencies by requesting the sale.


Compensation and Costs
Art. 14.

1. The User owes compensation to BLOX and Coinmerce Earn. These include, but are not limited to, fees for trading, providing the price guarantee, depositing cryptocurrencies or E-money Credits, withdrawing cryptocurrencies or E-money Credits, and using the Lending Service.

2. Any compensation and associated amounts are published by BLOX on the designated pages with information about compensation on the Website and/or in the BLOX Environment, as amended from time to time, or are otherwise made available to the User. BLOX and Coinmerce Earn may, at their own discretion, make changes from time to time. Changes communicated to the User take effect immediately.

Crypto-asset Transfer Service

Art. 15.

1. BLOX also provides a crypto-asset transfer service on behalf of Users and has a MiCAR license for this service. This article further discusses this crypto-asset transfer service. 

2. BLOX provides this crypto-asset transfer service to its Users upon requests made by Users, for example in the case of moving cryptocurrencies where necessary for the implementation of the Yield Service or the activities for the exchange service. Custody policy may also entail that crypto-asset transfer services are provided as a result of securely storing cryptocurrencies.     

3. In performing this service, BLOX will exercise due care. To perform this service, BLOX may use (software of) third parties used for its custody service. The custody policy details this further, including the security systems used.          

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 individually agreed with the User. 

5. These services are also subject to this User Agreement including the rights described in Article 25 of this User Agreement.          


Security

Art. 16.

  1. You are responsible for having:
  • a good and secure internet connection;
  • a computer, tablet, smartphone, or other device by which an internet connection to the BLOX Environment can be made, equipped with up-to-date measures against, among other things, intruders, viruses, spam, etc.;
  • an email account which only you can access, and through which BLOX’s emails can be received without hindrance.

2. You must use a strong password and use 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 whoever logs in to the User’s Account with the correct login details is indeed the User. The User accepts responsibility for—and bears the full risk of—all activities carried out through their Account and all transactions made through the Account.

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

4. To the extent BLOX is liable for any damage that arises, you are not entitled to compensation if security measures have not been observed or have not been observed correctly. 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 must contact BLOX immediately.


Risks

Art 17.

1. BLOX holds a license from the Dutch Authority for the Financial Markets (AFM) as a provider of crypto services.  

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

2. You are aware of and take full responsibility for the risks associated with trading cryptocurrencies and lending cryptocurrencies should you engage in such activities. These include, among others, the lack of guarantees for value and value retention.

3. You accept the exceptional circumstances which may occur in BLOX’s service provision via the internet and the (technical) imperfections that may arise, such as the inability to obtain (full) access to our Service Provision or the BLOX Environment, not being able to provide and/or process an Order (fully or on time), malfunctions and/or defects in the BLOX Environment and/or underlying hardware and/or (inter)network connections and/or software powering the BLOX Environment. Except for intent or gross negligence on the part of BLOX or its appointees or agents, BLOX is not liable for these exceptional circumstances, nor for any consequences of the (temporarily) not or not fully accessible or available BLOX Environment or Account, or for delays and/or malfunctions and/or incomplete operation of the BLOX Environment.

4. You understand and accept that by using our services you run a risk with respect to BLOX and Stichting Blox Custody. 

5. Warning: the use of the Yield Service entails risks. If you choose the Yield Service, additional risks listed in the risk disclaimer apply. This disclaimer forms part of your User Agreement. Before using the Yield Service, 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. 


Force Majeure

Art 18.

1. In case of Force Majeure, BLOX is entitled to suspend compliance with its obligations to the User and/or terminate the User Agreement.

2. If after three months BLOX still cannot fulfill its obligations, BLOX is entitled to terminate the User Agreement or (in whole or in part) dissolve it (for the parts which BLOX is unable to perform due to Force Majeure). Users are not entitled to compensation for any damage suffered or to be suffered as a result of the termination or dissolution.


Termination of the User Agreement and Account

Art 19.

1. Parties are entitled to terminate the User Agreement with a notice period of at least 14 days. Additionally, you and BLOX may terminate the User Agreement at any time (with immediate effect) if so provided in the User Agreement. Termination of the User Agreement automatically results in closure of the Account and the cessation of the Service Provision.

2. You may terminate the User Agreement at any time by sending an email to: info@weareblox.com. No fees are associated with termination. Before terminating the User Agreement, you must sell and withdraw your balances.  

If you have not withdrawn your balances at the time of termination of the User Agreement, there is the possibility that after 8 days from termination the cryptocurrencies may be sold on your behalf at a time to be determined by BLOX, and the E-money Credit increased with sales proceeds so that this value can be transferred to your bank account. You authorize BLOX to do this. Upon termination of the User Agreement, any remaining balance in your Account (E-Wallet) will be transferred to your (most recently used) verified bank account after eight working days, unless there is suspicion or confirmation of misuse or fraud or other legislation or a legitimate ground on the basis of which payout can be suspended.

3. If, at the time you request termination of the User Agreement, you are using the Yield Service, your termination request will also (where not already done) serve as a request to terminate the Yield Service. The relevant cryptocurrencies will be transferred and credited to your Account after the Yield Service ends. The E-Money Credit is then increased after the cryptocurrencies have been sold. Termination of the User Agreement automatically results in closure of the Account and cessation of the Service Provision.

4. By way of exception, you may still have a claim on BLOX or Coinmerce Earn after termination of the User Agreement. This claim may arise, for example, from the Yield Service. If it is expected that a long period may pass before it is clear what your claim consists of and what the amount will be, for example in the event of bankruptcy of a third party, your Account will, after termination of the User Agreement, remain available only to receive and then sell that claim; you will no longer be able to trade via the BLOX Environment or deposit cryptocurrencies or funds. In this case, your Account will remain active solely for receiving the future claim. In both cases, you are required to (continue to) provide your current details so the claim (in whole or in part) can be paid to you once determined by the Parties.

The relevant cryptocurrencies will be transferred and credited to your Account Afterward, the E-Money Credit will be increased after the cryptocurrencies are sold.

5. In case of suspicion or confirmation of misuse, fraud or other legislation or a legitimate ground on which payout can be suspended, BLOX will not sell the cryptocurrencies until (for BLOX) sufficient clarity is obtained. In this case, measures will be taken at BLOX's discretion. In this case, BLOX will never be liable for any losses or lost income as a result of, for example, exchange rate fluctuations.

6. Where, due to Force Majeure, it is no longer possible or feasible to continue providing the Service Provision, BLOX is entitled to terminate, with immediate effect, one or more parts of the Service Provision. All outstanding Orders will expire at that time and all balances must be withdrawn.


Privacy

Art. 20.

1. BLOX collects, processes, and stores the User’s personal data in accordance with BLOX’s Privacy Policy. BLOX does so, among other things, to comply with legal obligations and to offer the Service Provision as optimally as possible. The Privacy Policy describes on what basis personal data are processed, which data are processed, and the reasons for this processing. The Privacy Policy also explains that BLOX will handle your data with care and not share it with third parties without due cause.

2.  You must have read BLOX’s Privacy Policy as it is part of the User Agreement. It explains why BLOX needs your data and what it is used for.


Confidentiality
Art 21.

1. The User may receive or otherwise become aware of information regarding BLOX or its Service Provision that is not known to the public. The User agrees to use such confidential information only to the extent necessary for use of the Service Provision and to not 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.


Intellectual Property Rights
Art 22.

BLOX and its affiliated companies are the owners of all rights, title, and interest, including all associated intellectual property rights, in and related to the BLOX platform, the BLOX environment, and the Service Provision offered by BLOX. The same applies to suggestions, ideas, improvement requests, feedback, recommendations, or other information provided by the User regarding the Service Provision. These terms and conditions do not grant any ownership rights relating to BLOX’s intellectual property rights. No right or license is granted to use BLOX intellectual property other than strictly necessary for the use of the BLOX environment and Service Provision in accordance with these terms. In case of such a license it is not sublicensable and can be revoked by BLOX. The name BLOX and the BLOX logo are trade names and trademarks of BLOX and its affiliates and no right or license is granted to use them.

Complaints

Art 23.

1. Users can submit complaints, feedback or questions by emailing support@weareblox.com.

2. When a User contacts BLOX, the User will be informed about the complaints procedure and must provide their name and email address, as well as any other information needed to identify the User. If the User does not respond to such a request and is not willing to follow the complaints procedure, the complaint will not be handled further. 

2. If the complaints procedure has been followed and your complaint has not been satisfactorily resolved, you are entitled to submit the dispute to the court as specified in Article 26.

3. Correspondence between you and BLOX is confidential and may—except where a legal obligation applies—not be published or disclosed by either party without the express consent of both parties.


Liability

Art. 24.

1. BLOX and Coinmerce Earn strive to provide the Service Provision to Users in a professional and careful manner. Nevertheless, the use of the Service Provision and trading cryptocurrencies involves inherent risks. For this reason, BLOX and Coinmerce Earn must limit their liability as described in this article.

2. BLOX and Coinmerce Earn accept no liability for any damage except where this results from intent or gross negligence on their part. Furthermore, they are not liable for damages resulting from or related to:

  • actions by the User in violation of the User Agreement;
  • outages / bugs in the electricity supply or outages / bugs in communications connections and/or equipment and/or other facilities, whether these connections, equipment or facilities are managed by BLOX or a third party, or other causes rendering the User or BLOX themselves unable or delayed in using BLOX’s systems and connected Service Provision within the context of provision of the Service; BLOX cannot guarantee that the Service Provision is available 24 hours a day, 7 days a week. BLOX does its utmost to make this availability possible but cannot be held liable if this is not the case.
  • inaccuracies in and/or the 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 related to investing in cryptocurrencies made available to the User;
  • changes to internal operations, policy documents and compliance policy as a result of which the User may no longer be able to use BLOX’s Service Provision;
  • loss of profit or loss of expected returns, including loss of expected trading profits or hypothetical trading losses, whether direct or indirect, such as missed trading opportunities or actions the User would otherwise have taken, even if this is due to the temporary unavailability of your cryptocurrency;
  • abuse, 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, markets, payment and settlement systems, or custodians;
  • any act, non-payment, or omission by a third Party involving cryptocurrency provided by BLOX in connection with the Yield Service; 
  • the temporary or permanent inability of the User to trade cryptocurrency in the BLOX Environment;
  • the choices made by the User regarding security settings and/or security measures – or the (partial) absence thereof – of the products or services provided by BLOX; and
  • any other damage, except if and to the extent that it is established that such damage is the direct result of gross negligence or intent on the part of BLOX.

2. To the extent that BLOX is liable for damages suffered, the total liability of BLOX and Coinmerce Earn, insofar as applicable law allows, will be limited to:

  • a maximum of the sum of the fees paid by you to BLOX and Coinmerce Earn in the 6 months immediately preceding the date of any claim giving rise to such liability.
  • the damage that could reasonably have been limited 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 damages that were reasonably foreseeable and directly result from a breach of the User Agreement by BLOX and Coinmerce Earn.

3. BLOX or Coinmerce Earn may, at their own discretion, decide to compensate the User for damage or loss in specific cases, without being obliged to do so and without setting a precedent.

4. To the extent that BLOX is demonstrably at fault for an incident related to the custody or management of cryptocurrency and cryptocurrency has therefore been lost, BLOX's maximum liability is the market value at the time the cryptocurrency was lost.


Indemnification
Art. 25.
1. The user agrees to protect BLOX and Coinmerce Earn, including their directors, employees, representatives, and affiliated parties, against and to indemnify them from all possible claims, lawsuits, investigations, damages, costs, or other proceedings (including reasonable attorney’s fees) that arise from the following:

  • An actual or alleged breach of the agreements, warranties, or obligations that the user has entered into in this user agreement;
  • Incorrect, illegal, or inappropriate use of the services of BLOX by the User;
  • A violation of the rights of another person or organization by the User.

This provision protects BLOX and Coinmerce Earn from any adverse consequences of mistakes or unlawful conduct by the User.


Other Provisions

Art. 26.

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

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

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.

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

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

6. BLOX communicates with you in Dutch or English. BLOX may communicate with you online, by email, via the Environment, and your Account.

7. BLOX may amend this User Agreement at its own discretion. If you do not agree with these changes, you can terminate the User Agreement immediately. If you continue to use the Service after the changes have taken effect, this constitutes 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 shall prevail.