Terms of Use

Terms of Use - Bitnuk AG (“Bitnuk”)

Last updated 17 May 2023

By using this website (“Site”), registering for a Bitnuk Account (“Account”) or using any other Bitnuk Services, you ("you, your, or yourself") are agreeing to accept and comply with the terms and conditions of use stated below ("Terms of Use"). You should read the entire Terms of Use carefully before using this Site or any of the Bitnuk Services.

By accessing or using the Service you agree to be bound by these Terms. If you disagree with any part of the terms then you may not access the Service.

Bitnuk operates under the regulatory supervision of ARIF Genf, a self-regulating body approved by the Swiss Financial Market Supervisory Authority (FINMA) for the supervision of the financial intermediaries referred to in article 2 para. 3 of the Swiss Federal Law on combating money laundering and terrorism financing in the financial sector (AMLA). As Bitnuk is not subject to direct FINMA supervision, regulatory issues should be addressed to ARIF.

Bitnuk is not a bank and, as such, is not part of a depositor protection scheme.

References to Bitnuk are also references to its owners, directors, investors, employees.

Bitnuk allows buyers ("Buyers") and sellers ("Sellers") to use its and its partners capabilities to buy and sell cryptocurrecies such as Bitcoins.

The Service operated by Bitnuk allows all customers of the Service ("Members") to:

• Buy and Sell Bitcoin, as available (herein “Bitcoin” or “cryptocurrency”).
• Transfer cryptocurrency and fiat currency to other Members and to non-members who must become Members prior to withdrawing such cryptocurrency or fiat money.
• Bitnuk intends to allow Members to Buy and Sell other cryptocurrencies including but not limited to Ethereum and other cryptocurrencies in the future.

Depending on your country of residence, you may not be able to use all the functions of the Site. It is your responsibility to follow the rules and regulations applicable in your country of residence and/or country from which you access this Site and Services. As long as you agree to and comply with these Terms of Use, Bitnuk grants you the personal, non-exclusive, non-transferable, non-sublicensable, and limited right to enter and use the Site and the Service.

IF YOU DO NOT ACCEPT THE TERMS AND CONDITIONS OUTLINED IN THIS AGREEMENT, DO NOT ACCESS THIS SITE AND DO NOT USE OUR SERVICE.

By registering for an Account, you expressly represent and warrant:

• That you have accepted these Terms of Use; and
• That you are at least 18 years of age and have the full capacity to accept these Terms of Use and enter into a transaction involving cryptocurrencies.
• That you accept to become customer of Swiss Wealth Management AG, company registered with the Swiss Companies Register under the company number CHE-105.854.576 with its registered address at Metallstrasse 8, 6300 Zug, Switzerland and affiliated with d’Organisme de Surveillance pour Intermédiaires Financiers & Trustees (“SO-FIT”) (affiliation No.: 1179) (hereinafter - SWM) and to be bound by SWM terms of use, for provision of supplementary services required for functioning of Bitnuk AG products and services. Becoming customer of SWM is subject to SWM terms of use and KYC/AML requirements. Becoming customer of Bitnuk AG shall not automatically render the affiliation with SWM and SWM may at any time independently decide to offboard you or restrict any part of the service. For more details please refer to SWM terms of use available at: swissmoney.com/terms-of-use

Risk Warning

The trading of goods and products, real or virtual, as well as virtual currencies involves a significant risk. Prices can and do fluctuate on any given day. Such price fluctuations may increase or decrease the value of your assets at any given moment. Any currency, virtual or not, may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling, or trading anything on a market.

Trading cryptocurrencies also has special risks not generally shared with official currencies, goods, or commodities in a market. Unlike most currencies that are backed by governments, other legal entities, or commodities such as gold or silver, cryptocurrencies are a unique type of Internet digital currency, backed by technology and trust. There is no central bank that can issue more currency or take corrective measures to protect the value of cryptocurrencies in a crisis.

Instead, cryptocurrecies are an as-yet autonomous and largely unregulated global system of firms and individuals. Traders put their trust in a digital, decentralised, and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity.

The trading of cryptocurrecies is often susceptible to irrational bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in cryptocurrecies because of unexpected changes imposed by software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems: if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments are able to prevent any transactions from settling.

There may be additional risks that we have not foreseen or identified in these Terms of Use. You should carefully assess whether your financial situation and tolerance for risk are suitable for buying, selling, or trading cryptocurrecies.

We use our banking providers in order to receive client funds and make payments. Our banking providers DO NOT transfer, exchange, or provide any services in connection with cryptocurrecies.

Limited Right of Use

Unless otherwise specified, all Materials on this Site are the property of Bitnuk and are protected by copyright, trademark, and other applicable laws. You may view, print, and/or download a copy of the Materials from this Site on any single computer solely for your personal, informational, and/or non-commercial use, provided you comply with all copyright and other proprietary notices.

The trademarks, service marks, and logos of Bitnuk and others used in this Site ("Trademarks") are the property of Bitnuk and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video, and audio used on this Site belongs to Bitnuk. The Trademarks and Materials should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected, or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other Site or networked computer environment for any other purpose is strictly prohibited; any such unauthorised use may violate copyright, trademark, and other applicable laws, and could result in criminal or civil penalties.

Maintaining Your Account: Bitnuk’s Rules

This Site is for your personal and non-commercial use only. We are vigilant in maintaining the security of our Site and Service. By registering with us, you agree to provide Bitnuk with current, accurate, and complete information about yourself, as prompted by the registration process, and to keep such information updated. Failure to do so constitutes a breach of these Terms of Use, which may result in immediate termination of your account on our Service. You further agree that you will not use any Account other than your own, access the Account of any other Member at any time, or assist others in gaining unauthorised access.

The creation or use of Accounts without obtaining prior express permission from Bitnuk will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Members or otherwise), or the distribution of instructions, software, or tools for that purpose, will result in the Accounts of such Members being terminated. Termination is not the exclusive remedy for such a violation, and Bitnuk may elect to take further action against you.

You are also responsible for maintaining the confidentiality of your Account information, including your password, and safeguarding your account and all activity including Transactions that are posted to your Account. Cryptocurrency transactions are irreversible once sent, so be sure to carefully confirm the receiving address before initiating a Bitcoin transaction. Any actions on the Site, transactions, orders and operations initiated from your Account or using your password (1) will be considered to have been made by you, and (2) is irrevocable once validated using your password or made through your Account. If there is suspicious activity related to your Account, we may, but are not obligated to, request additional information from you, including authenticating documents, and freeze any transactions pending our review. You are obligated to comply with these security requests or accept the termination of your Account. You are required to notify Bitnuk immediately of any unauthorised use of your Account or password, or any other breach of security, by email to [email protected]. The account of any Member who violates these rules may be terminated and the Member held liable for losses incurred by Bitnuk or any user of the Site.

Lastly, you agree that you will not use the Service to perform criminal activity of any sort, including but not limited to money laundering, illegal gambling operations, terrorist financing, malicious hacking or any criminal or illegal activity.

The minimum allowable buy or sell is EUR 5.

FEES

Our fees charged can be found on our Fees page.

VERIFICATION OF ACCOUNTS

The creation and use of your Account is subject to verifications, as required by statutory and regulatory obligations incumbent on Bitnuk. You agree to provide us with the information we request for the purposes of identity verification, compliance with know-your-customer rules, as well as detection of money laundering, terrorism financing, fraud or any other financial crime. The requested information may include Personal Data (please refer to our Privacy Policy). By providing us with the information we request, you confirm that it is true and accurate, and agree to inform us in case of change concerning such information. Your Account will be blocked until we will satisfied with the information you have provided and determine in our sole discretion that it is sufficient to validate your Account. In the meantime, you will not be allowed to terminate your Account or request the deletion of the Personal Data processed in the course of verification operations. Bitnuk utilises and thus shares information with a third-party AML verification tool in addition to its internal identification screening procedures.

Termination

We may terminate or suspend your account immediately, without prior notice or liability, for any reason whatsoever, including without limitation if you breach the Terms of Use.

Upon termination, your right to use the Service will immediately cease. If you wish to terminate your account, you may simply discontinue using the Service.

Availability of Services

All services are provided without warranty of any kind, either express or implied, and in particular without implied warranties of merchantability and fitness for a particular purpose. We do not guarantee that this Site will be available 100% of the time to meet your needs. We will strive to provide you with the Service as soon as possible, but there are no guarantees that access will not be interrupted or that there will be no delays, failures, errors, omissions, or loss of transmitted information.

We will use reasonable endeavours to ensure that the Site can be accessed by you in accordance with these Terms of Use. However, we may suspend the use of the Site for maintenance and will make reasonable efforts to give you notice of this. You acknowledge that this may not be possible in an emergency, and accept the risks associated with the fact that you may not always be able to use the Site or carry out urgent transactions using your Account.

APIs and Widgets

We may provide certain parties with access to specific data and information through our API (Application Programming Interface) or widgets. We also may provide widgets for your use to enter our data on your Site. You are free to use these in their original unmodified and un-altered state.

External Websites

Bitnuk makes no representations whatsoever about any external or third-party website you may access through the Site. Occasionally, the Bitnuk website may provide references or links to other websites ("External Websites"). We do not control these External Websites or third-party sites or any of the content contained therein. You agree that we are in no way responsible or liable for the External Websites referenced or linked from the Bitnuk website, including but not limited to website content, policies, failures, promotions, products, opinions, advice, statements, prices, activities and advertisements, services, or actions, and/or any damages, losses, failures, or problems caused by, related to, or arising from those sites. You shall bear all risks associated with the use of such content.

External Websites have separate and independent terms of use and related policies. We request that you review the policies, rules, terms, and regulations of each site that you visit. It is up to you to take precautions to ensure that whatever you select for your use is free of items such as viruses, worms, Trojan horses, and other items of destructive nature.

Financial Advice

Bitnuk does NOT provide any investment advice in connection with the Services described in these Terms of Use. We may provide information on the price, range, and volatility of cryptocurrecies that are available on our platform and events that have affected the price of such cryptocurrecies, but this must not be considered investment advice nor should it be construed as such. Any decision to purchase or sell cryptocurrecies is solely your decision and we shall not be liable for any loss suffered.

Financial Regulation

Bitnuk is an authorized member firm of Association Romande des Intermédiaires Financiers ("ARIF").

Wallet services

Bitnuk has developed and offers a wallet solution in which you can store cryptocurrencies in self-custody ("Crypto vault"). Crypto vault is a non-custodial wallet, which is locally generated on your device an remain inaccessible by Bitnuk or any 3rd party. Your private keys are created and stored locally on your device and Bitnuk does not have access to the private key stored on your device at any time and therefore you are responsible for securing the private key. You understand and acknowledge that without the Private Key you have no control over your cryptocurrency and may suffer a permanent loss of access to the cryptocurrency held in your Crypto vault.

Should you desire to sell your cryptocurrencies, you are required to initiate a transfer from your controlled Crypto vault to Bitnuk trading desk via available user interface. Your transfer will be complete only if you will pass Bitnuk AML controls. In the event of failure to pass AML controls or execute the sale transaction within 10 (ten) days, the transfer will be rejected and funds will be returned to you. Repeated attempts to transfer funds after unsuccessful (negative) outcome of AML checks, and/or failure to execute transaction within 10 (ten) days may result in temporary or permanent suspension of the service to you.

Data protection

Privacy is very important to us. Full details of our Privacy Policy can be found on our Privacy Policy page. We recommend that you read the Privacy Policy carefully, so that you know the data that we collect, how we use the data and who we share your data with.

Disclosures to Legal Authorities and Authorized Financial Institutions

We may share your Personal Data with law enforcement, data protection authorities, government officials, and other authorities when:

• Required by law;
• Compelled by subpoena, court order, or other legal procedure;
• We believe that disclosure is necessary to prevent damage or financial loss;
• Disclosure is necessary to report suspected illegal activity; or
• Disclosure is necessary to investigate violations of our Terms of Use or Privacy Policy.

For further information on how we process your Personal Data, please refer to the Privacy Policy.

Unclaimed Property

If we hold cash or crytocurrency, and we are unable to contact you and have no record of your use of the Bitnuk Services for several years, applicable law may require us to report the cash or crytocurrency as unclaimed property to the authorities in certain jurisdictions. We will try to locate you at the address shown in our records, but if we are unable to, we may be required to deliver any such cash or crytocurrency to the authorities in certain jurisdictions as unclaimed property. We reserve the right to deduct a dormancy fee or other administrative charges from such unclaimed funds, as permitted by applicable law.

Jurisdiction/Governing Law

The Terms of Use shall be governed and construed in accordance with the laws of Switzerland, without regard to its conflict of law provisions. The parties hereto agree to irrevocably submit to the exclusive jurisdiction of the courts of Switzerland.

Our failure to enforce any right or provision of these Terms of Use will not be considered a waiver of those rights. If any provision of these Terms of Use is held to be invalid or unenforceable by a court, the remaining provisions of these Terms of Use will remain in effect. These Terms of Use constitute the entire agreement between us regarding our Service, and supersede and replace any prior agreements we might have between us regarding the Service.

Limitation of Liability

To the extent permitted by law, Bitnuk will not be held liable for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect, or consequential loss, unless the loss suffered arose from negligence or wilful deceit or fraud. Nothing in these Terms of Use excludes or limits the liability of either party for fraud, death, or personal injury caused by its negligence, breach of terms implied by operation of law, or any other liability which may not be limited or excluded by law. Although Bitnuk endeavours to provide accurate and timely information on the Site, the Site may not always be entirely accurate, complete or current and may include errors. We may change or update the Site at any time without notice, and you should accordingly verify with independent sources all information before relying on it to take decisions or actions. You remain entirely responsible for your decisions and actions.

Subject to the foregoing, Bitnuk’s aggregate liability for claims based on events arising from or in connection with any single Member's use of the Site and/or Service, whether in contract or tort (including negligence) or otherwise, shall in no circumstances exceed the greater of either (a) the total amount held on Account for the Member making a claim less any amount of Commission that may be due and payable in respect of such Account; or (b) 100% of the amount of the Transaction(s) that are the subject of the claim less any amount of Commission that may be due and payable in respect of such Transaction(s).

Legal Disclaimer

Your use of the Service is at your sole risk. The Service is provided on an "AS IS" and "AS AVAILABLE" basis. The Service is provided without warranties of any kind, whether express or implied, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, non-infringement or course of performance.

Bitnuk its subsidiaries, affiliates, and its licensors do not warrant that a) the Service will function uninterrupted, secure or available at any particular time or location; b) any errors or defects will be corrected; c) the Service is free of viruses or other harmful components; or d) the results of using the Service will meet your requirements.

Indemnity

To the full extent permitted by applicable law, you hereby agree to indemnify Bitnuk and its partners against any action, liability, cost, claim, loss, damage, proceeding, or expense suffered or incurred if directly or indirectly arising from your use of Bitnuk's Sites, your use of the Service, or your violation of these Terms of Use.

Miscellaneous

If we are unable to perform the Services outlined in the Terms of Use due to factors beyond our control including but not limited to an event of force majeure, change of law, or change in sanctions policy, we shall not be liable for the Services provided under this agreement during the time period coincident with the event.

Modification of Terms

Bitnuk reserves the right to change, add, or remove parts of these Terms of Use at any time and at its sole discretion. You will be notified of any changes in advance through your Account. Upon such notification, it is your responsibility to review the amended Terms of Use. Your continued use of the Site following the posting of a notice of changes to the Terms of Use signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms of Use.

Definitions

Account. The contractual arrangement wherein a Bitnuk Member has accepted our Terms of Use and Privacy Policy, and received approval to use Bitnuk Services, including the purchase and sale of cryptocurrecies, and to perform associated Transactions.

Bitcoins. The Peer-to-Peer Internet digital currency further described at Bitcoin.org.

Cryptocurrecies. All digital currencies, including but not limited to Bitcoin.

Buyer(s). Member(s) that are submitting an offer to buy cryptocurrency through the Service.

Commission or Fee. Refers to the fee which is payable to Bitnuk on each Transaction, such as a buy or sell of cryptocurrency. You can review our Fees on our Fees page.

Member(s). Refers to Buyers and Sellers as well as any holder of an Account.

Personal Data. Information that identifies an individual, such as name, address, e-mail address, trading information, and banking details. “Personal Data” does not include anonymised and/or aggregated data that does not identify a specific user.

Price. The "price per coin" for which Members are willing to purchase or sell cryptocurrecies, using the Service in a purchase or sell transaction. The Price may be expressed in any of the currencies deposited by Members in their Account and supported by the Service.  See our Site for a full list of currencies.

Bitnuk may not offer currencies other than Euros at this time.

Seller(s). Member(s) that submit an offer to sell cryptocurrecies through the Service.

Service(s). The technological platform, functional rules, and market managed by Bitnuk. to permit Sellers and Buyers to purchase and sell cryptocurrecies.

Transaction. Includes the following:

• The action between the Member to Buy and/or Sell cryptocurrencies through the Service for currencies at the then-current market rate.
• The transfer of cryptocurrencies between Members ("Transfer Transaction");
• The transfer of cryptocurrecies among Members ("Transfer Transaction");
• The transfer of currencies among Members ("Currency Transfer Transaction"); and
• Bitnuk may not offer all these transaction types at this time.

Bitnuk may not offer all these transaction types at this time.

Transaction Price. The total price paid by the Buyer for each Transaction performed through the Service.

Consent to Use of Cookies

This website uses cookies to ensure you have the best experience. By continuing to use this site, you consent to our Cookie Statement. You can disable cookies at any time, by changing your browser settings. See our Cookie Statement for instructions on how to disable cookies, and the effect this will or may have on the Services.

Changes

We reserve the right, at our sole discretion, to modify or replace these Terms of Use at any time. If a revision is material we will try to provide at least 30 days notice prior to any new terms taking effect. What constitutes a material change will be determined at our sole discretion.

By continuing to access or use our Service after those revisions become effective, you agree to be bound by the revised terms. If you do not agree to the new terms, please stop using the Service.

Email

Unencrypted email messages sent over the Internet are not secure and Bitnuk is not responsible for any damages incurred as a result of sending email messages in this way. We suggest existing Members always log in to the Bitnuk site and use the internal support messaging system by clicking “Support” in the footer menu or, for non Members, always send email in encrypted formats. You are welcome to send PGP encrypted emails to us. The instructions and keys to do so are available upon request. Please never send us or anyone else your password by email.

If you send unencrypted or unsecured email or other types of communications to us, we may respond using the same channels and you hereby accept the risks associated therewith.

Bitnuk will never contact you from an email account that does not end with @bitnuk.com. If anyone, including a person that you know to be associated with Bitnuk ever contacts you via email with an address that does not end with @bitnuk.com, please notify our compliance department at [email protected] immediately.

Contact Us

If you are a Member, and have any questions relating to these Terms of Use, your rights and obligations arising from these Terms, and/or your use of the Site and the Service, your Account, or any other matter, please contact us via our internal secure messaging platform, from within your account by clicking “Support” in the footer after logging in or, if you cannot contact us using our internal secure messaging platform, you can email us via the contact form on the Contact Us page of our website. If you email us without using our internal secure messaging platform, please send PGP encrypted emails to us. The instructions and keys to do so are available upon request. For more information about email communications, see the section titled “Email” above.

Privacy notice

• Short version
• Comprehensive version

Risk warning

Last updated 17 May 2023

Please read the following risk warnings carefully before using the Bitnuk Service.

This document provides you with information about the risks associated with using trading in cryptocurrencies and with using the Bitnuk Service, which allows you to buy or sell interests in cryptocurrency via our partner cryptocurrency exchange(s) (each a “Cryptocurrency Exchange”).

The trading of goods and products, real or virtual, as well as virtual currencies involves significant risk. Prices can and do fluctuate on any given day. Due to such price fluctuations, you may increase or lose value in your assets at any given moment. Any currency - virtual or not - may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading anything on a market. If you are in any doubt about whether the Cryptocurrency Service is right for you, you may wish to seek guidance from a professional adviser.

You should carefully assess whether your financial situation and tolerance for risk is suitable for any form of exposure to cryptocurrencies. You should never invest in cryptocurrencies unless you can afford to lose 100% of your investment.

Quantum Coins

Unlike most currencies that are backed by governments, other legal entities, or commodities such as gold or silver, Quantum Coins are a unique type of digital currency, backed by technology and trust. There is no central bank that can issue more currency or take corrective measures to protect the value of Quantum Coin in a crisis. Moreover, there is no guarantee that Bitnuk or any other cryptocurrency liquidity provider will purchase your Quantum Coins when you wish to sell them, or that they will maintain their value in relation to any fiat currency.

Trading in Cryptocurrencies is unregulated

Trading cryptocurrencies such as Bitcoin has special risks not generally shared with official currencies or goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, cryptocurrencies are a unique kind of Internet digital currency, backed by technology and trust. There is no central bank that can take corrective measure to protect the value of any cryptocurrency in a crisis or issue more currency.

Instead, cryptocurrencies are an as-yet autonomous and largely unregulated global system of currency firms and individuals. Traders put their trust in a digital, decentralised, and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity. As such, cryptocurrencies are not governed by any specific European or other regulatory framework. This means that, when you use the Bitnuk Service to purchase cryptocurrencies, you will not benefit from the protections available to customers receiving regulated e-money/payment services provided by us. Moreover, Bitnuk is not a bank and, as such, is not part of a depositor protection scheme. Bitnuk is also not subject to direct FINMA supervision.

We use our banking providers in order to receive client moneys and making payments. Our banking providers DO NOT transfer cryptocurrencies, exchange cryptocurrencies, or provide any services in connection with cryptocurrencies.

The value of Cryptocurrencies is highly volatile

The trading of cryptocurrencies is often susceptible to irrational bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in cryptocurrencies because of unexpected changes imposed by software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems: if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments are able to prevent any transactions from settling.

There may be additional risks that we have not foreseen or identified in our Terms of Use.

You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading cryptocurrencies. You should never trade in cryptocurrencies unless you can afford to lose 100% of your investment.

There may be additional risks that we have not foreseen or identified in our Terms of Use. You should carefully assess whether your financial situation and tolerance for risk are suitable for buying, selling, or trading cryptocurrencies.

Cryptocurrency exchanges are vulnerable to cyber attacks

• Cryptocurrency exchanges are entirely digital and, as with any virtual system, are at risk from hackers, malware and operational glitches. Even though Cryptocurrency Exchanges take various steps to preserve the security of their platforms, cryptocurrency which is held in wallets provided by such exchanges remain vulnerable to hacking.
• If a thief gains access to one or more Supported Cryptocurrencies (i.e. by stealing the private encryption key to the Cryptocurrency Exchange wallets), he/she could transfer the stolen assets to another account. This is particularly problematic since all cryptocurrency transactions are permanent and irreversible.
• Accordingly, a hack is likely to lead to substantial depletion of the Supported Cryptocurrency held on your behalf (see below). Whilst the Cryptocurrency Exchange may be willing to compensate users for any such loss, they are not obliged to do so. A serious hack could also have the effect of putting a Cryptocurrency Exchange into insolvency.

The supported cryptocurrencies (and the fiat currency used to buy/sell them) are held in custody by a third party.

• When you use the Bitnuk Service to buy interests in one or more of the Supported Cryptocurrencies, they will be held on your behalf by a third party (usually the Exchange) who will act as custodian (the “Custodian”). Records will be held by the Cryptocurrency Exchange and us to show that the Supported Cryptocurrencies are held on your behalf and do not belong to any third party.
• The Supported Cryptocurrencies may be held on an “omnibus basis” with the Custodian, which means that your interests may be held at a single blockchain address together with those of other customers of that Custodian. If the Custodian becomes insolvent, there may be delays in identifying the assets belonging to you. There may be also be an increased risk of loss if there should be a shortfall between the assets held in the Custodian’s omnibus account and the claims of all of its customers (in which case, you may have to share proportionately in that shortfall with other customers).
• Otherwise, in the event of insolvency of the Custodian, please note there is no specific legal protection that covers you for losses arising from any Supported Cryptocurrencies that were held with such Custodian. This could mean that you have no specific rights under insolvency law to recover cryptocurrency held by the Custodian and you may be treated as an ordinary creditor of the same.
• When you sell your interests in the Supported Cryptocurrencies, the proceeds from the sale will be held in a pooled segregated bank account of the Cryptocurrency Exchange. As with the Supported Cryptocurrencies, records will be held by the Cryptocurrency Exchange and us to show that funds are held on your behalf and do not belong to any third party. In the event of the Cryptocurrency Exchange’s insolvency, you may be able to claim for the return of your fiat currency from this pool.

The Cryptocurrency Exchange may terminate their service at any time

• To provide the Bitnuk Service to you, we partner with one or more Cryptocurrency Exchanges to (a) facilitate the buying and selling of interests in Supported Cryptocurrencies; and (b) in some cases, hold the Supported Cryptocurrencies as Custodian.
• Given the various risks attaching to cryptocurrency exchanges (including the uncertain legal environment), it is possible that a Cryptocurrency Exchange could suspend or terminate its relationship with us and may not tell us why. In these circumstances, we may have to suspend the Bitnuk Service ourselves but we will try to transfer the underlying Supported Cryptocurrency to another Cryptocurrency Exchange as soon as possible.

The legal status of cryptocurrency is uncertain and evolving

• Given that the market for cryptocurrencies is relatively new, the legal nature of cryptocurrency is, in most jurisdictions, yet to be determined by statute, regulation or case law. In the absence of such authority, it is not clear how a regulator or court may treat interests or rights arising cryptocurrency trading. In particular, the law applicable to firms who hold cryptocurrencies in custody (particularly in the event of such firms’ insolvency) is far from clear.
• It is possible that a national or supranational regulator may take unilateral action to legislate the cryptocurrency market in a manner which prevents or encumbers the proper operation of the market in your jurisdiction. This may impact whether we can offer the Cryptocurrency Service to you

The functioning of the cryptocurrency network is outside our control

• Since the Blockchain is an independent public peer-to peer network and is not subject to regulation or control by any governmental or other authority or firm, we are not responsible for any failure, mistake, error and/or breach which shall occur on the Blockchain or on any other networks in which the Supported Cryptocurrencies are being issued and/or traded.
• We do not own or control the underlying software protocols which govern the operation of the Supported Cryptocurrencies. In general, the underlying protocols are open source and anyone can use, copy, modify, and distribute them.
• The underlying protocols of the Supported Cryptocurrencies are subject to sudden changes in operating rules (‘forks’), and such forks may materially affect the value, function, and/or even the name of the Supported Cryptocurrency.

Changes and additions to this Risk Warning

Please check back often to review this Risk Warning as we may amend it from time to time. If you have any questions regarding this Risk Statement, via the contact form on the Contact Us page of our website.

Regulations

Bitnuk operates under the regulatory supervision of ARIF Genf, a self-regulating body approved by the Swiss Financial Market Supervisory Authority (FINMA) for the supervision of the financial intermediaries referred to in article 2 para. 3 of the Swiss Federal Law on combating money laundering and terrorism financing in the financial sector (AMLA). As Bitnuk is not subject to direct FINMA supervision, regulatory issues should be addressed to ARIF.

Trademarks

The following names and designations are trademarks of Bitnuk AG: "Bitnuk", “Bitnuk Transfers”

These names and trademarks, as well as all other trademarks and protected rights mentioned on this website are subject unreservedly to the applicable trademark law in each case and are not permitted to be used without the express permission of the registered owner. The simple fact that the website mentions them does not imply that trademarks are not protected by the rights of third parties.

Copyright Infringement Notification

To file a copyright infringement notification with us, you will need to send a written communication that includes substantially the following (please consult your legal counsel or see Section 512(c)(3) of the Digital Millennium Copyright Act to confirm these requirements):

A physical or electronic signature of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.

Identification of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works at a single online website are covered by a single notification, a representative list of such works at that website.

Identification of the material that is claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled, and information reasonably sufficient to permit the service provider to locate the material. Providing URLs in the body of an email is the best way to help us locate content quickly.

Information reasonably sufficient to permit the service provider to contact the complaining party, such as an address, telephone number, and, if available, an electronic mail address at which the complaining party may be contacted.

A statement that the complaining party has a good faith belief that use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law.

A statement that the information in the notification is accurate, and under penalty of perjury, that the complaining party is authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.

Please note that under Section 512(f) any person who knowingly materially misrepresents that material or activity is infringing may be subject to liability for damages. Do not make false claims!

Please also note that the information provided in this legal notice may be forwarded to the person who provided the allegedly infringing content.

Claimant information will be published on the Ubeea.com website in place of disabled content.

Counter-Notification

Please note that under Section 512(f) of the Copyright Act, any person who knowingly materially misrepresents that material or activity was removed or disabled by mistake or misidentification may be subject to liability. Please also be advised that we enforce a policy that provides for the termination in appropriate circumstances of subscribers who are repeat infringers.

Contact Bitnuk to submit a claim or counter claim.

Bitnuk AG

Bahnhofstrasse 21

CH-6300 Zug, Switzerland

Switzerland

Impressum

Full legal name of company

Bitnuk AG

Website

bitnuk.com

Bitnuk operates under the regulatory supervision of ARIF Genf, a self-regulating body approved by the Swiss Financial Market Supervisory Authority (FINMA) for the supervision of the financial intermediaries referred to in article 2 para. 3 of the Swiss Federal Law on combating money laundering and terrorism financing in the financial sector (AMLA). Regulatory issues should be addressed to ARIF.

Anti Money Laundering (AML)

Bitnuk AG (Bitnuk) is subject to provisions on Anti Money Laundering (AML) under the laws of Switzerland, which are in accordance with the FATF recommendations. Switzerland is a member country of the Financial Action Task Force FATF). This means in particular that Bitnuk has to identify its customers and establish the beneficial owner's identity. The AML compliance policies approved by the Management Board include inter alia the processes for the identification of the customers and establishing the identity of the beneficial owner. The policies also cover the collection of information regarding the customers' business activities, relationships with Politically Exposed Persons and record retention procedures. Furthermore, Bitnuk regularly provides AML training to relevant employees and does not provide banking services to any bank that does not maintain a physical presence in any country and that is not a regulated affiliate. The anti-money laundering policies are applicable to head office and branches alike and are in accordance with the Wolfsberg anti-money laundering principles.

Compliance

Email: [email protected]

When you contact compliance by email, please use the contact form on the Contact Us page of our website.

Registered office address

Bahnhofstrasse 21

CH-6300 Zug, Switzerland

Switzerland

Canton

Zug

Commercial register number

CH17030134660

Date of formation

24 March 1988

Type of Corporation

Aktiengesellschaft (Swiss Public Limited Company)

Confirm SRO Membership/license:

FINMA

Bitnuk is also not subject to direct FINMA supervision and, as such, regulatory issues should be addressed to ARIF.

Cookie Statement

The Bitnuk website uses cookies. By continuing to use this website, you are giving consent to cookies being used.

Last updated 17 May 2023

www.bitnuk.com is the website domain of Bitnuk AG. The data controller is Bitnuk AG. In this Cookie Statement, ‘Bitnuk’, 'we', 'us' and 'our' means Bitnuk AG.

This Cookie Statement explains how Bitnuk uses cookies and similar technologies when you visit our websites located at bitnuk.com, or any other websites, pages, features, or content we own or operate (collectively, the "Site(s)"), when you use the Bitnuk mobile app, and/or interact with Bitnuk online advertisements or marketing emails (collectively the "Services"). It explains what these technologies are and why we use them, as well as your rights to control our use of them.

What are cookies?

Cookies are small text files that are placed on your computer by websites that you visit. They are widely used in order to make websites work, or work more efficiently, as well as to provide information to the owners of the site.

Cookies are small files, typically of letters and numbers, downloaded onto your computer or mobile device when you visit certain websites. When you return to these websites, or visit other websites that use the same cookies, the websites recognize these cookies and your browsing device. A cookie cannot read data off your hard drive or read cookie files created by other websites.

Cookies set by the website operator are called "first party cookies". Cookies set by parties other than the website operator are called "third party cookies". The parties that set third party cookies can recognize your computer both when it visits the Bitnuk website and when it visits certain other websites and/or mobile apps.

We treat information collected by cookies and other technologies as non-personal information. However, to the extent that IP addresses or similar identifiers are considered personal information by local law, we also treat these identifiers as personal information. If we combine non-personal information with personal information, the combined information will be treated as personal information for as long as it remains combined.

More information on cookies and their use can be found at aboutcookies.org or allaboutcookies.org.

We use third party service provider(s), to assist us in better understanding the use of our website. Our service provider(s) will place cookies on the hard drive of your computer and will receive information that we select that will educate us on such things as how visitors navigate around our website, what products are browsed, and general Transaction information. Our service provider(s) analyses this information and provides us with aggregate reports. The information and analysis provided by our service provider(s) will be used to assist us in better understanding our visitors' interests in our website and how to better serve those interests. The information collected by our service provider(s) may be linked to and combined with information that we collect about you while you are using the Platform. Our service provider(s) is/are contractually restricted from using information they receive from our website other than to assist us.

How does Bitnuk use cookies?

When you access our Services, we or companies we work with may place cookies on your computer or other device. These technologies help us better understand user behavior, and inform us about which parts of our websites people have visited.

We use first party and third-party cookies to recognize you as a Bitnuk customer, customize our Services, content, and advertising, to measure promotional effectiveness, and to collect information about your computer or other access device to mitigate risk, help prevent fraud, and promote trust and safety.

We may place cookies from third-party service providers who may use information about your visits to other websites to target advertisements for products and services available from Bitnuk. We do not control the types of information collected and stored by these third-party cookies. You should check the third-party's website for more information on how they use cookies.

The following are some examples of non-personal information that we collect and how we may use it:

• We may collect and store details of how you use our Services. Except in limited instances to ensure quality of our Services over the Internet, such information will not be associated with your IP address.
• We may collect information such as your language, zip code, area code, unique device identifier, referrer URL, location, and the time zone so that we can better understand customer behavior and improve our Services.
• We may collect information regarding customer activities on our website, which is used to understand which parts of our websites and Services are of most interest. This data is aggregated, and thus is considered non-personal information for the purposes of this Cookies Statement.

What types of cookies does Bitnuk use?

Strictly Necessary Cookies

These cookies are essential because they enable you to move around our Services and use certain features on our Services. For example, strictly necessary cookies allow you to access secure areas. Without these cookies, some Services cannot be provided.

Performance/Analytics Cookies

These cookies collect information about how you use a website. For example, a performance/analytics cookie will collect information about which pages you go to most often, how much time you spend on that page, or if you get error messages from certain pages. These cookies do not gather information that identifies you. The information these cookies collect is anonymous and is only used to improve how our Services work.

Functionality Cookies

These cookies allow us to remember the choices you make and to tailor our Services so we can provide relevant content to you. For example, a functionality cookie can remember your preferences (e.g., country or language selection), or your username.

Session Cookies. We use session cookies when you access our website or content. Session cookies expire and no longer have any effect when you log out of your account or close your browser.

How long will cookies stay on my browsing device?

The length of time a cookie will stay on your browsing device depends on whether it is a "persistent" or "session" cookie. Session cookies will only stay on your device until you stop browsing. Persistent cookies stay on your browsing device until they expire or are deleted (i.e. after you have finished browsing).

What other similar technologies does Bitnuk use?

In addition to cookies, we may use other similar technologies, like web beacons to track users of our Services. Web beacons, or "clear gifs," are tiny graphics with a unique identifier, similar in function to cookies. They are used to track the online movements of web users.

In contrast to cookies, which are stored on a user's computer hard drive or device, clear gifs are embedded invisibly on web pages and are about the size of the period at the end of this sentence. We and our third-party service provider employ web beacons for the reasons stated above (under "Cookies"), but primarily to help us better manage content on our Services by informing us which content is effective.

We may also use so-called "Flash Cookies" (also known as "Local Shared Objects or "LSOs") to collect and store information about your use of our services, fraud prevention and for other site operations.

Does Bitnuk use advertising cookies?

Bitnuk may use third party service providers to display advertising on our Services and serve advertising on other third party sites that are more relevant to you or your interests. They are also used to limit the number of times you see an advertisement, as well as help measure the effectiveness of the advertising campaign. They remember that you have visited a website and this information may be shared with other organizations, such as advertisers. This means that after you have been to our websites, you may see some advertisements about our Services elsewhere on the Internet. The information collected through this process by the third party service providers does not enable us or them to identify your name, contact details or other personal information that directly identifies you unless you choose to provide these. Such advertising will only be delivered where permitted by applicable law.

How to manage cookies, similar technologies and targeted online mobile advertising and what effect will this have?

You have the right to decide whether to accept cookies. You can stop cookies from being deployed on your computer by configuring your browser not to accept them or opt-out. Please refer to your browser's 'help' facility, or visit the following website: allaboutcookies.org. For more specific details, you can exercise your preferences in relation to cookies served on our website by taking the steps outlined below.

Our Cookies (or, "First-Party Cookies"). You can use the browser with which you are viewing this website to enable, disable or delete cookies. To do this, follow the instructions provided by your browser (usually located within the "Help", "Tools" or "Edit" settings). Please note, if you set your browser to disable cookies, you may not be able to access secure areas of our website. Also, if you disable cookies other parts of the Services may not work properly. You can find more information about how to change your browser cookie settings at allaboutcookies.org.

Mobile Advertising: You can opt out of having your mobile advertising identifiers used for certain types of advertising by accessing the settings in mobile device and following the instructions. If you opt-out, we will remove all data about you and will not collect any further data. The random ID previously assigned to you will be removed. Thus, if at a later stage, you decide to opt-in, we will be unable to continue and track you using the prior ID and you will for all practical purposes be a new user.

Third-Party Cookies. To opt-out of third-party advertising networks and similar entities that use targeting/advertising cookies, go to aboutads.info/choices. Once you click the link, you may choose to opt-out of such advertising from all participating advertising companies or only advertising provided by specific advertising entities. For more information about third-party advertising networks and similar entities that use these technologies, please see aboutads.info/consumers.

Do Not Track: Some Internet browsers - like Internet Explorer, Firefox, and Safari - include the ability to transmit "Do Not Track" or "DNT" signals. Since uniform standards for "DNT" signals have not been adopted, our websites may not currently process or respond to "DNT" signals.

Flash Cookies. If you do not want Flash Cookies stored on your computer, you can adjust the settings of your Flash player to block Flash Cookies storage using the tools contained in the website storage settings panel. You can also control Flash Cookies by going to the global storage settings panel and following the instructions. Setting the Flash Player to restrict or limit acceptance of Flash Cookies may reduce or impede the functionality of some Flash applications, including, potentially, Flash applications used in connection with our services or online content.

Updates to this Cookie Statement

We reserve the right to amend or modify this Cookie Statement at any time in response to changes in applicable data protection and privacy legislation. If we do, you will be notified when you first visit our website after the change.

Your continued use of the Bitnuk website, as well as any subsequent usage, will be interpreted as your consent to cookies being stored on your device.

If you have any questions about our use of cookies or other technologies, please email us using the contact form on the Contact Us page of our website.

Bitnuk Anti Money Laundering ("AML") and Counter Terrorist Financing ("CTF") Policy

Money laundering is defined as the process where the identity of the proceeds of crime are so disguised that it gives the appearance of legitimate income. Criminals specifically target financial services firms through which they attempt to launder criminal proceeds without the firm's knowledge or suspicions.

In response to the scale and effect of money laundering, Switzerland has passed legislation designed to prevent money laundering and to combat terrorism. This legislation, together with regulations, rules and industry guidance, forms the cornerstone of AML/CTF obligations for Swiss firms and outline the offences and penalties for failing to comply.

Bitnuk AG (Bitnuk) is subject to provisions on Anti Money Laundering (AML) under the laws of Switzerland, which are in accordance with the FATF recommendations. Switzerland is a member country of the Financial Action Task Force FATF). This means in particular that Bitnuk has to identify its customers and establish the beneficial owner's identity. The AML compliance policies approved by the Management Board include inter alia the processes for the identification of the customers and establishing the identity of the beneficial owner. The policies also cover the collection of information regarding the customers' business activities, relationships with Politically Exposed Persons and record retention procedures. Furthermore, Bitnuk regularly provides AML training to relevant employees and does not provide banking services to any bank that does not maintain a physical presence in any country and that is not a regulated affiliate. The anti-money laundering policies are applicable to head office and branches alike and are in accordance with the Wolfsberg anti-money laundering principles.

The fight against money laundering and terrorist financing

As a self-regulatory organisation (SRO) approved by FINMA, Association Romande des Intermédiaires Financiers ("ARIF") ensures the respect by its members of the Federal Act on Combating Money Laundering and Terrorist Financing in the Financial Sector (MLA) in the following areas.

• asset and fund management
• exchange and money transfer
• company administration, trusts
• payment services
• credit, leasing and factoring
• lawyers and notaries
• insurance brokerage

Anti-Money Laundering (AML) Policy:

The Bitnuk AML Policy is designed to prevent money laundering by meeting the Swiss AML legislation obligations including the need to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime. This AML Policy sets out the minimum standards which must be complied with and includes:

• The appointment of a Money Laundering Reporting Officer (MLRO) who has sufficient level of seniority and independence and who has responsibility for oversight of compliance with relevant legislation, regulations, rules and industry guidance;
• Establishing and maintaining a Risk Based Approach (RBA) towards assessing and managing the money laundering and terrorist financing risks to the company;
• Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer (KYC) procedures, including enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons (PEPs);
• Establishing and maintaining risk based systems and procedures to monitor on-going customer activity;
  Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate;
• The maintenance of appropriate records for the minimum prescribed periods;
• Training and awareness for all relevant employees

Sanctions Policy:

Bitnuk is prohibited from transacting with individuals, companies and countries that are on prescribed Sanctions lists. Bitnuk will therefore screen against the relevant sanctions lists in the jurisdictions in which we operate.