User agreement

Introduction

This user agreement (the User Agreement) is a framework agreement, containing all agreements applying to all legal relationships between BLOX and you as a User, as well as Stichting derdengelden Blox and you as a User. BLOX and the Stichting derdengelden Blox shall be collectively referred to as: 'we', 'our' or 'us'. This User Agreement sets out the terms and conditions on which we provide you with access to and use of our products, services and offerings. If a condition is also relevant for the Stichting derdengelden Blox, those conditions also apply to the legal relationship between you and the Stichting derdengelden Blox.

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

User should be aware that cryptocurrencies may be subject to large price fluctuations and therefore may involve large losses. Trading in digital currencies involves significant risk. Only use funds that you can afford to lose.

Definitions

Account: an account maintained at BLOX by the User.

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

Services: the execution of Orders initiated by User on the Platform, the storage of cryptocurrencies/E-Money Credit for the account and risk of User, and all other services, products and services offered by us.

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

User: the person who makes use of our Service and/or Platform, hereinafter also referred to as "you" or "your".

Order: a request to make a Transaction, deposit or withdrawal.

Force Majeure: a situation that disrupts the normal functioning of the Platform and/or Service and/or makes it (partly) impossible to conduct business and cannot reasonably be foreseen by BLOX, or at least is beyond BLOX's control, such as fire, natural disaster, social unrest, strike or lockout, war, mobilisation, proclamation of the state of war or siege, riot, government measures, exceptional network or hardware failures, power failure, bank failure, failure related to the custody/transfer of cryptocurrencies, bankruptcy of or conflict with a bank, a partner holding (part) of the cryptocurrency in custody or other partner of BLOX, disagreement with regulators, problems with the network or protocol of a cryptocurrency.

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

Transaction: A succesfully executed Order on our 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 up repeating order where, through a bank transfer with a unique number, an automatic request is made by the user to purchase a cryptocurrency without requiring any action on the Platform.

Stichting derdengelden Blox: the foundation for third party funds under Dutch law, Stichting derdengelden Blox, established at Wijchenseweg 102, 6538SX in Nijmegen, and registered with the Chamber of Commerce under number 72296291.

General

Art. 1.

We perform our Services with the utmost care. Once a Transaction has taken place, it is irreversible. The right of cancellation for individuals is excluded. Users do not have the possibility to cancel Transactions related to cryptocurrencies, except in cases BLOX does not fulfill its commitments.
All information provided by us (regardless of how it is made known) is without obligation, purely informative in nature, and should not be considered professional, financial or legal advice. We do not give buying or selling advice and make no statements about the expected price or rate. We do not provide any (investment) advice in relation to cryptocurrencies. We do not accept any responsibility or liability for the information we provide, nor for the use made of it or for any loss that results or may result from it.
You acknowledge that the information provided as part of our products, services and services to be offered, are 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" base (conclusion without advice). Your Orders are executed automatically by our systems.
By creating an Account and/or using our Services, you acknowledge that you:
◦ have accepted all of the terms and conditions in 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 a higher age is required for this User Agreement to be validly entered into, have reached that age;
◦ if the User Agreement is entered into by/on behalf of a legal entity, you are authorized to close agreements on behalf of the legal entity and that the legal entity is authorized to enter into the User Agreement;
◦ are authorized to enter into a binding agreement with us and that such use is permitted under applicable law;
◦ create only one Account and have no other Accounts;
◦ that you are the owner of the bank account(s) used by you and that the bank account is in your name or if the Account is of a legal entity that the bank account belongs to the legal entity and is in the name of the legal entity;
◦ will use the Platform and/or Account for its own interest and at its own risk, and not as an agent or representative of a third party or otherwise for the benefit of third parties;
◦ act in accordance with the relevant laws and regulations and this User Agreement;
◦ are not a resident of a country or do not fall under the jurisdiction of a country whose applicable law does not allow you to enter into this User Agreement or use our Services;
◦ are not a US person, are not a resident of the United States, do not hold a US Nationality or otherwise qualify as a US Citizen and indemnify us against any damages we suffer as a result of violating this prohibition;
◦ do not appear on a relevant sanctions list.
As a User of BLOX's Services, you should have basic knowledge of the cryptocurrencies we trade and how these products work. You are solely responsible for the risks involved in investing in cryptocurrencies
It is prohibited to use our Platform for illegal purposes, such as, among others, money laundering or tax evasion.
BLOX offers different types of Services, to which different risks are attached. BLOX administers the cryptocurrencies belonging to the different 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 are linked to the group of Users who also specifically chose that Yield Service and/or specifically that cryptocurrency to use the Yield Service. If a risk subsequently realises for a Yield Service or one of the cryptocurrencies in connection with that Yield Service, that risk is allocated pro rata 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.

To use our Services, you must register by completing the (full) registration process, providing the requested information and accepting the terms of this User Agreement and our Privacy Statement.
As a User you agree and commit to provide us with all the information we deem necessary to comply with our legal obligations, to cooperate with any customer research we may carry out, including for the purpose of preventing fraud, money laundering, the financing of terrorism and/or other (financial) crimes, and to notify us of any changes to the information previously provided by you.
We are entitled to suspend and/or cancel your Account or our Services if you are not prepared to provide the requested information (on time) in a proper manner or if it appears or we have a (remote) suspicion that the information provided is incorrect, incomplete and/or misleading. We are at all times entitled (therefore also as a result of the information received) to change the status of your Account and/or to change the limits in the Account.
You authorize us to make inquiries, directly or through third parties, that we deem necessary to verify your identity or protect us from fraud or other financial crimes.
You are responsible for the Orders / Transactions / withdrawals and/or deposits placed and/or made by you. This includes, among other things, entering the correct data, such as quantity, email address, correct bank details and passing on changes. You are responsible for the accuracy of the data you provide. By confirming the Order / Transaction / withdrawal and/or deposit you declare that you have checked the relevant process and that all data is correct. Not passing on changes or not passing them on in time is entirely at your expense and risk.

Rights & Obligations of BLOX

Art. 3.

We make every effort to ensure that our Service functions as well as possible. We are partly dependent on third parties for the proper functioning of our Service, so we cannot fully guarantee this proper functioning. We therefore cannot make any statements or guarantees of any kind regarding the operation of our Service where it depends on third parties. We decline all liability in this regard, except in cases of intent or knowing recklessness on our part.
It is possible that (a part of) our Service is not continuous, not optimal and/or not faultless. We cannot be held liable for any problems and/or damage that (may) occur as a result of the (temporary) unavailability of our complete Service and/or any changes made by us, except in the case of intent or gross negligence on our part.
We are entitled to temporarily suspend / modify or discontinue access to, or the operation of, (part) of our Services. We will only exercise this right if we consider it necessary, for example to comply with applicable laws and regulations, instructions from authorized supervisors and/or for the protection of you, the processing of Orders / Transactions / deposits and/or withdrawals, the Platform and/or for proper functioning of markets and prices.
We are entitled to carry out maintenance from time to time, during which it is temporarily not possible to use our Service. We strive to provide advance notice of major maintenance, during which the Platform and/or our Service will be unavailable/limited for a long(er) time. However, due to dependence on third parties and technical links to services, this will not always be possible.
We can never be held liable for any damage suffered by you as a result of price fluctuations. We are also not liable, in any form whatsoever, for any loss in the event that these Terms are not or not correctly complied with by you.
We will do everything in our power to prevent fraud, money laundering, the financing of terrorism and/or other (financial) criminal offences. In order to give this the best possible implementation we shall:
◦ report suspicious (proposed) Transactions to the appropriate authorities;
◦ actively monitor and control Transactions and, where we see reason to do so, take appropriate action (including but not limited to stopping Transactions, withdrawals and/or deposits and closing Accounts);
◦ cooperate with police, regulatory agencies, the public procecutor's office, other government agencies, and authorized supervisors, among others.
In addition, we reserve the right to, without being liable for any damages or lost revenue for this purpose:
◦ block and/or freeze Accounts that are or may be associated with fraud or other activity in violation of laws and regulations or this User Agreement;
◦ limit or block Accounts during our investigation of whether it is acting in accordance with this User Agreement, compliance policies or laws and regulations;
◦ suspend and/or cancel orders for reasons of our own making without being liable for any damages and/or lost revenue;
◦ sell User's positions in cryptocurrencies at any time if we receive a court request to do so, or are otherwise required to do so;
• To sell the User's cryptocurrency positions at any time if we feel compelled to do so as a result of (not being able to) complete a customer investigation or if the user fails to sufficiently respond to BLOX's requests in the context of the customer investigation;
◦ terminate the User Agreement unilaterally, for reasons of our own making without being liable for any damages and/or lost revenues;
◦ in the event of fraudulent use or use in violation of the User Agreement, charge Users with the costs we incur and/or have incurred in investigating and repairing fraudulent or other criminal activity. We are entitled to offset these costs against the balance of the User's Account;
◦ close accounts, terminate our Services or take any other action that we deem most appropriate given the circumstances, in the event that a change in laws and regulations gives us cause to do so, a regulator requests it or there is another compelling reason that we believe requires us to take action;
◦ take other reasonable measures to prevent abuse, criminal acts or use in violation of this User Agreement.

Account

Art. 4.

To use the Services, you must have registered an Account with BLOX. BLOX has an acceptance policy on the basis of which it assesses whether a User is eligible to register an Account. Part of this policy is that only persons with a valid ID and bank account from one of the SEPA countries can have an Account with BLOX. If at any time it becomes apparent 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 damages and/or lost revenue. We may make changes to the Acceptance Policy at any time.
BLOX has a legal obligation to conduct customer due diligence and monitor (suspicious) transactions. This applies both when creating the account and during the service provision. The user is required to provide the requested information upon BLOX's request and to answer questions truthfully. BLOX has the right to take appropriate measures if BLOX has not been able to complete the customer investigation or if it has not been completed with sufficient certainty.
You are responsible for knowing the laws surrounding cryptocurrencies in the country where you live or are. We cannot be held responsible if the User violates laws and regulations.
An Account including all account data and the credits in the Account are personal and non-transferable and therefore cannot be passed to a third party.
We are entitled to refuse and/or not further process requests for an Account or modifications/extensions to the Account without reason.
We are entitled to block, close, delete and/or freeze accounts at any time if an Account is used in breach of the User Agreement, our compliance policy or any legal provision or if we suspect that this is the case. We may, within the limits of the law, impose conditions on the refund of any outstanding balances.
We are entitled to (fully) freeze an Account until further notice and/or to take other measures appropriate in our opinion if one or more of your assets is/are seized.
You declare that you have filled in all details truthfully. In the event that we notice – or have reasonable grounds to suspect – that the obligations or declarations on the basis of this User Agreement are not (or are no longer) correct, or are not being correctly complied with, we will be permitted to block your Account immediately (temporarily) and/or close the Account and terminate this User Agreement.

Stichting derdengelden Blox

Art. 5.

Stichting derdengelden Blox is, on behalf of BLOX, responsible for the management of User's E-Money Balances and cryptocurrencies to the extent that both of these balances are not used by BLOX to carry out User's transactions and/or the User has indicated that he wishes to use the services described in Article 15 of this User Agreement (revenue on cryptocurrencies) and it is necessary for this service to deposit the cryptocurrencies with a third party.
The Stichting derdengelden Blox (Blox Third-Party Funds Foundation) implements a custody policy that specifies how the Foundation secures E-Money Balances and cryptocurrencies. The Stichting derdengelden Blox may engage third parties to execute the management in accordance with its policy. E-Money Balances and cryptocurrencies held by the Stichting derdengelden Blox are maintained in the name of the Foundation. E-Money Balances and cryptocurrencies may, also for the purpose of risk diversification, be held in various accounts in the name of the Stichting derdengelden Blox or be invested in low-risk products such as government bonds, (delegated) staking, or short-term debts. Earnings received by the Stichting derdengelden Blox shall accrue to the Stichting derdengelden Blox unless otherwise agreed and communicated in advance by BLOX.
Stichting derdengelden Blox cannot be held liable if E-Money Credit and/or the cryptocurrencies held by Stichting derdengelden Blox cannot be paid out as a result of Force Majeure. Stichting derdengelden Blox reserves the right, in the event of an observed shortage of E-money Credit due to a Force Majeure situation, to make an arrangement for the entitled parties. This may include, for example, distributing the remaining funds or cryptocurrencies proportionally among the entitled parties. If the Stichting derdengelden Blox has a shortage of cryptocurrencies as a result of the use of the cryptocurrencies as described in clause 2, then this shortage shall be borne by Blox.
Please contact stichtingderdengelden@weareblox.com for questions, complaints and/or comments about Stichting derdengelden Blox.

E-Money Credit

Art. 6.

By making a deposit in Euros in the app, the E-Money Credit is recharged. This is subject to the limits as indicated in the Account and/or on the website and/or through the app. These limits can be changed by us at any time. When paying in other currencies, a conversion fee will be charged by us.
The E-Money Credit is recognised exclusively by BLOX and BTC Direct Europe B.V.
Within BLOX, the E-Money Credit can only be used within the app for the execution of Transactions for the purchase of the cryptocurrencies offered in the app.
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. E-money Balances are held and managed by the Stichting derdengelden Blox in accordance with the Foundation's policy for securing the E-money Balances.
No interest will be charged on the balance of the E-Money Credit.
The E-Money Credit or part thereof, can be paid out in Euros to your verified (SEPA) bank account upon request. Requests will be processed as quickly as possible unless there is a Force Majeure situation.
Upon requests to transfer (part of) the E-Money Credit and upon closing of the Account, the value of the E-Money Credit will be transferred in Euros to User, to the verified bank account number linked to the Account. It is not possible to transfer the balance to another unverified bank account.
The E-Money Credit is displayed as a euro balance listed in the Account. We strive to ensure that the information made available on the Platform or in the Account is always complete, correct, accurate and updated. In the event of a discrepancy between the information provided on (or through) the Platform or the Account and the records of BLOX, the records of BLOX shall prevail. BLOX will, where appropriate, make the necessary efforts to correct it as soon as possible.
We shall be entitled at all times, in the event of suspected fraud and/or abuse, to suspend requests for payment of E-Money Credit or for the upgrading of E-Money Credit, within the limits of the law, until legitimacy has been demonstrated and/or requested data has been provided.
In the event of an incorrect transfer, for example due to an incorrect description or different account holder name, it will be returned. The costs resulting from this mistaken deposit may be charged to you. In the case of a refusal by the bank of a SEPA withdrawal order, we are entitled to pass on all costs to you.

Transactions, Orders, Withdrawals and Deposits

Art. 7.

Purchases within BLOX can only be made using E-Money Balance. This can be done either by manually topping up the E-Money Balance and then selecting a cryptocurrency on the Platform's rate page, 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 app, which lists all cryptocurrencies;
◦ Select the desired cryptocurrency to purchase;
◦ View the price of the past 24 hours and press the button: 'Buy';
◦ Fill in the desired amount and press the button: 'Preview Order';
◦ A quote with the amount of cryptocurrencies to buy will appear on the screen, this quote is valid for a few seconds. If you agree with the quote (amount of cryptocurrencies to buy), you can complete the purchase by pressing the button: 'Confirm and Buy';
◦ When the Order is executed you will receive a confirmation of the successful Transaction in the history overview. The E-money Credit will be reduced with the order amount.
◦ Only after all the prior points have been successfully completed, the Transaction has been executed and you can claim it.
To make a sale at BLOX, the following steps must be completed:
◦ Go to the first page in the BLOX app, 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 number of cryptocurrencies to be sold and press the button: 'Preview Order';
◦ A quote appears 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 and Sell';
◦ When the Order is executed you will receive a confirmation of the successful Transaction in the history overview. The E-money Credit will be increased with the sales proceeds.
◦ Only after all the prior points have been successfully completed, the Transaction has been fulfilled and are you able to claim it.
The quote to be issued by BLOX under step 5 (see paragraphs 1 and 2) in a buy or sell transaction is valid for a few seconds. By pressing the "Confirm and Buy" or "Confirm and Sell" button, you agree to our offer, to the price and any associated costs and BLOX will execute the Transaction at the stated price. Once the Order has been confirmed by you, it cannot be cancelled, reversed or changed by you, without prejudice to the right to seek dissolution if BLOX should fail to meet its commitments.
If an Order is placed within your Account we may assume that it is a legitimately given Order and will perform it in accordance with the request.
If BLOX deems it necessary, for example in case of an unusual situation (of a technical, legal or other nature) we are entitled to suspend (an) Order(s)/Transaction(s), withdrawals and/or deposits, until further verification has been carried out if BLOX finds it necessary.
For specific cryptocurrencies, BLOX may enable the setting of a (periodic) Recurring Order. Unlike 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 need to specify in your banking environment the amount of cryptocurrency you want to purchase and the frequency of these purchases.
Recurring Orders can only be executed from a previously verified bank account. BLOX may impose additional conditions regarding Recurring Transactions, such as applicable fees, minimum and maximum amounts. If the conditions are not met, BLOX has the option to reverse received payments back to the account from which the payment originated.
BLOX will execute the Orders as soon as the Euro amounts are received at the current exchange rate. The time at which the Euro amounts arrive at BLOX depends on your bank and may vary per Recurring Order. In exceptional cases, it may be that BLOX is unable to execute the Order. If a Recurring Order is not executed, BLOX will try as soon as possible to execute the Recurring Order again. If the second attempt also fails, the amount will be added to your Account as E-money credit. BLOX can in no case be held liable for any lost income as a result of not executing a Recurring Order.
BLOX may cancel or refuse one or more Order(s)/Transaction(s)/ deposit(s) or withdrawal(s) for reasons of its own. This may be the case for example but not exclusively in case of insufficient stock, special (market) circumstances or if, in BLOX's opinion, Order(s)/Transaction(s)/ deposit(s) or withdrawal(s) are suspicious or (appear to be) in breach of the User Agreement or BLOX's compliance policy. In such cases, BLOX shall not be liable for any losses or lost revenue resulting from the failure to execute the Order/Transaction/Deposit or Withdrawal.
After the Transaction has been fully executed and confirmed by us, the User has purchased the cryptocurrency and stores it with BLOX and/or Stichting derdengelden Blox. The risks associated with the cryptocurrency pass to you once the Transaction is complete.

Wallet Cryptocurrencies

Art. 8.

BLOX and Stichting derdengelden Blox take care of the storage of cryptocurrencies purchased by you via BLOX. We hold these cryptocurrencies for your account and risk. If you have chosen to use the services described in Article 14 of this User Agreement (revenue on cryptocurrencies) you consent to the storage of your cryptocurrencies with a third party and acknowledge the risks that this entails.
We take all reasonable steps to secure the cryptocurrencies we hold on your behalf and may also engage third parties to do so. In order to ensure the secure storage of these cryptocurrencies, we use inventory management, which involves the use of various forms of storage. Despite this, we cannot guarantee that this storage is completely secure. The use of our Services is at your own risk. Additionally, the Stichting derdengelden Blox (Blox Third-Party Funds Foundation) may choose to use the cryptocurrencies for low-risk activities.
We strive to ensure that the information made available on the Platform or in the Account (including in relation to wallet balances) is at all times complete, correct, accurate and updated. In the event of a discrepancy between the information provided on (or through) the Platform or the Account and the records of BLOX and/or Stichting derdengelden Blox, the records of BLOX and Stichting derdengelden Blox shall be decisive. BLOX and Stichting derdengelden Blox shall, where appropriate, make the necessary efforts to correct this as soon as possible.
For the storage of the cryptocurrencies, we may use collective wallets. This means that the cryptocurrencies are not stored in a separate wallet for each User separately, but in shared wallets.
If cryptocurrencies stored by us in a collective wallet are lost for reasons for which we cannot be held liable, the loss will be shared proportionately among all Users.
BLOX strives to place a large portion of cryptocurrencies under Stichting derdengelden Blox. Only cryptocurrencies held on exchanges may be part of the bankruptcy estate in the event of bankruptcy.

Identification and Verification

Art. 9.

In order to use our Services, it is required that you create an Account. You must provide all requested information and associated documents. You must fill out and submit all information fully and correctly. The information we request 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 statements from your bank account, tax return and/or other documents.
We reserve the right to verify the information provided at a time to be determined by us. The moment at which we perform this verification can differ per situation and also depends on our compliance and risk management policy. We are at all times entitled to refuse verifications or to request additional information if we consider this necessary and/or desirable. If there is any doubt about the verification, we may take any measure we consider appropriate, including in any event the temporary suspension of the Account or the restriction of functionalities on the Platform.
Depending on the status of your Account, not all features of our Services may be available or (lower) limits may apply. This may be the case if, for example, an identity check has not (yet) taken place or verification of this has not yet been completed.
We reserve the right to modify the requirements for identification and verification procedure. Even if your identity has already been verified, we may ask for additional information. In that case we are authorized to return the Account to an unverified status, to block the Account, or to freeze the funds.
If you refuse to provide the desired information and/or documents, or at least do not wish to respond to a request for additional verification, we are entitled to block or close the Account immediately.

AML & KYC Policy

Art. 10.

We will make every effort to prevent money laundering, fraud or other criminal activities through our Services. We are entitled, within the limits of the law, to take all measures we deem necessary, both prior, during and after our Services.
In the event of suspected criminal or fraudulent acts, we are entitled, within the limits of the law, to take mitigating measures and/or additional measures, such as suspending and/or cancelling Transactions and/or blocking your Account and/or freezing assets.
You acknowledge that we are entitled and authorize us to do additional screening, such as requesting publicly available data and consulting non-public databases for data regarding identification documents and political involvement, in addition to requesting the required documentation.
We shall be entitled at any time, within the limits of the law and for reasons within our control, to suspend, refuse or cancel a(n) Order / Transaction / withdrawal / deposit, temporarily block an Account and/or close an Account.
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, we may report this to the relevant authorities.

Costs and fees

Art. 11.

We charge an all-in fee for each Transaction. An overview of the all-in fee can be found in our FAQ. This fee is calculated to cover, among other things, the following costs:
◦ Trade fee: the fee we owe on the exchange for our purchases;
◦ Transaction costs: costs required to send the relevant (crypto)currency over the network;
◦ Risk fee: we give you, the User, a fixed price, for which we deliver the cryptocurrency, purchase the cryptocurrency from you, and/or exchange it for you for another cryptocurrency. This quote is valid for a few seconds;
◦ Service charge: in order to provide this service, we need to charge a fee.
We may charge a fee for withdrawals and deposits of funds. These may be adjusted by us. The current fees are displayed via the Platform. If in an exceptional case it's necessary to send cryptocurrencies to the wallet, administration and transaction fees will be charged by BLOX. BLOX will inform the User of the then applicable costs. These costs are based on the internal and external costs that BLOX and the Stichting derdengelden Blox have to carry out in order to facilitate the transfer. Before a transaction is executed to a User's wallet, the User's wallet must be verified and additional administrative requirements may apply (such as the provision of additional information).
Have you chosen the Yield Services? Then our fee consists of a percentage of the return, if applicable. This fee is withheld by BLOX from the return to be paid out to the User. The return you receive can vary per cryptocurrency and Yield Service. You can find which return applies to you in the price overview on the Platform. This overview includes your return, after the deduction of the fees BLOX receives for the Yield Services. This overview (as amended from time to time) is part of your User Agreement with BLOX. BLOX is authorized to unilaterally (without your consent) modify the overview and will inform you about the changed overview in case of a modification by making this information available on the BLOX website. BLOX can do this if there is a valid reason, such as a change in the rewards or interest earnings or another form of return that BLOX receives or the costs that BLOX incurs.
The User may, unless otherwise agreed in this User Agreement, terminate the additional service without additional costs. If the Yield Service is taken per cryptocurrency and you disagree with a change in the fee for a specific cryptocurrency, you can also choose to terminate the service only for that particular cryptocurrency.
If you lend your cryptocurrencies to us for the Yield Services, you will only receive the agreed return if and as far as BLOX has received a return for lending out this specific type of cryptocurrency from the third party(ies). Therefore, you are (indirectly) taking a risk on the third party(ies).
The return on your cryptocurrencies will be paid out periodically. The distribution of the return can be suspended by BLOX. Refer to article 14.

Cryptocurrencies

Art. 12.

The Platform can be used to trade cryptocurrencies within the Platform. Additionally, it is possible under certain conditions to bring cryptocurrencies into the Platform through a deposit in the form of cryptocurrencies. In principle, the Platform does not enable the sending of cryptocurrencies to an (external) wallet address, unless otherwise agreed in this User Agreement.
It is only possible to trade (that means buying and selling) cryptocurrencies within our Platform. It is therefore not possible to add cryptocurrencies purchased elsewhere to your balances within our app (even if it concerns the same cryptocurrency).
In the event that blockchain analysis raises doubts about the origin of the specific cryptocurrencies (this could be, for example, involvement in illegal activities), we may conduct further investigation into the origin of these cryptocurrencies. We reserve the right to (temporarily) block this deposit of cryptocurrencies. If the further investigation, in the opinion of BLOX, is insufficiently satisfactory, or if an explanation is not adequate/satisfactory, we reserve the right to definitively refuse the deposit and return the deposit to the User. The User must provide all necessary information upon first request to transfer the cryptocurrencies back to the User. There are costs associated with returning the cryptocurrencies, which are the responsibility of the User. BLOX will inform the User about the applicable costs at that time. These costs are based on the internal and external costs that BLOX and the Stichting derdengelden Blox must incur to facilitate the transfer.
We are free to add, remove or (temporarily) suspend trading in a particular cryptocurrency to our Platform at our sole discretion. To the extent possible, we will give advance notice of a decision to do so.
Upon the removal of, or temporary suspension of trading in a cryptocurrency on our Platform, we will, to the extent possible, set a time limit within which we will allow you to sell the cryptocurrencies on our Platform. We strive to announce this - to the extent 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 we will inform you prior to the sale about the period that will apply.
Should you not have sold the cryptocurrency - as a result of the announcement that a cryptocurrency will be permanently withdrawn from our Platform - within the stipulated period mentioned in paragraph 3, we are entitled to sell these cryptocurrencies for you and on your behalf after the stipulated period (to the extent that it is still possible to do so) and to increase the E-Money Credit by this value. We are authorized to determine the exact time for this.
You can also request us via email to transfer the cryptocurrencies to your own wallet during the relevant period, where the wallet must meet 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 licensed authorities, or to the extent that the User has not responded in a timely, accurate and/or complete manner.
In the event of temporary suspension of trading in a cryptocurrency, we will hold the cryptocurrency on your behalf. If a temporary suspension leads to the permanent removal of the cryptocurrency, you authorize us to sell it for you and to increase the E-Money Credit by this value.
We are not liable for any damages as a result of the addition or non-addition of a cryptocurrency to our Platform, the (temporary) unavailability of a cryptocurrency and/or the removal of a cryptocurrency on BLOX's Platform, except in the case of intent or gross negligence on our part or on the part of parties appointed by us.

Forks, Staking, Airdrops and Giveaways

Art. 13.

The way we securely store cryptocurrency makes using and/or participating in (hard) forks, staking, airdrops and giveaways difficult and time-consuming. This is the reason we will mostly not support these.
Only in cases where we explicitly state that a User can claim the proceeds of a (hard) fork, staking of a specific cryptocurrency, an airdrop or giveaway, can these be claimed by you. In all other cases, you as a User of our Platform have no right to (the proceeds of): a (hard) fork, staking of a specific cryptocurrency, an airdrop, or a giveaway, and you will waive these rights.
In the event of a fork, the User agrees that we may temporarily suspend cryptocurrency trading and that we may decide at our discretion whether or not to support either direction of the fork. Under no circumstances will we be liable for any damages or lost revenue from choosing to support the fork.

Revenue on cryptocurrencies

Art 14.

There are several ways to generate revenue on cryptocurrencies. Some examples are staking, airdrops, giveaways and lending cryptocurrencies for a fee. Only in cases where we explicitly state to facilitate a service that enables the generation of revenue on cryptocurrencies (in any form whatsoever) it is possible to make use of this, otherwise the provisions of Article 13 apply.
In cases where BLOX facilitates services through which revenue on cryptocurrencies can be generated, these services are performed at the risk and expense of the User.
Users may independently decide to make (part of) the cryptocurrencies held in his BLOX account available for the relevant service in order to generate (possible) revenue on cryptocurrencies. The User must indicate that he wishes to make use of that service. By default, this service will not be on and therefore no revenue will be made or paid to the User.
To the extent that it is necessary, in order to use the Yield Service, to place the User's cryptocurrencies with third parties, the User lends the relevant cryptocurrencies to BLOX and makes the cryptocurrencies available to BLOX on that basis. It is important that BLOX can then make the cryptocurrencies available to the third party at BLOX's discretion. The User acknowledges the risk involved with respect to that third party and any other involved parties.
To the extent that the User has not fixed the cryptocurrencies for a specific period and unless otherwise specified in this User Agreement, the User can decide to terminate or change the services at any time. If the User indicates a desire to terminate/change the services, BLOX will implement this as soon as possible. It may not be possible to implement this immediately, for example, if the cryptocurrencies are held with a third party and that wallet is temporarily inaccessible, for instance, because it has been blocked or frozen.
BLOX has the authority to suspend payouts (to freeze the withdrawal/termination option and freeze returns payouts). BLOX may do this if, in BLOX's opinion, there is a valid reason. This could be the case, for example, if the third party has filed for bankruptcy or if the third party (is expected to) possibly not (fully) meet its obligations towards BLOX, or if there are special (market) conditions creating additional uncertainty about whether the third party to whom BLOX has provided cryptocurrencies will return them to BLOX in a timely manner. This allows BLOX, if necessary, to make a fair (proportional) distribution of the proceeds among the Users of the respective Yield Services and/or the Users of Yield Services concerning a specific cryptocurrency. BLOX determines when this is the case.
BLOX may make changes to the Yield Services at any time and/or (temporarily and/or partially) discontinue the services. This could concern whether the service is offered, as well as which cryptocurrencies the service is available for, etc. If the services are terminated entirely or partially, the User will be informed. Where possible, we will announce a decision to do so in advance.

Yield Services

Art. 15.

If you have chosen BLOX's services for earning returns on your cryptocurrencies, this article is an important part of your User Agreement with BLOX. You are not obligated to use these services. You can keep your cryptocurrencies at BLOX. In this case, you will not earn any return on your cryptocurrencies, but you will also take fewer risks. If you want to use the Yield Services, you explicitly agree to the associated risks. Before you can use the Yield Services, you as a User must agree to the Yield Services, the conditions for them, and the associated risks. The declaration you agree to is part of your User Agreement with BLOX. When you make your choice, you will also see whether the service applies to all your relevant cryptocurrencies, to all specific cryptocurrencies that can be used for the Yield Service, or whether you can 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 respective Yield Service? Then if you purchase cryptocurrencies that are suitable for that service, they are (automatically) added to this service. You can adjust the Yield Service for each cryptocurrency if desired.
If you opt for the Yield Services, it may mean that you enter into a loan agreement with BLOX. This is the case if BLOX places (a part of) your cryptocurrencies with a third party. You lend your cryptocurrencies to BLOX, and BLOX can then make the cryptocurrencies borrowed from you (along with cryptocurrencies from other Users who have opted for Yield Services) available for the Yield Services. You explicitly agree with BLOX that you will only receive back the same number of cryptocurrencies you lent out and any possible returns if and as far as BLOX receives back the cryptocurrencies and possible returns provided to the third party by BLOX. This means that you are actually taking a risk on the third party(ies) to whom BLOX provides the cryptocurrencies. For example, if the third party goes bankrupt and BLOX does not get back the cryptocurrencies provided to the third party(ies) and receives no return, you will also not get back any cryptocurrencies and will not receive any return. In that case, you cannot hold BLOX accountable, as you have no claim against BLOX if and insofar as BLOX has received nothing from the third party. If BLOX only receives a part of its claim from one or more of the third parties to whom cryptocurrencies have been provided? Then this will be distributed proportionally among the Users who have lent out these cryptocurrencies in connection with the Yield Services and on that basis have a claim on BLOX. The loss is thus proportionally distributed over the Users who have lent out the specific cryptocurrencies. If a service is only chosen for or applied to a certain cryptocurrency and that cryptocurrency is not received by BLOX from the third party, then the loss is distributed proportionally over the Users who specifically lent out this cryptocurrency.
If you opt for the Yield Services, you agree with BLOX that your claim in the event of BLOX's bankruptcy will only be settled after other BLOX Users who have a claim on BLOX in connection with other BLOX Services (without return) have been paid first. You will only receive something back if there is still enough available at BLOX to settle your claim. Additionally, there may be parties that also need to be paid first because they have priority.
Is there a difference between the information provided on (or via) the Platform or the Account and the administration of BLOX and/or the Stichting derdengelden Blox, regarding your claim in connection with BLOX's services for earning returns on your cryptocurrencies? Then the administration of BLOX and the Stichting derdengelden Blox is decisive.
For additional risks associated with Yield Services, refer to Article 17, paragraph 5 of this User Agreement.
If you have chosen the Yield Services and no longer wish to use these additional services? Then you can turn off the service on the Platform.
If you – as far as possible for the respective Yield Service – sell cryptocurrencies at a time that you have still made available for Yield Services, you also automatically request us to terminate the Yield Services with the request for sale.
If you have turned off the Yield Service, you will no longer receive any returns and the cryptocurrencies that you had lent to BLOX – as far as BLOX receives them back from the third party – will be added back to the account. Payments by BLOX will first be used to repay the borrowed cryptocurrencies and then a repayment will be allocated to the payout of the return.
Please note! If BLOX has provided the cryptocurrencies to a third party, you will only receive the cryptocurrencies if and insofar as and only when BLOX has received cryptocurrencies from the third party(ies). It may therefore be that you do not (immediately) get back your cryptocurrencies after

Security

Art. 16.

You carry the responsibility for having:
◦ A good and secure internet connection;
◦ A computer, tablet, smartphone or other device that can be used to connect to BLOX's app or website via the Internet, which is equipped with up-to-date measures against intrusions, viruses, spam, etc;
◦ An email account to which you have sole access, and through which BLOX's email messages can be received unhindered.
You must maintain a strong password and use two-factor authentication. Passwords and two-factor authentication data are strictly personal and may not be shared with any other person.
We will never ask you to provide authentication details (two-factor authentication and passwords) in any other way than when logging into the Account or requesting a transfer of (part of) your E-Money Credit. You should never agree to the request to provide these means, even if the request appears to come from us.
To the extent that we would be liable for any damage caused, you have no right to claim compensation if the security measures are not complied with or have not been complied with. It is up to you to prove that the described security measures have been complied with.
If you know or suspect that your account information has been stolen or may be exploited, you should immediately, contact us.

Risks

Art 17.

BLOX is registered with the Dutch Central Bank (De Nederlandsche Bank N.V. or DNB) as a provider of crypto services. BLOX is registered with DNB on the basis of the Prevention of Money Laundering and Terrorist Financing Act and the Sanctions Act 1977. User is aware that BLOX is not under prudential supervision by DNB or under conduct supervision by the AFM. This means that there is no supervision of financial requirements or business risks and no specific financial consumer protection.
You are aware of and fully responsible for the risks associated with trading in cryptocurrencies and lending out cryptocurrencies if you make use of this. This includes, among other things, the lack of guarantees for value and value preserv
You accept the special circumstances that may occur with BLOX's service provision via the internet and the (technical) imperfections that may arise, such as the impossibility of obtaining (full) access to our Services or the Platform, like the inability to provide and/or process an Order in a timely manner, disruptions of and/or defects on the BLOX Platform and/or underlying hardware and/or (inter)network connections and/or software that the Platform runs on. Except in cases of intent or deliberate recklessness on the part of BLOX or our appointees or agents, we are not liable for these special circumstances, nor for the potential consequences of the (temporary) unavailability or incomplete availability of the BLOX Platform or the Account, or for delays and/or malfunctions and/or incomplete functioning of the Platform.
You understand and accept that by using our services, you are taking a risk with respect to BLOX and Stichting derdengelden Blox.
Warning: The use of the Yield Services carries risks. If you opt for the Yield Services, additional risks apply as stated in the risk disclaimer. This disclaimer is part of your User Agreement. Before you avail of the Yield Services, 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.

In the event of Force Majeure, we are entitled to suspend the fulfillment of our obligations towards the User and/or to terminate the User Agreement.
If BLOX is still unable to fulfil its obligations after three months, BLOX shall be entitled to terminate the User Agreement or to rescind it (in whole or in part) (for the part of the obligations that BLOX is unable to perform due to the Force Majeure). In such case, the parties shall not be entitled to compensation for any damage suffered or to be suffered as a result of the termination or dissolution.

Termination of User Agreement and Account

Art 19.

We are authorized to terminate the User Agreement by giving at least 14 days' notice. In addition, we may terminate the User Agreement at any time as provided in this User Agreement.
You may terminate the User Agreement at any time by sending an email to: info@weareblox.com. There are no costs associated with the termination.
Upon termination of the User Agreement, the balance of your E-Wallet will be transferred to your (most recently used) verified bank account within eight business days, unless there is suspicion or confirmation of abuse or fraud or there is other law or regulation or other lawful ground based on which the disbursement may be suspended. After the E-Money Credit has been refunded, the Account (and your E Wallet) will be closed.
Notwithstanding the above, you may still have a claim against us after the termination of the User Agreement. This claim may arise, for example, from a Yield 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 case of bankruptcy of a third party, your Account will remain available after the termination of the User Agreement solely for the purpose of receiving and subsequently selling that claim, and therefore you will no longer be able to trade via the Platform or deposit cryptocurrencies or funds. In this case, your account will remain active solely to satisfy the future claim. You must (continue to) provide BLOX with your current details in both situations, so that the claim can still be settled (in whole or in part) as soon as it is determined by BLOX. The relevant cryptocurrencies will be transferred and credited to your account after termination of the Yield Service if and to the extent BLOX has received cryptocurrencies from the third party or parties. Subsequently, the E-Money Credit will be increased if the cryptocurrencies have been sold.
We will not sell the cryptocurrency in case of suspicion or confirmation of abuse or fraud or if there is any other law or regulation or any other legitimate ground on the basis of which the payment can be suspended, until there is sufficient clarity (for us). We may take measures at our own discretion and are never liable for any damage or loss of income due to price fluctuations.
To the extent that it is no longer possible or achievable for us to continue to offer the Services due to Force Majeure, we are entitled to terminate one or more parts of the Services with immediate effect. All outstanding Orders shall at that time expire and all funds shall be withdrawn, whereby the conditions for the processing of Transactions, withdrawals and so forth shall apply without prejudice to the provisions of this article.

Privacy

Art. 20.

BLOX collects, processes and stores the personal data of the User in accordance with BLOX's Privacy Statement. BLOX does this, among other things, to comply with its legal obligations and to be able to offer its Services as optimally as possible. The Privacy Statement describes on what grounds personal data are processed, what data are processed and what the reasons for such processing are. You can also read in the Privacy Statement that we will carefully handle your data and will not randomly share it with third parties.
You should be familiar with BLOX's privacy statement as it forms part of the User Agreement. This explains what we need your data for and what we use it for.

Complaints

Art 21.

If you have a complaint about our services, such complaint may be submitted to us at complaint@weareblox.com or (in writing) to our postal address. The description of the complaint must be accurate and complete (stating the concerning Orders, Transactions, relevant date(s), any reproaches made to BLOX, (other) relevant facts). The documents in support of that complaint should be attached.
We are obliged to respond to the details of the complaint within a period of 4 weeks. If this complaints procedure has been followed, but your complaint has not been dealt with satisfactorily, you are entitled to submit the dispute to the court in accordance with the provisions of Article 22.
Correspondence between you and us is confidential and, except where required by law, may not be published or disclosed by either party without the expressed consent of both parties.

Liability

Art. 22.

In addition to what is provided elsewhere in this User Agreement, BLOX shall not be liable for any loss or damage to the User arising out of or in connection with:
◦ power outages/bugs, or outages/bugs in communication connections and/or equipment and/or other facilities, regardless of whether such connections, equipment or facilities are operated by BLOX or by a third party, or other causes which prevent or delay the User or BLOX itself from using the systems of BLOX and the connected Services, in the context of the performance of the Services; BLOX cannot guarantee that the Services will be available 24 hours a day 7 days a week. BLOX does its utmost to achieve this availability but cannot be held liable if this is not the case.
◦ inaccuracies in and/or failure or delay in receiving BLOX-provided price information, calculations, balance statement, quotes or other information provided by BLOX to the User;
◦ analyses and/or other information of any kind related to investing in cryptocurrency that is available to User;
◦ changes in internal business practices, policy documents and compliance policies that may prevent the User from continuing to use BLOX's Services;
◦ a decrease in value or increase in value of cryptocurrency, losses suffered by the User and/or lost profits;
◦ abuse, unauthorized or inaccurate use of the Platform and/or access codes and/or Platform security measures through which access to the Account is gained;
◦ the shortfalls of exchanges, payment and settlement systems, or depository institutions;
◦ the choices made by User regarding security settings and/or security measures – or the (partial) absence thereof – of the products or services offered by BLOX; and
◦ any other damage whatsoever, except if and to the extent it is established that such damage is the direct result of gross negligence or intent on the part of BLOX.

To the extent that BLOX is liable for damages suffered, BLOX's total liability shall, to the maximum extent permitted by applicable law, be fixed at the sum of the transaction fees paid by you to BLOX for the 6 months immediately preceding the date of any claim giving rise to such liability.

Concluding Provisions

Art. 23.

The User Agreement and all Orders / Transactions / withdrawals and deposits are 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).
In case of disputes, any action by a User shall be brought either before the Dutch courts or before the courts of the place where the User is domiciled, at the User's option.
In case of disputes, an action against a User shall be brought before the courts of the Member State where the User is a resident.
We shall be entitled to modify and/or amend the terms of this Agreement unilaterally. In case of a modification of the User Agreement, the User has the option to terminate the User Agreement immediately.
If one or more provisions of this Agreement is found to be void or declared invalid (for example, as a result of a court ruling), the remaining provisions of the User Agreement will remain in force.
We will communicate with you in Dutch or in English. We can communicate with you online, via email, the app and your Account.
We may amend this User Agreement at our sole discretion. If you do not agree to these changes, you may terminate the User Agreement immediately. Your continued use of the Service after the changes become effective will constitute your acceptance of the changes.
These terms and conditions are available in several languages. If they differ or can be interpreted differently, the Dutch text of the conditions shall be decisive.