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User Agreement

User Agreement 1 July 2025

Introduction

This user agreement (the User Agreement) should be considered a framework agreement, outlining the terms applicable 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 under which BLOX offers you access to and use of its products, services, and features. Coinmerce Earn B.V. is only a party with respect to the Yield Service. Stichting BLOX Custody is only a party with respect to asset segregation and the custody of electronic money and cryptocurrencies, as outlined 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 using the Services. The User Agreement should be read in conjunction with the following documents:

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

You should be aware that cryptocurrencies can be subject to large price fluctuations and may involve substantial losses. Trading in cryptocurrencies involves significant risk. Only use funds that 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., located at Kerkenbos 1025, 6546 BB Nijmegen, and registered with the Dutch Chamber of Commerce under number 71663533.

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

Coinmerce Earn: The private limited company under Dutch law, Coinmerce Earn B.V., located at Beechavenue 140, 1119 PR Schiphol-Rijk, and registered with the Dutch Chamber of Commerce under number 95262326, solely in the capacity of the borrowing party in the loan agreement that is 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 value or a right that can be electronically transferred and stored using distributed ledger technology or similar technology. This may include ARTs (Asset-Referenced Tokens), EMTs (Electronic Money Tokens), or other crypto-assets.

Services: The execution of Orders initiated by the User in the BLOX Environment, the custody of cryptocurrencies/E-Money Credit on behalf and at the risk of the User, the Yield Service, and all other services, products, and features offered by or through BLOX.

E-Money Credit: The electronic money issued by BLOX in exchange for received funds, which can be used by the User to buy and sell cryptocurrencies exclusively within the BLOX Environment.

User: The person using the Services and/or BLOX Environment, hereinafter also referred to as “you” or “your.”

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

Force Majeure: A situation that hinders the normal operation of the BLOX Environment and/or Services and/or renders business operations (partially) impossible and cannot reasonably be foreseen or influenced by BLOX, such as fire, natural disaster, civil unrest, strike or lockout, war, mobilization, declaration of a state of war or siege, riots, government measures, exceptional network or hardware failures, power outages, banking failures, issues with cryptocurrency custody/transfer, bankruptcy of or conflict with a bank or a partner holding (part of) the cryptocurrencies, regulatory disagreements, or problems with a cryptocurrency network or protocol.

Yield Service: The service provided by BLOX within the BLOX Environment, enabling Users to lend their cryptocurrencies to a third party, Coinmerce Earn, allowing Users to earn yield on their cryptocurrencies by lending them to Coinmerce Earn from time to time.

Recurring Order: A successfully configured recurring Order, whereby the User automatically requests to purchase a cryptocurrency from BLOX through a bank transfer with a unique reference number, without requiring manual action in the BLOX Environment.

Transaction: A successfully executed Order in the BLOX Environment where the User has bought or sold cryptocurrencies for fiat, or exchanged one cryptocurrency for another, with BLOX as the counterparty.

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

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

General

Art. 1.

  1. BLOX performs its Services with due care. Once a Transaction has taken place, it is irreversible. The right of withdrawal for private individuals is excluded. Users cannot cancel cryptocurrency Transactions, unless BLOX fails to fulfill its obligations.
  2. All information provided by BLOX (in any form) is non‑binding, for informational purposes only, and must not be considered professional, financial, or legal advice. BLOX does not provide buy or sell recommendations, nor does it make statements about expected price movements. BLOX accepts no liability for the information provided, its use, or any resulting losses.
  3. You acknowledge that the information provided as part of BLOX’s products and services is not a (personal) recommendation to buy, sell, or hold assets (cryptocurrencies). All products and services are offered strictly on an “execution only” basis—your Orders are executed automatically by BLOX’s systems.
  4. By creating an Account and/or using the Services, you declare that you:
  • have accepted all terms of this User Agreement;
  • (for individuals) act on your own behalf, are at least 18 years old (or older, if required);
  • (for legal entities) are authorized to sign agreements on behalf of the entity and that it may enter into this Agreement;
  • are legally permitted to form a binding contract with BLOX;
  • have created only one Account and do not hold others; the Account is non‑transferable without BLOX’s written consent;
  • own the bank account(s) you use (or that they belong to your legal entity);
  • will use the BLOX Environment and/or Account for your own account and at your own risk—not as an agent for others;
  • comply with all applicable laws and this Agreement;
  • are not a resident of a jurisdiction where this Agreement or use of BLOX Services is prohibited;
  • are not a U.S. person (resident or citizen), and will indemnify BLOX against any damages if you violate this;
  • provide currently accurate and complete information during registration, and notify BLOX of any changes;
  • are not listed on any sanctions list.

  1. As a User, you must have basic knowledge of the cryptocurrencies serviced by BLOX and understand the risks of investing in or lending cryptocurrencies—you bear full responsibility for these risks.


User Obligations
Art. 2.

  1. To use the Services you must register, complete the signup process, provide requested information, and accept this Agreement.
  2. You agree to provide all information BLOX deems necessary to comply with its legal obligations, cooperate in customer due diligence (to prevent fraud, money laundering, terrorism financing or other financial crimes), and inform BLOX of any changes.
  3. BLOX may suspend or cancel your Account or Services if you fail to timely provide accurate information or if BLOX suspects information is false, misleading, or incomplete. BLOX may also adjust your Account status or limits accordingly.
  4. You authorize BLOX to verify your identity directly or via third parties to protect against fraud or other financial crimes.
  5. You are solely responsible for the Orders/Transactions/deposits/withdrawals you place, including entering correct details (amount, email, bank details, wallet address) and updating them. By confirming an action, you declare all data is correct. Any mistakes or delays in updates are at your own risk.
  6. You must not use your Account or the Services for criminal activities (e.g. money laundering, market manipulation, terrorism financing, sanction evasion, fraud), illicit trade, gambling, or any form of illicit financial conduct. BLOX determines what is prohibited. Activities include but are not limited to:
    Violations of sanctions or laws;
    Fraudulent information;
    Drug trade or equipment;
    Pyramid schemes;
    Manipulative practices;
    Unregulated gambling;
    Risky financial/legal activities;
    Software reverse‑engineering or manipulation.
  7. You guarantee that all (current and future) customer funds in your Account are not derived from illegal or fraudulent activities and are held solely for yourself.
  8. You agree to use the BLOX Environment normally and not to use automated Orders, bots, or misuse it. If unusual behavior is detected, BLOX may impose limits, suspend or cancel Orders (retroactively), or freeze your Account. If BLOX suffers damage, it may recover losses from your assets or E‑Money balance.

Rights & Obligations of BLOX
Art. 3.

  1. BLOX strives to ensure optimal operation of the Services but depends on third parties and cannot guarantee faultless service. BLOX denies all liability except in cases of intent or conscious recklessness.
  2. The Services may not always be fully available or error‑free. BLOX is not liable for problems or damages from unavailability or changes except in cases of intent or gross negligence.
  3. BLOX may temporarily suspend, cancel, modify, or freeze access during investigations. If user legitimacy cannot be confirmed, users may lose rights to cryptocurrencies or E‑Money. If the Yield Service ends, users stop receiving yield and balances are returned to the Foundation via Coinmerce Earn.
  4. BLOX may conduct maintenance—ideally giving notice for major downtime, though not always possible due to third‑party dependencies and technical integrations.
  5. BLOX is never liable for losses due to price fluctuations or service suspension, nor for damage from your failure to comply.
  6. BLOX works to prevent fraud, money laundering, terrorism financing, and other financial crimes by:
  7. Reporting suspicious Transactions to authorities;
  8. Monitoring Transactions and taking action (e.g. blocking them or Accounts);
  9. Cooperating with police, regulators, prosecutors, and other authorities.
  10. BLOX may, without liability, restrict or block Accounts linked to fraud or illegal conduct or if law or regulator requires; suspend or cancel Orders; sell user crypto positions if required by court or customer‑due‑diligence failure; terminate the Agreement unilaterally; charge users for costs from investigating fraud; and freeze or close Accounts per its policies or legal requirements.

Account
Art. 4.

  1. You must have a registered Account. BLOX uses an acceptance policy—only individuals with valid ID and a bank account in SEPA countries can open an Account. BLOX may close your Account without liability if you fall outside this policy and may change the policy at any time.

  2. BLOX must conduct due diligence and monitor Transactions at signup and ongoing. The User must cooperate fully. BLOX may take measures if verification is incomplete.

  3. You are responsible for knowing local cryptocurrency laws. BLOX is not liable for your non‑compliance.

  4. Accounts are personal, non‑transferable, and cannot be given to third parties.

  5. BLOX may refuse or not process Account requests or changes without reason.

  6. BLOX may block, close, delete, or freeze Accounts at any time if terms are violated or suspect use; refunds are subject to legal conditions.

  7. BLOX may freeze or take measures if assets are frozen by order.

  8. If an Account is inactive and the User is unreachable, BLOX may treat remaining funds as unclaimed property and charge administrative fees. If costs exceed the fund value, BLOX may close the Account and funds are forfeit.

  9. You certify all data is truthful. If BLOX discovers false or unfulfilled declarations, it may block or close your Account and terminate the Agreement.

Stichting Blox Custody
Art. 5.

  1. The Foundation is responsible for holding and managing customer funds (crypto and E‑Money), unless you use the Yield Service. It is a party solely to provide asset segregation and custody. It holds E‑Money in banks under applicable law and standards.

  2. It follows a custody policy for E‑Money and crypto, and may use third parties. You can request a summary of the policy electronically. Assets are held in the name of the Foundation, possibly across multiple accounts.

  3. The Foundation is not liable if it cannot pay out E‑Money or crypto due to Force Majeure. It may allocate remaining funds among rightful claimants proportionally. If crypto shortfalls occur per usage in Art. 5.2, BLOX bears the responsibility.

  4. Questions or complaints can be directed to stichtingcustody@weareblox.com.

E‑Money Credit
Art. 6.

  1. Depositing euros into the BLOX Environment increases your E‑Money Credit, subject to Account limits, which BLOX can change anytime. Non‑euro deposits incur conversion fees.
  2. E‑Money Credit is only recognized by BLOX.
  3. It can only be used within BLOX for cryptocurrency Transactions.
  4. E‑Money Credit is electronic money, not a bank deposit—therefore not covered by deposit guarantee schemes. It is held by the Foundation under its custody policy.
  5. No interest is paid on E‑Money balances.
  6. You may request euro withdrawals to your verified SEPA bank account; requests are processed promptly unless Force Majeure intervenes.
  7. On closure or withdrawal, the euro value will be transferred to the linked verified account. Transfers to unverified accounts are not allowed.
  8. The balance is shown in euros. In case of discrepancies, BLOX’s records prevail and they will correct errors promptly.
  9. BLOX may suspend top‑ups or withdrawals if suspected fraud or misuse, pending verification.
  10. In case of incorrect transfers (e.g. wrong reference or account name), the funds will be returned and you may be charged. If your bank rejects a SEPA withdrawal, BLOX may charge you fees.

Transactions, Orders, Withdrawals and Deposits
Art. 7

  1. Purchases within BLOX can only be made using your E-Money Credit. You can do this by either manually topping up your balance and then selecting a cryptocurrency on the BLOX Environment rate page, or by setting up a recurring Order. To make a manual purchase, you need to follow these steps:
  • Go to the main page in the BLOX Environment listing all cryptocurrencies.
  • Select the cryptocurrency you want to buy.
  • View the 24-hour price and click the button “Buy.”
  • Enter the amount you want to purchase and click “Continue.”
  • A quote will appear showing how much crypto you can buy. This quote is only valid for a limited time. If you agree with the quote, click “Confirm purchase.”
  • Once the Order is executed, you’ll receive a confirmation in your transaction history. Your E-Money balance will be reduced by the order amount.
    Only after all these steps have been completed successfully, the Transaction is considered executed and you can claim it.

  1. To sell on BLOX, you need to follow these steps:
  • Go to the main page of the BLOX Environment where all cryptocurrencies are listed.
  • Select the cryptocurrency you want to sell.
  • View the 24-hour price and click the button “Sell.”
  • Enter the amount you want to sell and click “Continue.”
  • A quote will appear showing the proceeds. This quote is only valid for a limited time. If you agree with the quote, click “Confirm sale.”
  • Once the Order is executed, you’ll receive a confirmation in your history. Your E-Money balance will be credited with the sale amount.
    Only after all these steps have been completed successfully, the Transaction is considered executed and you can claim it.
  1. The quote you receive in step 5 (see paragraph 1 and 2) is only valid for a short period. By clicking “Confirm purchase” or “Confirm sale,” you agree to BLOX’s offer, the price, and any associated fees. The Transaction is then final at the given price. Once you confirm the Order, you can no longer cancel, reverse, or modify it, unless BLOX fails to meet its obligations.
  2. If an Order is placed from your Account, BLOX may assume it’s legitimate and will execute it accordingly.
  3. If BLOX deems it necessary—e.g. in case of an unusual technical, legal or other situation—BLOX may suspend one or more Orders, Transactions, withdrawals and/or deposits until further verification is completed.
  4. The placing and execution of Orders is subject to generally accepted rules and standards, including execution, fees and market integrity. Market manipulation is strictly prohibited (e.g. pump-and-dump, front-running, market abuse). Violation of these rules gives BLOX grounds to terminate the User Agreement and your Account.
  5. In exceptional cases, errors may occur on the BLOX platform, including in displayed prices or Order execution. Cryptocurrencies may also experience abnormal price fluctuations due to manipulation or sudden changes in liquidity. In such cases, BLOX may, at its discretion (but is not obligated to):

  • retrospectively correct such errors or price movements, including by modifying or reversing transactions (which may be to your advantage or disadvantage);
  • temporarily or indefinitely suspend trading in one or more digital assets.

  1. BLOX may cancel or refuse one or more Orders, Transactions, withdrawals or deposits for its own reasons. This may include but is not limited to insufficient stock, special market conditions, suspicion of fraud or policy violations, or when a Transaction deviates so far from the actual market price that it’s likely a technical error. BLOX is not liable for any losses or missed profits due to such cancellations or failures.
  2. Once a Transaction has been fully executed and confirmed by BLOX, you’ve purchased the cryptocurrency, which will be held in custody by Stichting Blox Custody. The risks related to the cryptocurrency transfer to you as soon as the Transaction is completed.
  3. A crypto deposit will only be added to your Account after multiple confirmations by the blockchain network. The number of required confirmations is set solely by BLOX and may vary per cryptocurrency. BLOX only accepts deposits with a value greater than €0.01 at the time of deposit.

  1. Only cryptocurrencies that BLOX has approved for deposit may be deposited. Which cryptocurrencies are supported may change over time. Under no circumstances may you try to deposit unsupported assets (e.g. sidechains or forks). Doing so may result in irreversible loss of your crypto.

Recurring Order

Art. 8

  1. For specific cryptocurrencies, BLOX may allow you to set up a (periodic) Recurring Order. Unlike a manual Order, this gives you the option to create an automatic purchase request from your bank environment for a specific cryptocurrency. This way, purchases can be made periodically at the same time. To set up this Recurring Order, you must specify in your bank environment the amount you want to invest and how often the purchase should occur.
  2. Recurring Orders can only be executed from a previously verified bank account. BLOX may set additional conditions for Recurring Transactions, such as applicable fees or minimum and maximum amounts. If these conditions are not met, BLOX may refund the received payment to the originating account.
  3. BLOX will execute the Orders once the euro amounts have been received, using the exchange rate applicable at that time. The time at which BLOX receives your funds depends on your bank and may vary per Recurring Order. In exceptional cases, the Order might not be executed by BLOX. In such cases, BLOX will make another attempt to execute the Recurring Order as soon as possible. If the second attempt also fails, the amount will be credited to your account as E-Money. BLOX can never be held liable for any missed profits resulting from the non-execution of a Recurring Order.


Price Guarantee

Art. 9

  1. When you request a quote for buying or selling, you have a limited period to accept that price. During this period, BLOX guarantees the quoted price.
  2. Any form of abuse—at BLOX’s sole discretion—constitutes a valid reason for cancelling the executed order and/or terminating the User Agreement and closing your account.
  3. In exceptional cases, errors may occur in the price guarantee, for example in the displayed price or how the request is handled (e.g. a price that deviates several percent from the average market price at that time). In such cases, BLOX may, at its own discretion (but is not obligated to):
  • retroactively correct such errors or restore prices, including modifying or reversing transactions, which may be to your advantage or disadvantage;
  • temporarily or permanently suspend or terminate the trading of one or more digital assets.


Services
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 Services will be available for any specific period—whether absolute or relative. BLOX does not promise uninterrupted access or that there will be no delays, errors, loss, or similar issues with transmitted information, especially during high volume, low liquidity, sudden market moves, or high volatility. No implied warranties are given regarding ownership, merchantability, fitness for a particular purpose, or non-infringement .
  2. All information provided via the BLOX Environment is for informational purposes only and may be changed without notice. You are solely responsible for evaluating its relevance, accuracy, completeness, and reliability. BLOX is not liable for any direct or indirect loss resulting from your actions based on this information. You must conduct your own appropriate research before using the Services. BLOX is not responsible for third-party content or links.
  3. BLOX strives to provide accurate and timely information, but it may sometimes be incomplete, incorrect, or outdated.
  4. BLOX may, at any time and without your consent, transfer, outsource, or assign its rights and obligations under this User Agreement, its annexes, related agreements, or otherwise with respect to the Services to any third party.
  5. Information stored or transmitted via BLOX Services may be irretrievably lost, corrupted, or temporarily unavailable due to software errors, protocol changes by external providers, internet failures, force majeure, DDoS attacks, planned or unplanned maintenance, or other causes within or beyond BLOX's control. You alone are responsible for backing up and keeping copies of all information stored or transmitted.
  6. BLOX, the Foundation, and Coinmerce Earn are not obligated to provide services if BLOX or Coinmerce Earn reasonably believes it would conflict with applicable law or regulation.
  7. You are responsible for verifying that information provided by BLOX is correct and that it was actually sent by BLOX at the expected time.

Crypto Wallets
Art. 11

  1. In each Transaction, BLOX acts as your counterparty and records cryptocurrency purchases or sales made by you. If necessary, BLOX will forward purchased cryptocurrencies to Stichting Blox Custody upon your request for safekeeping and management. Cryptocurrencies are held at your expense and risk. If you choose to use the Yield Service, your cryptocurrencies may be lent to a third party, and you acknowledge and accept the associated risks.
  2. Stichting Blox Custody will take all reasonable measures to secure the cryptocurrencies held on your behalf (including via third-party providers), using methods such as cold storage. However, it cannot guarantee absolute security. Use of the Services is at your own risk.
  3. BLOX strives to ensure that information (e.g., wallet balances) displayed in the BLOX Environment or within your Account is always complete, accurate, precise, and up to date. If there is any discrepancy between the information displayed and the records of BLOX and/or Stichting Blox Custody, those records shall prevail. BLOX and Stichting Blox Custody will then make all necessary efforts to correct the discrepancy as soon as possible.
  4. BLOX may use pooled wallets for storing cryptocurrencies, meaning that cryptocurrencies are not held in separate individual wallets for each User, but rather in shared wallets.
  5. BLOX is obligated to compensate Stichting Blox Custody for losses directly related to the safekeeping and holding of cryptocurrencies. Clarification: if you use the Yield Service per this Agreement, BLOX is not required to compensate Stichting Blox Custody for losses resulting from that service.
  6. Cryptocurrencies held by Stichting Blox Custody may generate benefits (e.g., airdrops or hard forks). You generally have no entitlement to them, unless specified otherwise in this Agreement or decided by BLOX (for example, when participating in the Yield Service or if BLOX decides to allocate benefits to Users).
  7. You acknowledge that holding cryptocurrencies in your BLOX Account involves significant risks as described in the risk disclaimer. Although BLOX and Stichting Blox Custody will take reasonable measures to secure wallets, total safety cannot be guaranteed. You use the service at your own risk.
  8. BLOX and the cryptocurrencies depend on third-party software protocols governing their operations. BLOX has no control over the functionality, security, availability, or continuity of these protocols, which may change suddenly and affect value, functionality, transferability, or other characteristics. BLOX is not liable for damages resulting from protocol termination or flaws causing asset loss.
  9. For security and efficiency, Stichting Blox Custody may store cryptocurrencies offline or with third-party custodians, which may delay withdrawals. BLOX and Stichting Blox Custody are not liable for damage arising from failures of external custodians. You acknowledge that in case of custodian insolvency, you may not recover all of your cryptocurrency.



Identification & Verification
Art. 12

  1. To use the Services, you must open an Account, provide all requested information and supporting documents, and complete all fields accurately. BLOX may request personal data (e.g., name, address, phone, email, birthdate, ID number) and documents such as bank statements, tax returns, etc.
  2. Before and during your Account usage, you agree to provide information for compliance with KYC rules (as amended) and to detect money laundering, terrorism financing, sanctions violations, fraud, or other illegal activities.
  3. BLOX may verify your information at any time, per its compliance policies. It may reject verifications or request more data if needed. If there are doubts, BLOX may suspend or limit your Account. Such measures take time and may delay service; you accept these risks and BLOX is not liable for any resulting delays.
  4. Depending on your Account status, some Services or limits may not be available to you.
  5. BLOX may change identification and verification requirements at any time and may ask for additional information even after verification. It may block, freeze, or close your Account at its discretion.
  6. If you refuse to provide requested data or decline further verification, BLOX may block or close your Account immediately.
  7. By using the Website or registering, you consent to the collection, use, and disclosure of your information per our Privacy Policy. A copy of the latest Privacy Policy is available on the Website. BLOX will process your personal data in accordance with that policy.

AML & KYC Policy
Art. 13

  1. BLOX takes all measures it deems necessary, before, during, or after providing Services, to prevent money laundering, fraud, or other criminal activities, within legal limits.
  2. If criminal or fraudulent activity is suspected, BLOX is entitled to take mitigating and additional measures under the law, such as suspending/canceling Transactions or blocking/freezing your Account and funds.
  3. You acknowledge and authorize BLOX, beyond required documentation, to perform additional screening, such as public record checks and searches in non-public databases for ID verification and political exposure.
  4. BLOX is entitled, within legal limits and at its discretion, to suspend, refuse, or cancel any Order/Transaction/withdrawal/deposit, temporarily block your Account, or even close it.
  5. If you commit or are strongly suspected of legal violations or unusual transactions, BLOX may report this to competent authorities.

Costs & Fees
Art. 14

  1. You owe fees to BLOX and Coinmerce Earn, including—but not limited to—fees for trading, depositing or withdrawing cryptocurrency or E‑Money, and for using the Yield Service.
  2. BLOX may charge fees for withdrawing funds or depositing crypto/E‑Money. These may change; current rates are shown in the BLOX Environment or pricing policy. If, in exceptional cases, crypto must be sent to an external wallet at BLOX’s discretion, administrative and network fees apply. BLOX will notify you of these, based on costs incurred by BLOX and Stichting Blox Custody. Your wallet must be verified and additional info may be required before sending.
  3. Yields vary by cryptocurrency and product. You can view your current yield in the BLOX Environment's yield overview. This overview is part of your User Agreement. BLOX may change it unilaterally for valid reasons (e.g., changes in rewards or costs) and will notify you via its website.
  4. If you’re unhappy with a yield change for a specific cryptocurrency, you may cancel that part of the Yield Service.
  5. Yields are paid periodically but may be suspended.
  6. Fees and amounts are published on designated pages on the Website and/or BLOX Environment and may be changed by BLOX and Coinmerce Earn at their discretion. Changes communicated to you take effect immediately.

Cryptocurrency’s

Art. 15. 

  1. The BLOX Environment can be used to trade cryptocurrency. Additionally, under certain conditions, it is possible to bring cryptocurrency into the BLOX Environment by means of a deposit in the form of cryptocurrency. In principle, it is not possible to send cryptocurrency from the BLOX Environment to an (external) wallet address, unless otherwise agreed in this User Agreement.
  2. Deposits in cryptocurrency are only possible insofar as BLOX facilitates such deposits for the relevant cryptocurrency and the other conditions in the Account have been met (for example, limits). A blockchain analysis will be part of a cryptocurrency deposit.
  3. In the event that, based on the blockchain analysis, there is doubt about the origin of the specific cryptocurrency (this may include involvement in illegal activities), BLOX may conduct further investigation into the origin of this cryptocurrency. BLOX is free to (temporarily) block this cryptocurrency deposit. If the further investigation is, in BLOX's opinion, insufficiently satisfactory or a statement is not sufficient / satisfactory, BLOX is free to definitively refuse the deposit and return the deposit to the User. The User shall, upon first request, provide all data necessary to return the cryptocurrency to the User. Returning the cryptocurrency involves costs, which are borne by the User. BLOX will inform the User of the applicable costs at that time. These costs are based on the internal and external costs that BLOX and the BLOX Custody Foundation must 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 decisions in advance.
  5. In the event of the removal or temporary suspension of the trading of a cryptocurrency in the BLOX Environment, BLOX will, where possible, set a period within which BLOX offers you the opportunity to sell the cryptocurrency in the BLOX Environment. BLOX strives to announce this — where possible — 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 in advance of the applicable period.
  6. If, as a result of the announcement that a cryptocurrency will be definitively removed from the BLOX Environment, you have not sold the cryptocurrency within the period referred to in paragraph 5, BLOX is entitled to sell this cryptocurrency (if still possible) for and on your behalf after the given period and to increase the E-Money Credit with this value. BLOX is authorized to determine the exact timing for this.
  7. You may also request BLOX by email during the relevant period to transfer the cryptocurrency to your own wallet, which must meet the conditions set by BLOX. BLOX charges transaction and administrative fees for this. BLOX may reject such a request if, based on laws and regulations or instructions from competent authorities, it is not permitted to execute such a transaction, if the User has not responded timely, correctly and/or completely, or for reasons deemed valid by BLOX.
  8. In the event of the temporary suspension of trading in a cryptocurrency, BLOX will, in principle, hold the cryptocurrency on your behalf. If a temporary suspension leads to the definitive removal of the cryptocurrency, you authorize BLOX to sell it for you and to increase the E-Money Credit with its value.
  9. BLOX is not liable for any damage arising from the addition or non-addition of a cryptocurrency to the BLOX Environment, the (temporary) unavailability of a cryptocurrency and/or the removal of a cryptocurrency from the BLOX Environment, except in cases of intent or gross negligence by BLOX or parties appointed by BLOX.



Yield Service
Art. 16. 

  1. BLOX offers the User the possibility to earn yield on selected cryptocurrencies. In that case, the User lends their cryptocurrencies directly to Coinmerce Earn.
  2. If the User has indicated that they wish to use the Yield Service and has concluded a loan agreement with Coinmerce Earn via the BLOX Environment, the User agrees that BLOX instructs the Blox Custody Foundation on behalf of the User to make the relevant cryptocurrency available to Coinmerce Earn.
  3. It is important to note that cryptocurrencies lent by the User to Coinmerce Earn are not held by the Blox Custody Foundation. As a User, you have a claim against Coinmerce Earn for the return of the same quantity and type of cryptocurrency as was lent to Coinmerce Earn. As part of the Yield Service, BLOX ensures that Coinmerce Earn is requested to return (early or otherwise) the cryptocurrency lent by you to the Blox Custody Foundation if you wish to terminate the Yield Service for any reason. Once the cryptocurrencies have been returned, the Blox Custody Foundation will again store and manage them on behalf of the User.
  4. Coinmerce Earn may, at its own discretion, re-lend the lent cryptocurrencies to third parties, from whom Coinmerce Earn may receive rewards or other amounts.
  5. There are significant risks associated with the Yield Service. As Lending Partners are not always required to provide full collateral to Coinmerce Earn, one of the main risks is that, if a Lending Partner defaults, the User may lose their cryptocurrencies. In such case, Coinmerce Earn will not be able to return the cryptocurrencies to the User. This may result in the User losing their cryptocurrencies, in full or in part. The User uses the Yield Service at their own cost and risk.
  6. Unless otherwise provided in this User Agreement, the User may decide at any time to terminate the Yield Service or change the lent cryptocurrency. If the User indicates in the BLOX Environment that they wish to terminate/change the Yield Service, the request will be processed as soon as possible. It is possible that the request cannot be processed immediately, for example because the cryptocurrencies are held by a third party and that wallet is temporarily inaccessible, such as due to being blocked or frozen.
  7. Coinmerce Earn may terminate the Yield Service at any time without prior notice. For clarity: termination of the Yield Service by Coinmerce Earn does not necessarily affect the continuation of other Services offered to the User.
  8. BLOX will register, in cooperation with the Blox Custody Foundation, every change in a User's Account if the User lends cryptocurrencies to Coinmerce Earn or receives them back from Coinmerce Earn under the Yield Service. If a User lends cryptocurrencies to Coinmerce Earn, this results in an increase of the User’s claim on Coinmerce Earn and a corresponding increase in Coinmerce Earn’s debt to the User for the return of the same amount and type of cryptocurrency.
  9. BLOX will play a facilitating role regarding the transfer of cryptocurrencies by the Blox Custody Foundation from Users to Coinmerce Earn, the return of cryptocurrencies by Coinmerce Earn to the Blox Custody Foundation on behalf of Users, and the receipt by the Blox Custody Foundation on behalf of Users of yield on the lent cryptocurrencies. Any return or yield payment by Coinmerce Earn to the Blox Custody Foundation constitutes a discharge of payment by Coinmerce Earn to the respective Users.
  10. If the User — to the extent possible — at any time sells cryptocurrencies that are still made available to the Yield Service, then the request to sell also (automatically) includes a request to terminate the Yield Service for the respective lent cryptocurrencies.


Crypto-Asset Transfer Services
Art. 17. 

  1. BLOX also provides a crypto-asset transfer service on behalf of the Users and has applied for a MiCAR license for this service. This article further elaborates on this crypto-asset transfer service.
  2. BLOX provides this crypto-asset transfer service to its Users upon their requests. This may include, for example, the transfer of cryptocurrencies insofar as this is necessary for the execution of the Yield Service or the activities for the execution of the exchange service. In addition, the custody policy may require that crypto-asset transfer services are provided as a result of the secure storage of cryptocurrencies.
  3. In the execution of this service, BLOX will act with due care. For the execution of this service, BLOX may use (software from) third parties which BLOX uses for the execution of its custody service. The custody policy elaborates on this, including details of the security systems.
  4. The crypto-asset transfer service provided by BLOX and, as an extension of BLOX, by the Blox Custody Foundation, is in principle free of charge unless otherwise agreed with the User in individual cases.
  5. These services are also subject to this User Agreement, including the right described in Article 29 of this User Agreement.

Security
Art. 18. 

  1. You are responsible for having:
  2. a good and secure internet connection;
  3. a computer, tablet, smartphone, or other device that can connect to the BLOX Environment via the internet, equipped with up-to-date protection against, among other things, intrusions, viruses, spam, etc.;
  4. an email account to which only you have access, and through which BLOX’s email messages can be received without interference.
  5. You must use a strong password and two-factor authentication. Passwords and two-factor authentication credentials are strictly personal and may not be shared with others. Unless proven otherwise, BLOX and the Blox Custody Foundation will assume that the person logging into 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 taking place through their Account and all transactions carried out through the Account.
  6. BLOX will never ask you to provide authentication means (two-factor authentication and passwords) in any way other than when logging into the Account or making a request to transfer (part of) your E-Money Balance. You must never respond to a request to provide such means, even if the request appears to come from BLOX.
  7. To the extent that BLOX would be liable for any damage caused, you are not entitled to compensation if the security measures are not or have not been complied with. It is your responsibility to prove that the described security measures have been complied with.
  8. If you know or suspect that your account details have been stolen or may be misused, you must contact BLOX immediately.


Risks
Art. 19.

  1. BLOX is registered with De Nederlandsche Bank N.V. (DNB) as a provider of crypto services. BLOX is registered with DNB under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act and the Sanctions Act 1977. In addition, BLOX makes use of the so-called limited network exemption under Article 1(4) of Directive 2009/110/EC as implemented in 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 in cryptocurrencies and lending cryptocurrencies if you make use of these services. This includes, among other things, the absence of guarantees for value and value retention.
  3. You accept the special circumstances that may occur in the provision of BLOX’s services via the internet and the (technical) shortcomings that may arise in this context, such as the inability to gain (full) access to our Services or the BLOX Environment, the inability to submit and/or process an Order in time, malfunctions and/or defects in the BLOX Environment and/or underlying hardware and/or (inter)network connections and/or software on which the BLOX Environment runs. Except in cases of intent or gross negligence by BLOX or our appointees or agents, BLOX is not liable for these special circumstances, nor for any consequences of the (temporary) unavailability or inaccessibility of the BLOX Environment or the Account, or for delays and/or malfunctions and/or incomplete functioning of the BLOX Environment.
  4. You understand and accept that by using our Services you are exposed to a risk in relation to BLOX, Coinmerce Earn, and the Blox Custody Foundation.
  5. Warning: the use of the Yield Service carries risks. If you choose to use the Yield Service, additional risks apply as outlined in the risk disclaimer. This disclaimer is part of your User Agreement. Before using the Yield Service, you must assess whether these and other risks related to these additional services are acceptable to you and whether you are able to bear these (higher) risks.


Force Majeure
Art. 20. 

  1. In the event of Force Majeure, BLOX, the Foundation, and Coinmerce Earn are entitled to suspend the fulfillment of their obligations towards the User and/or to terminate the User Agreement.
  2. If BLOX and Coinmerce Earn are still unable to fulfill their obligations after three months, BLOX and Coinmerce Earn are authorized to terminate or (partially) dissolve the User Agreement (for the part of the obligations that BLOX cannot fulfill due to Force Majeure). In such case, Users are not entitled to compensation for any damages suffered or to be suffered as a result of the termination or dissolution.

Termination of the User Agreement and the Account
Art. 21. 

  1. Both parties may terminate the User Agreement at any time. Termination of the User Agreement automatically results in closure of the Account and discontinuation of the Services.
  2. You can terminate the User Agreement at any time by sending an email to: info@weareblox.com. No costs 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, BLOX may, after 8 days from termination, sell the cryptocurrencies on your behalf at a time determined by BLOX and increase your E-Money Balance with the proceeds so that this amount can be transferred to your bank account. You hereby authorize BLOX to do so. Upon termination of the User Agreement, any remaining balance in your Account (E-Wallet) will be transferred after eight working days to your (most recently used) verified bank account, unless there is suspicion or confirmation of abuse or fraud, or other legal grounds to suspend the payout.
  3. If you are using the Yield Service at the time you request termination of the User Agreement, then your request for termination also (automatically) includes a request to terminate the Yield Service (insofar as this has not yet occurred). The respective cryptocurrencies will be transferred and credited to your Account after termination of the Yield Service. The E-Money Balance will then be increased when the cryptocurrencies are sold. Termination of the User Agreement automatically results in closure of the Account and discontinuation of the Services.
  4. In deviation from the foregoing, it may be that you still have a claim against BLOX or Coinmerce Earn after termination of the User Agreement. Such a claim may arise, for example, from the Yield Service. If it is expected that a long period may pass before the nature and amount of the claim is established — for example in the case of the bankruptcy of a third party — your Account will remain available only for the receipt and sale of that claim, and you will no longer be able to trade or deposit funds or cryptocurrencies via the BLOX Environment. In that case, your Account will remain active solely to receive a future claim. You must (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 respective cryptocurrencies will be transferred and credited to your Account. The E-Money Balance will then be increased when the cryptocurrencies are sold.
  5. In case of suspected or confirmed abuse or fraud, or another legal ground on which the payout may be suspended, BLOX will not proceed with selling the cryptocurrencies until there is sufficient clarity (for BLOX). In such case, measures will be taken at BLOX’s discretion. BLOX shall never be liable for any damages or lost income caused by, for example, price fluctuations in this context.
  6. If, as a result of Force Majeure, it is no longer possible or feasible to continue providing the Services, BLOX is entitled to immediately terminate one or more parts of the Services. All open Orders will then be canceled and all balances must be withdrawn.

Privacy
Art. 22. 

  1. 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 legal obligations and to offer the Services in the best possible way. The privacy statement describes the legal basis for processing, which data is processed, and the purposes of this processing. You will also read in the privacy statement that BLOX handles your data with care and does not share it with third parties without reason.
  2. You must have read BLOX’s privacy statement as it forms part of the User Agreement. It explains why BLOX needs your data and how it is used.

Confidentiality
Art. 23.

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


Intellectual Property Rights
Art. 24.

BLOX and its affiliated companies own all rights, titles, and interests, including all related intellectual property rights, that pertain to and are associated with the BLOX platform, the BLOX environment, and the Services offered by BLOX. The same applies to suggestions, ideas, requests for improvements, feedback, recommendations, or other information provided by the User relating to the Services. These terms of use do not grant any ownership rights with respect to the intellectual property rights owned by BLOX. No right or license is granted to use BLOX’s intellectual property rights other than what is strictly necessary for the use of the BLOX environment and Services in accordance with these terms. If such a license is granted, it is non-sublicensable and may be revoked by BLOX. The name BLOX and the BLOX logo are trade and brand names of BLOX and its affiliates, and no right or license is granted to use them.


Complaints
Art. 25.

  1. Users may submit complaints, feedback, or questions via support@weareblox.com.
  2. When a User contacts BLOX, the User will be informed of the complaints procedure and must provide their name and email address, as well as any other information that may be necessary to identify the User. If the User does not respond to such a request and is not willing to follow the procedure in the complaints policy, the complaint will not be further processed.
  3. If the complaints procedure has been completed but your complaint has not been satisfactorily resolved, you are entitled to submit the dispute to the court in accordance with the provisions of Article 29.
  4. Correspondence between you and BLOX is confidential and, unless there is a legal obligation to do so, may not be published or disclosed by either party without the express permission of both parties.



Liability
Art. 26. 

  1. BLOX and Coinmerce Earn strive to provide their Services to Users in a professional and careful manner. Nevertheless, the use of the Services and trading in cryptocurrencies inherently involve risks. For this reason, BLOX and Coinmerce Earn are compelled to limit their liability as described in this article.
  2. BLOX and Coinmerce Earn accept no liability for any damages unless such damages are the result of intent or gross negligence on their part. Furthermore, they are not liable for damages resulting from or related to:
  • actions by the User that are contrary to the User Agreement;
  • failures/bugs in the electricity supply or failures/bugs in communication connections and/or equipment and/or other facilities, whether operated by BLOX or third parties, or other causes that prevent the User or BLOX from timely use of BLOX’s systems and the related Services; BLOX cannot guarantee 24/7 availability of its Services. BLOX does its utmost to ensure availability but cannot be held liable if this is not the case;
  • inaccuracies in and/or the failure or delay in receiving rate information, calculations, balance reports, quotes or other information provided by BLOX to the User;
  • analyses and/or any other type of information relating to investing in cryptocurrencies made available to the User;
  • internal operational changes, policy documents or compliance policies that may prevent the User from continuing to use BLOX’s Services;
  • loss of profits or expected returns, including missed trading gains or hypothetical losses, either directly or indirectly, such as missed trading opportunities or actions the User would otherwise have taken — even in the event of temporary unavailability of cryptocurrencies;
  • misuse, unauthorized or incorrect use of the BLOX Environment and/or Access Codes and/or security measures through which access to the Account is gained;
  • shortcomings of exchanges, trading venues, payment and settlement systems or custodians;
  • any act, default or omission by a third party with respect to cryptocurrencies provided by BLOX in connection with the Yield Service;
  • temporary or permanent inability of the User to trade cryptocurrencies in the BLOX Environment;
  • choices made by the User regarding security settings and/or the (partial) absence of such settings for the products or services offered by BLOX;
  • any other type of damage, except where and insofar as it is established that the damage is the direct result of gross negligence or intent on the part of BLOX.
  1. If BLOX is held liable for damages, the total liability of BLOX and Coinmerce Earn — to the extent permitted by applicable law — shall be limited to:

  • a maximum of the total fees you have paid to BLOX and Coinmerce Earn in the 6 months immediately preceding the date of the claim giving rise to such liability;
  • the damage that could reasonably have been mitigated if the User had reported the damage without undue delay, limited to the amount that would have occurred had the error been reported within 24 hours of discovery;
  • direct damage that was reasonably foreseeable and directly results from a breach of the User Agreement by BLOX and Coinmerce Earn.
  1. BLOX or Coinmerce Earn may, in specific cases and at their sole discretion, choose to compensate the User for damage or loss, without being obligated to do so and without setting a precedent.
  2. If BLOX is found to be at fault in connection with custody and management of cryptocurrencies and such failure results in a loss of cryptocurrencies, BLOX’s liability shall be limited to the market value of the cryptocurrencies at the time they were lost.


Indemnification
Art. 27. 

The User agrees to indemnify and hold harmless BLOX and Coinmerce Earn, including their directors, employees, representatives and affiliated parties, from and against all possible claims, lawsuits, investigations, damages, costs or other proceedings (including reasonable legal fees) arising from:

  • a real or alleged breach of the agreements, warranties, or obligations undertaken by the User in this User Agreement;
  • incorrect, unlawful or inappropriate use of BLOX’s Services by the User;
  • a breach of the rights of another person or organization by the User.
    This provision protects BLOX and Coinmerce Earn from potential adverse consequences of User errors or unlawful behavior.

Other Provisions
Art. 28. 

  1. The User Agreement and all Orders / Transactions / deposits and withdrawals 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).
  2. In case of disputes, a claim by a User may be brought either before the Dutch courts or the courts of the country where the User resides, at the User’s choice.
  3. In case 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 amend and/or adjust the terms of this agreement. In case of a change to the User Agreement, the User may terminate the agreement immediately.
  5. If one or more provisions of this agreement are found to be void or invalid (for example, due to 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, via email, via the Environment and your Account.
  7. BLOX may modify this User Agreement at its sole discretion. If you do not agree with the changes, you may immediately terminate the agreement. If you continue to use the Services after the changes take effect, this constitutes your acceptance of the changes.
  8. These terms are available in multiple languages. In case of discrepancies or different interpretations, the Dutch version shall prevail.