General Terms and Conditions of Knaken Cryptohandel B.V.
Last updated: 16 February 2026
These terms and conditions apply between you ("You" or "User"), Knaken Cryptohandel B.V. ("we", "us", "our", "our", or "Knaken"), and Stichting Knaken Payments (the “Foundation”) for using the Knaken platform (the “Platform”). By using, accessing or attempting to use or https://www.Knaken.nl access the Knaken website, Apps and any other services provided by Knaken or its affiliates (the "Services"), you are deemed to have read and agree to all of the terms and conditions specified below and the Privacy Policy ("Agreement") as well as with the changes and updates we make thereto, and any other agreements, terms, guidelines, rules, or written instructions, as published by Knaken on its website, Apps, or other Services and modifications thereto, as they may be amended from time to time (collectively, the "Legal Documents"). If you do not agree with or otherwise do not understand the nature of these terms and conditions and the legal documents, you should not access Knaken or use the corresponding Knaken Services.
By using the services of Knaken you acknowledge and agree that: (1) you are aware of the risks associated with transactions of crypto-assets; (2) you assume all risks related to the use of Knaken's services and transactions in relation to crypto-assets; and (3) Knaken shall not be liable for any such risks or adverse consequences.
1. IMPORTANT
It is your responsibility to ensure that the computer used for trading and liquidity of crypto-assets is secure. Due to the display of web pages and security concerns, it is recommended that users use the latest version of Google Chrome to log in to Knaken. The user is and remains responsible for any losses or damage he suffers as a result.
2. SANCTIONED COUNTRIES
2.1 You may not use our services if you reside in, or are acting on behalf of, a person or entity located in any of the countries or regions listed below. Knaken does not currently offer any services or accept user registration or trading activities in or from the following countries or regions (collectively referred to as "Sanctioned Countries"):Afghanistan, Belarus, Canada, Central African Republic, Cuba, Democratic Republic of Congo, Guinea, Guinea-Bissau, Haiti, Honduras, Iran, Iraq, Libya, Mali, Myanmar (Burma), Nicaragua, North Korea, Russia, Singapore, Sudan, Somalia, Syria, Venezuela, United States, Belarus Russia, Yemen, Zimbabwe, South Sudan, the Crimean region, and mainland China. Knaken does not accept customers who reside, are located or have activities in these countries or regions. This list includes both countries that are subject to international sanctions (as determined by the European Union, the United Nations or other competent authorities), as well as countries or regions for which Knaken has decided not to accept customers on the basis of its own risk assessment and compliance policy
2.2 To clarify, the list of Sanctioned Countries is non-exclusive and may be changed at any time and from time to time by Knaken at its sole discretion, taking into account legal and compliance considerations. You understand and acknowledge that if you are found to have made a false representation about your location or place of residence, we reserve the right to take appropriate action in accordance with applicable laws and regulations, including immediately terminating an Account and liquidating any open positions. You undertake to notify Knaken as soon as possible if you have become a resident of one of the previous Sanctioned Countries.
3. RISK DISCLOSURE
3.1 You must fully understand and assess the risks associated with trading crypto-assets before engaging in any trading activities or using our services; You need to carefully assess your risk tolerance before engaging in crypto-asset trading. Notwithstanding the foregoing, when using our Services, you may face risks related to policy, regulatory compliance, investment returns, trading, and force majeure, etc., the non-exhaustive details of which are as follows:
(a) POLICY RISK: Users of Knaken may incur losses due to the change of national laws, regulations, or macro policies that may affect the normal trading of crypto-assets.
(b) COMPLIANCE RISK: Users of Knaken may incur losses if the User's trading of crypto-assets violates national laws or regulations.
(c) INVESTMENT RETURN RISK: The crypto-asset market has its unique nature: it never closes, with crypto-asset prices fluctuating in a very wide range. Users may experience losses in the market.
(d) TRADING RISK: Your successful assignment is subject to the mutual consent of the parties to the assignment and Knaken does not commit to or guarantee a successful assignment.
(e) RISK OF FORCE MAJEURE: When natural disasters, war, strikes, epidemics, cyber-attacks and other unpredictable, unavoidable and unformidable situations occur, Knaken may not be able to operate normally and this may result in losses for Users. Knaken accepts no liability for the damage of the User caused by force majeure.
(f) RISK OF DELISTING: When a crypto-asset Project Party is faced with bankruptcy, liquidation and dissolution, or violates national laws and regulations, or at the request of the relevant Project Party, Knaken will delist such crypto-assets, which may result in losses for Users.
(g) TECHNICAL RISK: Although the likelihood of technical error during the trading of crypto-assets is low, we cannot rule out such a possibility. If this has happened, the interests of the user may be harmed.
(h) OPERATIONAL RISKS: Users may be at risk due to operational errors, such as transfers to wrong accounts, violations of corporate regulations, etc.
(i) RISK OF ACCOUNT FREEZING: The User's Account may be frozen or confiscated by judicial authorities in the event of debt fraud or alleged crimes.
4. Eligibility and registration
4.1. The Services offered by Knaken consist exclusively of the following crypto-asset services:
a) custody and administration of crypto-assets on behalf of clients,
b) the exchange of crypto-assets for funds and vice versa,
c) the provision of crypto-asset transfer services on behalf of clients.
4.2. By registering for a Knaken account or by using or otherwise accessing Knaken's services, you represent and warrant that: (i) you as an individual are of legal age to enter into a binding contract under applicable law; (ii) as an individual, entity, or other organization, you have full legal capacity and sufficient authorizations to enter into these Terms and Conditions; (iii) you have not previously been suspended or removed from using the Knaken Platform or related Services; (iv) you do not have an existing Knaken Account; (v) you do not reside, reside in, or otherwise attempt to access the Knaken Platform or Knaken Services from, or otherwise act on behalf of a person or entity resident or located in, a Sanctioned Country; (vi) if you are acting as an employee or agent of a legal entity and are entering into these Agreements on their behalf, you represent and warrant that you have all necessary rights and authorizations to bind such legal entity and to access and use the Knaken Platform and Services on behalf of such legal entity; and (vii) your use of the Knaken Platform and the Knaken Services does not violate any laws and regulations applicable to you or the legal entity on whose behalf you are acting, including, but not limited to, anti-money laundering, corruption and countering the financing of terrorism regulations.
4.3. All Users must apply for a Knaken account before they can use the services of Knaken. When you register a Knaken account, you must provide the information specified in these terms and conditions or otherwise as requested by Knaken, and accept these terms and conditions, the privacy policy and other legal documents of Knaken. Knaken may, at its sole discretion, refuse to open a Knaken Account for you. You agree to provide complete and accurate information when opening a Knaken account, and agree to update any information you provide to Knaken in a timely manner to maintain the integrity and accuracy of the information. Each User (including natural persons, companies or legal entities) may only maintain one main account at any given time. The registration, use, protection and management of such trading accounts are also governed by the provisions of these Terms and Conditions, unless otherwise stated in these Terms and Conditions or the Legal Documents.
4.4. Please note that there are legal requirements in different countries that may limit the products and services that Knaken can legally provide. Accordingly, some products and services and certain functionality within the Knaken Platform may not be available or may be restricted in certain jurisdictions or regions or for certain Users. You are responsible for informing and complying with all restrictions and/or requirements imposed in relation to access to and use of the Knaken Platform and Services in any country from which you or on your behalf access the Knaken Platform and Services are provided. Knaken reserves the right to change, modify or impose additional restrictions on access to and use of the Knaken Platform and/or the Knaken Services from time to time at its sole discretion and without prior notice.
5. Account Security Management and User Information
5.1. The Users understand and agree that it is the sole responsibility of the Users to maintain the confidentiality of your Knaken account and password and that they are responsible for all activities conducted by your KNKEN account (including, but not limited to, disclosure of information, disclosure of information, online clicks for consent, or submission of various rule agreements, online renewal of contracts or purchase service, etc.). You assume full responsibility for all actions and statements made using the Users' accounts and passwords and agree to the following:
(a) Users must create passwords in accordance with the relevant Knaken rules and relevant instructions from Knaken (passwords include, but are not limited to, login passwords, fund passwords, mobile phone numbers bound when registering accounts, mobile phone verification codes received via mobile phones, Google verification, among others. Specific forms of this can change; the same hereafter. They should avoid choosing overly obvious words or dates as passwords, such as users' names, nicknames, birthdays, and more.
(b) The Users shall not disclose their accounts or passwords to any other person, nor shall they use any other person's accounts or passwords. If a User's account is used unlawfully by another person as a result of factors that cannot be attributed to Knaken, such as hacking, viruses or negligence on the part of the User, Knaken does not accept any responsibility;
(c) Users are prohibited from giving, lending, renting, transferring or otherwise disposing of Knaken account to third parties without Knaken's consent;
(d) Knaken recognizes the instructions of the Users on the basis of the accounts and passwords of the Users. The Users hereby confirm that all their behavior on Knaken after logging in to Knaken using their accounts and passwords, represents the Users themselves. The electronic information files generated by the management of the Users' accounts are all valid evidence of the Users' conduct, and the Users bear all the responsibilities arising therefrom.
(e) The Users shall take appropriate measures to ensure the security of their accounts and passwords after Knaken has informed the Users of the foreseeable security risk.
(f) If any person uses a User's account and password without the required permission, Knaken and the legally authorized person reserve the right to hold the actual User jointly and severally liable.
5.2. If a User discovers that a third person is fraudulently using or misappropriating the User's account and password, or if the use of the User's account by such third person entails the lack of the required and required authorization, the User shall immediately notify Knaken in an effective manner and request Knaken to suspend the relevant services; otherwise, all responsibilities arising from such use shall be borne solely by the user. Moreover, the User understands that Knaken needs a reasonable period of time to comply with the User's request; Knaken cannot be held liable for any loss that may arise in connection with the use of the services by such third person before Knaken takes any action.
5.3. If, on the basis of its unilateral and independent judgment, Knaken is of the opinion that an event has been or may occur that undermines the security of trade, Knaken has the right to suspend, interrupt or terminate all or part of the Services provided to a User under these general terms and conditions, delete or remove any registration data of such User, seize any illegal winnings that the User might make, without notifying such User and without assuming any responsibility towards such User or any third party. The above-mentioned events include:
(a) Knaken believes that the information provided by the User is not authentic, valid or complete, for example when the User registers with Knaken on the basis of identity data of another person that the User uses without the required consent, or when the information provided by the User for verification is not in accordance with relevant facts;
(b) Knaken reveals an abnormal transaction by the User or a transaction by the User is suspicious or potentially illegal;
(c) Knaken believes that the User's account is suspected of being involved in money laundering, payouts, pyramid sales, fraudulent use or other situations that Knaken deems risky or unlawful;
(d) Knaken discovers that the User is using illegal or inappropriate technical means to engage in activities that jeopardize the security of commerce or affect fair trade, including tampering with transaction data, stealing customer data, stealing transaction data, attacking other registered accounts through Knaken, among others;
(e) Knaken believes that the User has violated any of the rules of these terms and conditions or the spirit thereof;
(f) Knaken believes that the User may have participated in, or is currently participating in, pump and dump schemes, wash trading, self-trading, front running, quote stuffing, spoofing, layering or other forms of market manipulative behavior;
(g) any other circumstances under which the User breaches these terms and conditions;
(h) other circumstances under which Knaken is obliged, in its sole discretion, to suspend, interrupt or terminate all or any part of the User Services (including paid services) provided to Users under these terms and conditions and to delete or remove the registration data on the grounds of transaction security and other reasons.
5.4. When a User decides to discontinue the use of his/her/his User Account, the User must first pay all outstanding debts (including, among other things, service fees), then remove all available crypto-assets (if any) from the User Account that are eligible for inclusion, submit a request to Knaken to freeze the User Account and formally cancel the User Account upon approval by Knaken.
5.5. The User agrees that if the procedure for verifying the identity of his/her/his User Account is not completed, Knaken has the right to terminate the provision of User Account services without prior notice to the User, and that Knaken may immediately suspend the User Account and all relevant materials and files contained in the User Account, Close or delete.
5.6. The User agrees that the suspension, interruption or termination of the User's account does not constitute the termination of the User's responsibilities. The User remains liable for any breach of contract or damage that may arise as a result of or in connection with the User's conduct during the time that the User uses the services provided by Knaken; in addition, Knaken can continue to store relevant information of the User.
6. Knaken Services
6.1. Notwithstanding the foregoing, the Services provided by Knaken as provided in these terms and conditions include the following:
(a) User accounts: a User account is created upon the registration of a User with Knaken. The User Account records the User's activities on the Platform. The aforementioned User Account is the only account for the User to log in to Knaken and use the Services on it.
(b) Using funds on the Platform: each deposit in funds is exchanged for its equivalent value in a payment instrument issued by Knaken (the “Knaken Credits”). The funds that represent the underlying value of the Knaken Credits balance of the Users (“User Funds”) are managed by Stichting Knaken Payments on behalf of Knaken for the benefit of the Users. Knaken Credits can only be used for Knaken’s Services. Knaken Credits cannot be transferred (in the form of Knaken Credits) to an external wallet or bank account. Any withdrawal of Knaken Credits will be transferred to your bank account in funds (euros). Knaken Credits are issued by Knaken under the limited network exception of article 1:5a, paragraph 2, under (k) of the Financial Supervision Act (Wet financieel toezicht, “Wft”).
(c) When using Knaken Credits on the Platform, one of the following obligations immediately arises for the Foundation:
If a User uses Knaken Credits to purchase crypto-assets, the Foundation is obliged to transfer the equivalent value in funds (euros) to Knaken.
If a User makes a withdrawal request on the Platform, the Foundation is obliged to transfer the equivalent value in funds (euros) to the account the User has specified on the Platform.
(d) Fiat services: To make deposits or purchases of digital assets with fiat currency, Knaken works with external payment partners who have the required licenses. In these cases, Knaken acts only as a technical intermediary and is not a party to the underlying fiat transaction.
(e) Exchange of crypto-assets for funds and vice versa: Users may submit orders for the exchange of crypto-assets for funds and vice versa via Knaken.
(f) Deposit and Withdrawal of crypto-assets: A User may transfer crypto-assets from other addresses to designated addresses in the User's account, or transfer crypto-assets from the User's account to other addresses.
(g) Updating the trading status: the User confirms that the trading status of crypto-assets confirmed by the User in accordance with the procedures of Knaken on Knaken will become an irrevocable instruction for Knaken to carry out relevant transactions or operations for the User. The User agrees that the execution time of the relevant instructions is based on the actual duration of use of Knaken in the Knaken system. The User agrees that Knaken has the right to handle relevant matters in accordance with these terms and conditions and/or the relevant dispute resolution rules of Knaken. Any dispute or loss caused by the User's failure to change or confirm the transaction status, or the failure to submit relevant requests in a timely manner, is solely for the account of the User and Knaken bears no responsibility whatsoever.
(h) Transaction Request: Knaken records all transactions of the User on Knaken, regardless of whether the purpose of such transactions is ultimately achieved. The User may retrieve such transaction data under the User's account in real-time through the User account.
(f) An order from the User is considered final and binding at the moment that the User explicitly accepts a price quote offered by Knaken via the Platform. After acceptance of the quote, the order is automatically processed and can no longer be withdrawn or changed by the User, unless explicitly agreed otherwise or required by law. Knaken reserves the right to refuse or not execute an order in the event of technical malfunctions, fraud, money laundering risks or other circumstances as described in these General Terms and Conditions.
(i) An order placed by a User is considered final and binding at the moment the User explicitly accepts a quotation offered by Knaken via the Platform. After acceptance of the quotation, the order is automatically processed and can no longer be cancelled or changed by the User, unless explicitly agreed otherwise or required by law. Knaken reserves the right to refuse or not to execute an order in the event of technical malfunctions, fraud, money laundering risks or other circumstances as described in this Agreeement.
(j) Transaction Security Settings: Knaken has the right to institute transaction-related matters from time to time based on considerations such as transaction security, including transaction limits and transaction times. The Users understand that the aforementioned settings of Knaken may cause certain inconveniences when trading, and the Users have no objection to this.
(k) Handling of system failures: If Knaken discovers a handling error caused by a system failure or any other reason, Knaken has the right to correct the error, regardless of whether it is beneficial to Knaken or its Users. If, as a result of such error, the User actually receives more crypto-assets than the amount that such User should have received, Knaken reserves the right, regardless of the nature and reason of the error, to correct such improperly executed transaction and the User will return the overcharged crypto-assets or perform other operations in accordance with the specific requirements of Knaken's notice to the User with correction of such an error. The User understands and agrees that Knaken does not assume any losses or responsibilities caused by the aforementioned handling error.
6.2. You acknowledge and agree that the above list is not exhaustive in nature and that the Services are provided by Knaken or Knaken's partner(s) on an 'as-is' basis, and may be subject to reduction, modifications. cancellation, termination and changes by Knaken at its sole discretion. Knaken Services may vary in appearance, availability, pricing, operation, by residence of different countries, Knaken reserves the right to change such Services at its sole discretion, with or without notice to you. Each Service that Knaken provides, provides or will provide is subject to separate terms and conditions which may be included in the Legal Documents, by using the Services, you will be deemed to have read and understood the nature of those provisions.
6.3. In addition to the foregoing, the User acknowledges and agrees that Knaken has the right, in its sole discretion, to suspend all or any part of the Services, or the User's access to all or any part of the Services, when Knaken determines, in its sole discretion, that:
(a) the User has violated these terms and conditions; or
(b) the proper functioning of the Knaken Platform is at risk.
6.4. For the purposes of Article 17 (b), the proper functioning of Knaken is jeopardised in the following circumstances:
(a) where a computer or telecommunications network ceases to function or malfunction as a result of an accident;
(b) in the event of a Force Majeure Event affecting the provision of the Services;
(c) when Knaken's assets or the User's Assets, or the Platform, are the subject of an attempted or actual malicious attack that may, among other things, result in the theft or loss of such assets;
(d) when an event affects the proper functioning of critical systems on which Knaken relies, including the pricing system or any other system necessary for the provision of the Services;
(e) when Knaken suspects unauthorized use of the Platform, or a violation of these terms and conditions or Applicable laws and regulations;
(f) when Knaken determines that it is necessary, in its sole discretion, to conduct investigations in light of its requirements under Applicable Laws and Regulations or to ensure the proper functioning of the Platform;
(g) when Knaken decides to stop processing a crypto-asset based on the results of a Hard Fork that causes a chain split or changes to a crypto-asset;
(h) when Knaken believes that the provision of the Services cannot be continued due to changes in Applicable Laws, regulations, social circumstances or factors beyond Knaken's control, including, but not limited to, when a crypto-asset is no longer considered an "Acceptable crypto-asset" by the Competent Authorities; or
(i) when Knaken determines for any other reason in its sole discretion that the suspension is necessary.
7. Transfer services and processing of personal data
7.1. As part of the Services, Knaken provides transfer services for crypto-assets on behalf of Users in accordance with Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets (hereinafter: “TFR”) and art. 82 MiCA. The transfer services are provided under the supervision of The Dutch Authority for the Financial Markets (“AFM”). Knaken is obliged to obtain, and in some cases accompany the transfers with, information on you, which information must be provided by you to Knaken. The transfer services are provided by Knaken when the User sends crypto-assets to Knaken or receives crypto-assets from Knaken.
7.2. Any request by you to send crypto-assets to or receive crypto-assets from Knaken shall be done in accordance with this Agreement.
7.3. You must provide Knaken with information on the originator and the beneficiary of a transfer of crypto-assets, which must at least include:
the name, DLT address, address, date and place of birth, and, where applicable, the LEI of the originator of the transfer; and
the name, DLT address, and, where applicable, the LEI of the beneficiary of the transfer.
Knaken may reject a transfer of crypto-assets if it has not received all required information for the transfer from you.
7.4. You are not obliged to pay fees or commissions to Knaken for providing transfer services, other than the fees set out in these Terms.
7.5. Any communications between Knaken and you regarding the provision of transfer services shall be made in Dutch and/or English. Notifications by Knaken are made through your account on the Platform after receiving a request to process, during the processing and after execution of a crypto-asset transfer. Notification by Knaken of a suspected or actual fraud or security threat will be performed through the same channels.
7.6. You must notify Knaken of any unauthorized or incorrectly initiated or executed transfer of crypto-assets within 3 business days of the transfer. The liability of Knaken for any unauthorized or incorrectly initiated or executed transfer of crypto-assets shall be limited in accordance with these Terms.
7.7. Order execution times are dependent on payment methods, customer due diligence, blockchain network loads and crypto-asset transfer times. Crypto-asset transfers have historically and generally been completed within one (1) day. However, crypto-asset transfers are subject to the block processing times of the applicable network supporting the relevant crypto-assets, which may vary and cannot be accurately estimated. Knaken does not give any assurances to the order execution times as these may depend on factors outside Knaken’s control.
7.8. Knaken supports the native DLT network for each crypto-asset.
7.9. Knaken will process your (personal) data if you use the Services or the Platform or otherwise communicate with Knaken. All Knaken’s (personal) data processing will take place in accordance with Regulation EU 2016/679 (hereinafter: the “GDPR”). Full information on the way Knaken handles your personal data is set out in Knaken’s privacy policy, published on the Knaken’s website.
7.11. Aside from the (personal) data Knaken must process to be (technically and practically) able to perform the Services, to allow use of the Platform and/or to communicate with you, Knaken must also perform KYC and AML checks if you start the acceptance process for a client account. If the (intended) User is a legal entity rather than a natural person, then the KYC and AML checks will extend to the legal entity’s Ultimate Beneficiary Owners (“UBOs”) or partners, as well as its directors and persons otherwise authorized to represent the legal entity.
7.12. By requesting Knaken to start the acceptance process for a client account, you declare that you are aware that this will trigger KYC and AML checks and that you accept that this is the case. Art. 33 Wwft requires Knaken to store the information gathered in its KYC and AML process for 5 years after the end of its relationship with you. Note that this storage requirement also applies if the acceptance process is not completed or otherwise does not culminate in the creation and use of a client account.
7.13. To be able to provide its Services and the Platform, Knaken has to store your (personal) data or otherwise process personal data with the help of third parties, such as IT suppliers, payment service providers, banking and financial service providers, et cetera (hereinafter: “Processors”). Some of our Processors (and/or their sub-Processors) are located (directly, or indirectly through group companies) outside the EU. This includes the United States of America (“USA”). While Knaken strives to store your personal data on servers within the EU as much as possible, certain third countries (among which: the USA) reserve the right to requisition information from legal entities based in their country, even if such information is stored in the EU. This means that it cannot be guaranteed that your personal data will be unreachable for USA (or other third country’s) government agencies if you interact with Knaken. By using our Services, interacting with our Platform or otherwise providing personal data to Knaken, you warrant that you are aware of this risk and that you consent to Knaken using Processors (and/or sub-Processors) who are located in countries that may not provide a level of personal data protection that is essentially equivalent to the protection in the EU, without Knaken being able to mitigate this through technical or organizational measures.
8. Rules of service
8.1. When you use the Services of Knaken, you agree to and undertake to comply with the following provisions:
(a) While using the Services of Knaken, all activities you perform must comply with the requirements of the applicable laws and regulations, these general terms and conditions and various guidelines of Knaken;
(b) Your use of Knaken services must not conflict with the public interests, public morals or legitimate interests of others, including any action that would interfere with, disrupt, negatively affect or prohibit other users' use of Knaken services;
(c) You agree not to use the Services for any market manipulation (such as pump and dump schemes, wash trading, self-trading, front running, quote stuffing, and spoofing or layering, whether prohibited by law);
(d) Without written permission from Knaken the following commercial use of Knaken data is prohibited:
(i) Trading services that use Knaken quotes or market bulletin board information.
(ii) Data feeding or streaming services that use market data from Knaken.
(iii) Any other websites/apps/services that charge for or otherwise benefit from (including through advertising or referral fees) market data obtained from Knaken.
(e) You may not modify, replicate, copy, download, store, transmit, distribute, transfer, disassemble, broadcast, publish, remove, or modify, or license, sublicense, sell, mirror, design, rent, lease, private label, grant security rights in the Properties or any portion of the Properties, or create derivative works of, or create derivative works of, or create derivative works of, or any copyright notice or label otherwise benefiting from any part of the property.
(f) You may not:
(i) use any deep links, web crawlers, bots, spiders, or other automatic devices, programs, scripts, algorithms, or methods, or similar or equivalent manual processes to access, obtain, copy, or control any portion of the Properties, or in any way replicate or circumvent the navigational structure or presentation of Knaken's Services, to obtain or attempt to obtain any material, documents or information in any manner not intentionally provided through Knaken Services;
(ii) attempt to access any part or feature of the Properties without authorization, or connect to any Knaken Services or any Knaken servers or other systems or networks of Knaken Services provided through the Services through hacking, password mining or any other unlawful or prohibited means;
(iii) probe, scan, or test the vulnerabilities of the Knaken Services or any network connected to the Properties, or violate any security or authentication measures on Knaken Services or any network connected to Knaken Services;
(iv) to search, follow or attempt to track information of other Users or visitors to the Services of Knaken in reverse;
(v) to perform actions that impose an unreasonable or disproportionately large load on the infrastructure of systems or networks of Knaken Services or Knaken, or the infrastructure of systems or networks connected to Knaken services;
(vi) use any device, software or routine program to interfere with the normal operation of the Knaken Services or transactions on the Knaken Services, or any other person's use of the Knaken Services; (vii) forge headers, impersonate or otherwise manipulate identification, disguise your identity or the origin of any messages or transmissions you send to Knaken, or
(viii) use the Knaken Services in any illegal manner.
8.2. By accessing Knaken's services, you agree that Knaken has the right to investigate any violation of these terms and conditions, unilaterally determine whether you have violated these terms and conditions, and take any action under the relevant regulations without your consent or prior notice. Examples of such actions include, but are not limited to:
Blocking and closing order requests;
Freezing your account;
Reporting the incident to the authorities;
Publishing the alleged violations and actions taken;
Removing any information you have published that turns out to be violating.
8.3. In addition to the foregoing, due to the operation of the Applicable Law, Knaken prohibits certain businesses from running on or otherwise using Knaken Services, Knaken has the right to monitor your transaction and/or account activity in order to determine, in its sole discretion, whether your use of Knaken Services constitutes any of the prohibited or sanctioned activities. These Sanctioned or Identified Companies include:
(a) Unlicensed money service companies, including, but not limited to, payment service providers, the sale of money orders or cashier's checks, or other money transfer activities;
(b) adult content and services, including, but not limited to, all types of pornography and other obscene material (including literature, images, and other media); Sites that offer sexually related services, such as prostitution, escorts, pay-per-view, adult live chat features;
c) Misleading marketing and advertising;
(d) Religious and/or spiritual organizations;
(e) Unlicensed sale of weapons of any kind, including, but not limited to, firearms, ammunition, knives, explosives, or related accessories
(f) Certain regulated products and services, including, but not limited to, marijuana dispensaries and related businesses; sale of tobacco, e-cigarettes and e-liquid; online prescription or pharmaceutical services; age-restricted goods or services and toxic, flammable and radioactive materials;
g) Pseudo-pharmaceutical products - Companies that manufacture and/or sell untested or unapproved medicines;
(h) Drugs and drug paraphernalia, including, but not limited to, the sale of narcotics, controlled substances, and any equipment designed for the making or use of drugs, such as hookahs, vaporizers, and hookahs;
(i) Gambling activities, including but not limited to sports betting, casino games, horse racing, greyhound racing, lotteries, games of chance, sweepstakes, games of skill that may be classified as gambling (i.e., poker) or other activities that facilitate any of the foregoing;
(j) money laundering, fraud, terrorist financing or other forms of financial crime;
(k) Any form of Ponzi scheme, pyramid scheme, or multi-level marketing scheme;
(l) Goods or services that infringe or violate any copyright, trademark, or proprietary rights under the laws of any jurisdiction;
(m) Layaway-systemen or lijfrentes;
(n) Counterfeit or unauthorized goods, including, but not limited to, the sale or resale of fake or "new" IDs, the sale of goods or services that are illegally imported or exported, or that are stolen;
o) Wash trading, front-running, insider trading, market manipulation or other forms of market-based fraud or deception;
(p) Buying goods of any kind from hidden services markets or "Darknet" markets, or any other service or website that acts as a marketplace for illegal goods (even though such marketplace may also sell legal goods);
(q) Any other items, goods or services that we deem unacceptable or risky from time to time, and which may, for example, be restricted by our bank or payment partners; or;
(r) Any other unlawful activity that violates, or assists in violating, any laws, ordinances or regulations, sanctions programs administered in the countries where we do business, or that involves proceeds from unlawful activity;
(s) Shell banks or financial institutions that have customers who are shell banks;
(t) Entities with bearer shares;
(u) Defence industry, firearms and ammunition manufacturers;
(v) nuclear energy;
(w) Limited financial services, including, but not limited to, credit repair, debt settlement, refinancing, suretyship, debt collection agencies;
(x) Transactions or matters involving ivory and protected species.
8.4.In the event that we learn in our sole discretion or reasonably suspect that your account is or may be associated with any of the Sanctioned or Identified Companies as set forth above, we will consider this to be a breach of these terms and conditions and may suspend or terminate your account, including by canceling chargeback transactions or freezing your funds immediately without notice, or taking any other action required by any law enforcement agency, regulator, or other authority. We reserve the right to report such suspected or actual Sanctioned Companies to any law enforcement agency, regulator, or other authority.
9. Custody of crypto-assets and User Funds
9.1. Article 75(7) MiCA obliges us to legally segregate Users’ crypto-assets from our own property, to ensure that creditors of Knaken have no recourse on Users’ crypto-assets. Considering that Knaken is incorporated under Dutch law, such legal segregation requires a separate legal entity – the Foundation – to hold Users’ crypto-assets.
9.2. Stichting Knaken Payments, with its statutory seat in (3011 VH) Rotterdam, at the address of Schiedamse Vest 154, registered with the Dutch Chamber of Commerce under number 97611476 (the “Foundation”) is a foundation established solely for the purpose of ensuring that crypto-assets and User Funds remain separate from Knaken’s assets. All actions performed by the Foundation with the crypto-assets and User Funds held in custody are performed on behalf of Knaken and within the framework of the Services. Therefore, the Foundation itself does not qualify as a crypto-asset service provider within the meaning of Article 3(1)(15) MiCA.
9.3. Within the framework of this collaboration, Knaken is a crypto-asset service provider within the meaning of Article 3(1)(15) MiCA for you and its other Users. The role of the Foundation is to support Knaken in providing Services to its Users by ensuring that crypto-assets and User Funds held in custody for Users are segregated from Knaken’s assets and by protecting those crypto-assets and User Funds from attempts at recourse by creditors of Knaken or the Foundation itself. To this end, the Foundation will manage the crypto-assets and User Funds held in custody for Users in accordance with Knaken’s instructions. The Foundation will not engage in any other activities of its own and will not incur any debts or obligations unless these are directly related to the performance of its duties under this Agreement.
9.4. The Foundation shall hold the crypto-assets and User Funds in custody in accordance with Knaken’s instructions and at the behest of the Users. The Foundation shall only dispose of the crypto-assets and User Funds it holds in custody in the following ways:
To manage and/or transfer the crypto-assets and User Funds in accordance with Knaken’s instructions on the Users’ behalf, as part of the provision of the Services; and
To pay amounts owed to Knaken on your behalf, in accordance with the agreement for the Services.
The Foundation may not dispose of the crypto-assets and User Funds it holds in custody in any manner other than as described in this Article 8. In particular, the Foundation may not use or dispose of the crypto-assets and User Funds for its own account.
9.5. You hereby authorize us to instruct the Foundation and authorize the Foundation to perform the following actions:
All actions necessary to transfer your crypto-assets and User Funds required for your transaction to Knaken;
All actions necessary to receive crypto-assets and User Funds on your behalf arising from transactions carried out with Knaken; and
All other actions necessary for managing your crypto-assets and User Funds and executing transactions in connection with the Services.
9.6. You hereby authorize both Knaken and the Foundation to exchange all information necessary for the performance of the Services with each other, to ensure the safekeeping of crypto-assets and User Funds in cooperation with each other.
9.7. Knaken and the Foundation have established a custody policy with internal rules and procedures to ensure the safekeeping and control of the crypto-assets and User Funds, and the means of access thereto. The custody policy serves to minimize the risk of loss of the crypto-assets and User Funds due to fraud, cyber threats or negligence. A summary of the custody policy shall be made available to you in an electronic format upon request.
9.8. Knaken and the Foundation cooperate to enable Knaken to maintain a register of positions that corresponds to each User’s rights to the crypto-assets and User Funds, which at any given time correspond to the Knaken Credits balance. This register (the “Register of Positions”) is continuously updated and kept current at all times. In accordance with Article 75(4) MiCA, any event that may create or alter a User’s rights is immediately recorded in the Register of Positions. The Register of Positions constitutes conclusive evidence of the User’s position(s) and/or balance.
9.9. To the extent permitted under applicable law, expressly including (but not limited to) the laws of the Netherlands, the Foundation is not liable and cannot be held liable for any damage, suffered by you and/or third parties as a result of (the receipt of) the Services and/or the performance of this Agreement, except in the case of intent or deliberate recklessness on the part of the Foundation.
10. Account Restrictions
10.1. In addition to other similar provisions in these Terms and Conditions and the Legal Documents, you agree and acknowledge that we have the right to implement the following measures on your account at any time and in our sole discretion:
(a) Request for blocking and closure of orders;
(b) freezing your account and all assets contained therein;
(c) Recovery and/or recovery of profits made in breach of these terms and conditions or other legal documents to compensate for any losses incurred as a result;
d) Publishing the alleged violations and actions taken;
(e) Removing any information that you have posted that has been determined to be in conflict.
If, in our sole discretion, we suspect any of the following:
(a) The Account violates any of these terms and conditions or the Legal Documents;
(b) The Account violates any applicable law or regulation;
(c) the account is in breach of anti-money laundering and countering the financing of terrorism laws;
(d) The Account violates any regulatory requirement, court order, or valid subpoena;
(e) The Account is, or is related to, an Account that is subject to a pending lawsuit, investigation or governmental proceeding;
(f) The account has a balance sheet that needs to be reconciled for any reason;
(g) If Knaken believes that an unauthorized person is attempting to gain access to your account;
(h) If Knaken believes that you are using your login credentials or other account credentials in an unauthorized or inappropriate manner;
(i) If Knaken believes that your account is related to Sanctioned Companies as set out in Clause 7.3;
(j) If Knaken believes that suspicious and/or fraudulent activity is taking place on your account; or
(k) The Account has not been accessed for more than a year.
10.2. You agree and acknowledge that we have the right to immediately investigate and implement the necessary measures with respect to your Account and any Account related thereto, if we suspect, in our sole discretion, that such account has breached these terms and conditions, the Legal Documents, or the Applicable Law or Regulation.
11. Fees
11.1. Knaken has the right to determine Service Costs in accordance with these general terms and conditions. Knaken also has the right to formulate and modify the Service Fees, and to set specific service fees for the use of the Service(s) and to terminate promotional efforts at any time and from time to time, at Knaken's sole discretion. Unless otherwise stated or agreed upon, you agree that Knaken has the right to deduct the above-mentioned service fees directly from the assets of your account. Please see our current prices at https://knaken.nl/kosten/.
11.2. At Knaken's sole discretion, regional or country-specific prices may vary based on the User's place of residence or location.
12. Operational resilience and continuity
12.1. System availability: Knaken makes every effort to make the Platform and the Services available without interruption. However, no guarantee is given that access will be error-free or uninterrupted at all times. Maintenance, updates, or external factors may result in temporary interruptions.
12.2. Planned and unplanned maintenance: Knaken will notify users at least 24 hours in advance of planned maintenance that is expected to cause significant interruptions. In the event of unplanned malfunctions or emergency interruptions, Knaken will communicate as soon as reasonably possible through the official channels.3. Knaken is not liable for delays or shortcomings in the fulfilment of obligations if they are caused by force majeure, including failures in third-party infrastructure, natural disasters, cyber attacks or legal restrictions. Knaken will make reasonable efforts to limit the consequences of such events and to resume services as soon as possible.
13. Liability
13.1. Knaken is responsible for providing Knaken services to you based on the status quo and availability. However, Knaken makes no express or implied warranty with respect to the Services, including, but not limited to, the applicability, absence of errors or omissions, durability, accuracy, reliability, fitness for a particular purpose of the Services. At the same time, Knaken makes no representation or warranty of any kind about the validity, accuracy, correctness, reliability, quality, stability, integrity, and timeliness of the technology and information involved in the Knaken service.
13.2. Notwithstanding the foregoing, Knaken is responsible for checking the text of the information released by the owners of the crypto-assets Project, but it does not warrant or assume any responsibility for the accuracy, completeness, or legality of such information. The Users make decisions based on their independent judgment and engage their own advisors and/or conduct their own research. If users transact with crypto-assets based on such information, the resulting risks will be borne solely by the users themselves, and the users will not have the right to make a legal claim against Knaken based on such risks. Any dispute between a User and the owner of the crypto-assets Project arising out of or in connection with the transaction will be settled by and between the parties to the dispute themselves, and the Platform does not bear any transaction risk or legal liability.
13.3. Disclaimer of Warranties: To the maximum extent permitted under applicable law, the services of, Knaken materials and any products, services or other items provided by or on behalf of Knaken are provided on an "as is" and "as available" basis, and Knaken expressly disclaims, and you waive all other warranties of any kind, express or implied, including, but not limited to, warranties of merchantability, fitness for a particular purpose, title or non-infringement or warranties arising out of course of execution, course of dealing or usage in trade. Without prejudice to the foregoing, Knaken does not represent or warrant that the site, the services of Knaken or the material of Knaken are accurate, complete, reliable, current, error-free or free of viruses or other harmful components. Knaken does not guarantee that an order will be executed, accepted, registered or remain open. Except for the express representations, agreements, and rules set forth in these Terms and Conditions, you hereby acknowledge and agree that you have not relied on any other representation or agreement, written or oral, regarding your use of and access to Knaken's services. Without limiting the foregoing, you hereby understand and agree that Knaken shall not be liable for any loss or damage arising out of or in connection with:
(a) inaccuracy, defect or omission of crypto-asset price data,
(b) errors or delays in the transmission of such data,
(c) interruption of such data,
(d) regular or unscheduled maintenance performed by Knaken and interruption and alteration of service due to such maintenance,
(e) any damage incurred due to acts, omissions or violation of these terms and conditions by other users,
(f) any damage caused by unlawful acts of other third parties or actions without the consent of Knaken; and
(g) other exemptions mentioned in disclaimers and platform rules issued by Knaken.
13.4. Disclaimer of Damages and Limitation of Liability: To the maximum extent permitted by applicable law, in no event shall Knaken and their respective shareholders, members, directors, officers, employees, attorneys, agents, representatives, suppliers, or contractors be liable for any incidental, indirect, special, punitive, consequential, or similar damages or liabilities of any kind (including, but not limited to, damages for loss of data, information, revenue, profits or other business or financial benefits) arising out of Knaken's services, the performance or non-performance of Knaken's services or any other product, service or other item provided by or on behalf of Knaken and its subsidiaries, whether under contract, statute, strict liability or any other theory, even if Knaken has been advised of the possibility of such damages, except to the extent that a final court determination that such damages resulted from gross negligence, fraud, willful misconduct or willful violation of law by Knaken.
Notwithstanding the foregoing, in no event shall the liability of Knaken, its affiliates and their respective shareholders, members, directors, officers, employees, attorneys, agents, representatives, suppliers or contractors arise from any services offered by or on behalf of Knaken and its affiliates, any performance or non-performance of Knaken services, or any other product, service or other item, whether on the basis of contract, statutes, strict liability or other theory, exceed the amount of the transaction costs paid by you to Knaken under these general terms and conditions in the period of three months immediately preceding the event giving rise to the claim for liability. The maximum liability to the extent that it applies at all is limited and will not exceed EUR 50,000.
13.5. You agree to indemnify and hold harmless Knaken, their affiliates, contractors, licensors, and their respective directors, officers, employees, and agents from and against any and all claims, actions, proceedings, investigations, demands, suits, costs, expenses, and damages (including attorneys' fees, fines, or penalties imposed by any regulatory authority) arising out of or relating to (i) your use of, or conduct in connection with Knaken's services, (ii) your violation or our enforcement of these terms and conditions, or (iii) your violation of any applicable laws, regulations or third-party rights while using Knaken's services. If you are required to indemnify Knaken, contractors, licensors and their respective directors, officers, employees or agents under these terms and conditions, Knaken shall have the right, in its sole discretion, to monitor any action or proceeding and determine whether Knaken wishes to settle, and if so, under what conditions.
13.6. The limitation of liability set out in this Article 12 does not apply to the loss of crypto-assets or the means of access thereto as a direct result of an incident attributable to Knaken and/or the Foundation. In that case, the liability of Knaken and/or the Foundation shall be limited to the market value of the crypto-assets at the time of loss. Incidents that are not attributable to Knaken and/or the Foundation include, but are not limited to, all events that occurred independently of the provision of the Services or independently of Knaken’s operations, such as problems inherent in the operation of the distributed ledger over which Knaken and/or the Foundation has no control.
14. Termination of Services
14.1. You agree that Knaken has the right, in its sole discretion, without prior notice, to suspend, terminate, suspend or permanently freeze (cancel) the provision of any part or all of Knaken services to you for any reason, and shall not be liable to you or any third party for doing so. However, Knaken has the right to keep the trading data, history, and other information related to the account, as well as the application and use of such information. In the event of the following circumstances, Knaken has the right to terminate these terms and conditions immediately by cancelling the account, and has the right to permanently freeze (cancel) the authority of your account on Knaken:
(a) After Knaken has terminated the services provided to you and you are suspected of re-registering as a user of Knaken, directly or indirectly or on behalf of others;
(b) The email address you provided does not exist or cannot receive emails, and there is no other way to contact you, or Knaken has notified you to change your email details using another contact method, and you have still not changed to a valid email address within three business days of Knaken's notification;
(c) The material content of the User Information you have provided is not true, inaccurate or incomplete;
(d) If the Agreement (including the rules) has been amended, you must expressly inform Knaken that you are not willing to accept the new service agreement; and
(e) Other circumstances in which Knaken believes that the service should be terminated. Upon the termination of your account services or the permanent freezing (cancellation) of your account on Knaken, Knaken is under no obligation to retain or disclose to you any information in your account, or to forward to you or any third party any information that you have not read or sent or forwarded.
14.2. You agree that Knaken has the right to immediately suspend your Knaken account (and any accounts owned by related entities or affiliates), to freeze or lock assets or funds on any such accounts, and to suspend your access to Knaken for any reason, including if Knaken suspects that such accounts are in violation of these terms and conditions, the Legal Documents, or any applicable laws and regulations. You agree that Knaken will not be liable to you for any permanent or temporary modification of your Knaken Account, or suspension or termination of your access to all or any part of the Knaken Services. Knaken reserves the right to retain and use the transaction data or other information relating to such Knaken accounts. The above account checks can also be applied in the following cases:
(a) The Knaken Account is the subject of any governmental proceeding, criminal investigation, or other pending litigation;
(b) We detect unusual activity in the Knaken Account;
(c) We detect unauthorized access to the Knaken account;
(d) We are required to do so pursuant to a court order or order from a regulatory/government agency.
14.3. In the event of any of the following events, Knaken has the right to terminate these terms and conditions immediately by cancelling your Knaken Account, and has the right, but not the obligation, to permanently freeze (cancel) the authorizations of your Knaken Account on Knaken and to revoke the associated Knaken Account thereof:
(a) after Knaken terminates the services to you;
(b) you purportedly re-register or register in the name of another person as a Knaken User, directly or indirectly;
(c) the information you provide is untrue, inaccurate, outdated or incomplete;
(d) if you change these terms and conditions, you indicate that you are not willing to accept the modified terms by requesting cancellation of your Knaken account or otherwise
(e) you request that the Services of Knaken be terminated; and
(f) any other circumstances in which Knaken believes that Knaken should terminate Knaken's Services.
14.4 If Knaken is notified that assets or funds in your Knaken account have been stolen or are otherwise not lawfully in your possession, Knaken may, but is not obliged to, place an administrative block on the funds in question and your Knaken account. If Knaken places an administrative hold on some or all of your funds or Knaken account, Knaken may hold it until the dispute is resolved and evidence of the solution acceptable to Knaken is provided to Knaken in a form acceptable to Knaken. Knaken will not interfere in such a dispute or the resolution of the dispute. You agree that Knaken shall not be liable or responsible for any such hold, or for your inability to withdraw any crypto-asset or funds or transact during the period of such hold.
14.5. Except as set forth in these terms and conditions, once a Knaken Account has been closed/withdrawn, all remaining account balance (including costs and liabilities owed to Knaken) will be immediately due to Knaken. After payment of all outstanding fees to Knaken (if applicable), Users may, upon determination by Knaken of the User's eligibility, withdraw any crypto-assets or funds from the account.
14.6. Knaken retains full custody of the assets, funds and user data/information that may be transferred to government authorities in the event of suspension/closure of Knaken Accounts due to fraud investigations, investigations of violation of law or violation of these terms and conditions.
14.7. Notwithstanding any provision of these terms and conditions, Knaken may notify you in writing of the request to close all your open positions and withdraw all your assets from your Knaken Account within a limited period of time as determined by Knaken. In the event that you fail to do so, Knaken may, in its sole discretion and without prior notice to you:
(a) treat your Knaken Account as a dormant account;
(b) to close all open positions in Knaken products;
(c) convert the crypto-assets to another common type of crypto-asset.
(d) close a dormant account at any time, and Knaken shall not be liable for any loss, damage or expense incurred by you as a result of the closure of a dormant account, unless there was fraud or willful negligence on the part of Knaken.
14.8. In addition to the foregoing, you understand and agree that:
(a) If you have committed unlawful acts or violations of these terms and conditions during the period of the use of the Service provided, Knaken may still assert rights against you in accordance with these terms and conditions.
(b) If Knaken suspends or terminates the provision of services to you, Knaken will treat your trading data registered prior to the suspension or termination of the service according to the following principles. You will handle or bear any disputes, losses or costs that you incur yourself, and you will ensure that Knaken is released from any losses or expenses.
(c) Where you have entered into a purchase contract with other members prior to the suspension or termination of the Service, but the contract has not actually been performed, Knaken has the right to remove relevant information from such purchase contract and the trading of crypto-assets thereof.
(d) Upon the termination of your account services or the permanent freezing (cancellation) of your account on Knaken, Knaken shall have no obligation to retain or disclose to you any information contained in your account, or to forward to you or any third party any information that you have not read or sent or forwarded.
14.9. In the event that Knaken files for bankruptcy or is declared bankrupt, the Foundation will immediately be obliged to transfer the equivalent value of your Knaken Credits in funds (euros) to the bank account specified by you on the Platform.
15. Intellectual property
15.1. All intellectual property rights that are part of Knaken, including, but not limited to, website logos, databases, website design, text and images, software, photographs, videos, music, sounds and all combinations of the aforementioned files, and the intellectual property rights of software compilation, associated source code and software (including small applications and scripts) are owned by Knaken. You may not copy, modify, copy, transmit, or use the foregoing materials or content for any commercial purpose.
15.2. By accepting these general terms and conditions, it is assumed that you, on the basis of your own free will, have exclusively and free of charge transferred and transferred to Knaken all copyrights of any form of information that you have published on Knaken, including, but not limited to, copyrights, distribution rights, rental rights, exhibition rights, exclusive and free of charge, performance rights, projection rights, broadcasting rights, communication rights for information networks, production rights, adaptation rights, translation rights, compilation rights and other transferable rights to which copyright owners are entitled, and Knaken has the right to sue for any infringement of such copyrights and to obtain full compensation for such infringement. These terms and conditions apply to all content published by you on Knaken and that is protected by copyright, regardless of whether the content was generated before or after the signing of these terms and conditions.
15.3. You may not illegally use or dispose of the intellectual property rights of Knaken or any other person during your use of the services offered by Knaken. For any information that you publish on Knaken, you may not publish this information or give other websites (or media) permission to use this information in any way.
15.4. You are not deemed to have transferred any intellectual property rights to yourself by Knaken when you log in to Knaken or use the Knaken Service.
16. No professional advice
16.1. Knaken is not your broker, intermediary, agent or advisor and has no fiduciary relationship or obligation to you in connection with any transactions or other decisions or activities conducted by you using Knaken Services. No communication or information provided by Knaken to you is intended to be, or will be considered or construed as, investment advice, legal advice, tax advice, financial advice, trading advice or any other type of advice. Unless otherwise stated in these terms and conditions and legal documents, all transactions are executed automatically, based on the parameters of your order instructions and in accordance with the published procedures for the execution of transactions, and you are solely responsible for determining whether any investment, investment strategy or related transaction is suitable for you in accordance with your personal investment objectives, financial circumstances and risk tolerance, and you are solely responsible for any loss or liability therefrom. We recommend that you consult your financial, legal and/or tax professionals about your specific situation.
16.2 Knaken does not recommend that you buy, earn, sell or hold crypto-assets, nor does Knaken guarantee Services that are or should be available in jurisdictions. Before making the decision to buy, sell, or hold a crypto-asset, you should conduct your own due diligence and consult with your financial advisors before making any investment decision. Knaken cannot be held responsible for the decisions you make to buy, sell or hold crypto-assets based on the information provided by Knaken.
17. Governing Law
These terms and conditions and the legal documents shall be interpreted and governed in accordance with the laws of the Netherlands and shall be subject to the exclusive jurisdiction of the competent court of Rotterdam in the Netherlands.
Know-your-customer and anti-money laundering policy
18. Identity data
18.1. We ensure that we comply with KYC and anti-money laundering laws and regulations and that we do not knowingly violate KYC and anti-money laundering policies. To the extent that our reasonable control is possible, we will apply the necessary measures and technology to provide you with services that are secure, to protect you as much as possible from the loss caused by money laundering. The content of the Know-Your-Customer and Anti-Money Laundering Policy is as follows:
(a) We announce and update Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) policies to comply with the standards set by relevant laws and regulations;
(b) We promulgate and update some portions of the guidelines and rules in connection with the operation of this website, whereby our employees will provide services in accordance with these guidelines and rules;
(c) We design and complete the internal monitoring and trade control procedures, such as rigorous identity authentication procedures, and forming a professional team responsible for anti-money laundering;
(d) We take a risk prevention-based approach to conduct due diligence and ongoing monitoring in relation to clients;
(e) review and regularly inspect existing commercial transactions;
(f) reporting suspicious transactions to the competent authorities.
18.2. You must provide Knaken with complete and accurate identity information and supporting documents, including, but not limited to, proof of identity, proof of address, contact information, etc.
18.3. Knaken will exercise due diligence to verify the information provided by you, in circumstances where Knaken, in its sole discretion, believes that such information is incorrect or incomplete, Knaken has the right to request further supporting documents from you to ensure the truthfulness and accuracy of the user's identity. You agree and understand that failure to provide these documents may result in full or partial restrictions on the use of Knaken's services.
18.4. You hereby undertake to update any changes to your Identity Data in a timely manner to ensure that the Identity Data you provide is current, accurate and complete. It is your responsibility to ensure that all identity information and supporting documents provided by you are as current and valid as possible.
18.5. In accordance with the laws and regulations of relevant jurisdictions and in light of the nature of the entities involved, the content of your information as it is collected by us may vary.
18.6. In principle, we collect the following data from you if you have registered as an individual:
(a) Basic Personal Information: your name, address (and permanent address, if the two are different), date of birth and nationality, and other available information. Identity authentication is based on documents issued by the official or other similar authorities, such as passports, identity cards, or other identity documents required and issued by the relevant jurisdictions.
(b) Valid photo: Before applying, you must provide a photo showing that you are holding your ID in front of your chest; and
(c) Contact details: telephone/mobile phone number and valid email address.
18.7. If you are a business or other type of legal entity, we will collect the following information from you to determine the beneficial owner of your account or your escrow account.
(a) Your company's registration and registration certificates for businesses; a copy of the articles of association and the layout of the company;
(b) The detailed certification materials of the Company's ownership structure and description of ownership, and the decision of the Board of Directors on the designation of the Company's authorized agent responsible for opening and operating the Company's account on the Website;
(c) The identity documents of the directors, major shareholders of the Company and the authorised signatory on behalf of the Company on the Website, as required in accordance with the relevant rules;
(d) the principal address of the business and the mailing address of the business if different from the principal address of the business
(e) Other certification documents, documents issued by competent authorities, and other documents that we deem necessary in light of the laws and regulations of relevant jurisdictions and in light of the specific nature of your entity.
(f) The identification of the beneficial owner and the manager of the account shall be based on the determination of the natural persons who ultimately own or control the direct client and/or the determination that the ongoing transaction is carried out on behalf of others. If you are a company, the identity of its main shareholders (e.g. those who hold 10% or more of the voting capital in such a company) must be verified.
19. AML
19.1. Knaken will take reasonable steps to monitor trading activities conducted on the platform to detect and prevent suspicious trading activities. In the meantime, Knaken has the right to take appropriate measures, as Knaken may determine in its sole discretion, to respond to suspicious activities performed by the Users, including:
(a) We may report suspicious trading activity to the regulatory authorities in order to maintain compliance with applicable laws and regulations;
(b) We continually set and adjust daily trading and withdrawal limits based on security requirements and the actual state of affairs;
(c) We may temporarily restrict trading activity(ies) and freeze an Account pending further investigation, to protect the User's Assets and Assets and/or to comply with ongoing judicial/regulatory investigations and/or requests;
(d) We constantly monitor your activities and trading behaviour. If an account registered by you is traded too frequently, or if it falls outside the circumstances that are reasonable for you, Knaken will assess and determine whether such transactions are suspicious.
19.2. If, based on our assessment, we identify a specific transaction as suspicious, we may take restrictive measures such as suspending trading or refusing trading, and if possible, we may even reverse the trade as soon as possible and report it to the appropriate authorities, without, however, notifying you;
20. Penalties
20.1. We reserve the right to reject registration applications from applicants who do not meet international anti-money laundering standards or who may be considered political and public figures; We reserve the right to suspend or terminate any transaction that has been identified as suspicious based on our own assessment, which, however, does not violate any of our obligations and duties to you. For more information on locations where Knaken refuses to register or provide Services, please refer to the 'Sanctioned Countries' section above.
21. Miscellaneous
A. Independent parties. Knaken is an independent contractor, but not an agent of you, in the performance of these terms and conditions. These terms and conditions shall not be construed as facts or evidence of any association, joint venture, partnership, or franchise between the parties.
B. Entire Agreement. These Terms and Conditions constitute the entire agreement between the parties with respect to the use of Knaken's services and supersede any prior written or oral agreements between the parties. No trade or other regular practice or methods of dealing between the parties shall be used to modify, interpret, supplement or modify the terms herein.
C. Interpretation and revision. Knaken reserves the right to change, revise, adapt and/or change these general terms and conditions at any time. All changes will take effect immediately after they are published on the Knaken websites. It is your responsibility to regularly check relevant pages on our websites/applications to confirm the latest version of these terms and conditions. If you do not agree to such changes, your sole remedy is to terminate your use of Knaken services and cancel your account. You agree that, except as otherwise expressly provided in these terms and conditions, Knaken is not responsible for any modification or termination of the Knaken Services by you or any third party, or any suspension or termination of your access to Knaken Services.
D. Severability. If any part of these terms and conditions is held to be invalid or unenforceable, such invalidity or enforceability shall not affect the other provisions of these terms and conditions, which shall remain in full force and effect, and the invalid or unenforceable part shall be given effect to the greatest extent possible.
E. Assignment. You may not assign or transfer any right to use the Knaken Services or any of your rights or obligations under these terms and conditions without the prior written consent of Knaken, including any right or obligation with respect to the enforcement of laws or the change of control. Knaken may assign or transfer one or more of its rights or obligations under these terms and conditions, in whole or in part, without prior notice or obtaining your consent or approval.
F. Disclaimer for Third-Party Websites. Any links to third-party websites of Knaken Services do not imply endorsement by Knaken of any product, service, information or disclaimer presented therein, nor does Knaken guarantee the accuracy of the information contained therein. If you suffer damage due to the use of such products and services of third parties, Knaken is not liable for such loss. In addition, since Knaken has no control over the terms of use or privacy policies of third-party websites, you should read and understand these policies carefully.
Knaken Cryptohandel B.V. has applied for a MiCA license from the Netherlands Authority for the Financial Markets (AFM). This application is currently being assessed by the AFM.
Investing in crypto-related products involves significant risks.
