General Terms and Conditions of Knaken Cryptohandel B.V.
Last updated: 5 January 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 your use of the Knaken platform (the "Platform"). By using, accessing, or attempting to use or access https://www.Knaken.nl the Knaken website, Apps, and other services offered by Knaken or its affiliates (the "Services"), you will be deemed to have read and agreed 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 changes 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 visit Knaken or use the associated Knaken Services.
By using Knaken's services, you acknowledge and agree that: (1) you are aware of the risks associated with transactions of crypto assets; (2) you assume all risks associated with the use of Knaken's services and transactions in relation to crypto-assets; and (3) Knaken is not 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 issues, it is recommended that users use the latest version of Google Chrome to sign in to Knaken. The user is and remains responsible for all 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 services and does not accept user registration or trading activities in or from the following countries or regions (collectively referred to as "Sanctioned Countries"): Afghanistan, Belarus Russia, Canada, Central African Republic, Cuba, Democratic Republic of the 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, Russia, Yemen, Zimbabwe, South Sudan, Crimea, and mainland China. Knaken does not accept customers who live, are located or have operations 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 based on its own risk assessment and compliance policy
2.2 For clarity, the list of Sanctioned Countries is non-exclusive and may be amended at any time and from time to time by Knaken in its sole discretion, taking into account legal and compliance considerations. You understand and acknowledge that if you are found to have made any false representations about your location or place of residence, we reserve the right to take appropriate action in accordance with applicable laws and regulations, including the immediate termination of an Account and the liquidation of 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 activity or using our services; You should 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) RISK OF INVESTMENT RETURNS: The crypto asset market has its unique nature: it never closes, with the prices of crypto assets fluctuating in a very wide range. Users may experience losses in the market.
(d) TRADE RISK: Your successful assignment is dependent on 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 formidable 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 Project Party for crypto-assets 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: While the chances of technical errors during crypto asset trading are 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 management of crypto-assets on behalf of clients,
b) the exchange of crypto-assets for cash and vice versa, etc.
c) providing 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 Services from, or otherwise act on behalf of, any person or entity residing or located in, any 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 the 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 being able to 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 subject to 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 regarding access to and use of the Knaken Platform and the Services in any country from which you or on your behalf access to the Knaken Platform and the 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 and User Information Management
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 Knaken account (including, but not limited to, disclosure of information, disclosure of information, online clicks for consent, or submitting various rule agreements, online contract renewal 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 the relevant instructions provided by Knaken (passwords include, but are not limited to, login passwords, fund passwords, mobile phone numbers associated with account registration, mobile phone verification codes received via mobile phones, Google verification, etc. Specific forms of these may change; same hereafter. They should avoid choosing overly obvious words or dates as passwords, such as usernames, nicknames, birthdays, and more.
(b) The Users may not disclose their accounts or passwords to any other person, nor may they use the accounts or passwords of any other person. If a User's account is used unlawfully by another person as a result of factors that cannot be attributed to Knken, such as hacking, viruses or negligence on the part of the User, Knaken does not accept any liability;
(c) Users are prohibited from giving, lending, renting, transferring or otherwise disposing of a Knaken account to third parties without the consent of Knaken;
(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 will 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 a 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 party is fraudulently using or appropriating the User's account and password, or if the use of the User's account by this third party entails the lack of the required and required authorization, User will immediately and effectively inform Knaken of this and request Knaken to suspend the services in question; Otherwise, all responsibilities arising from such use are the sole responsibility of the user. Furthermore, 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 damage that may arise in connection with the use of the services by such a 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 occurred or may occur that undermines the commercial security, Knaken has the right to suspend, interrupt or terminate all or part of the Services provided to a User on the basis of these general terms and conditions, delete or remove any registration data of that User, seize any illegal profits that the User might make, without notifying this User and without assuming any responsibility towards this User or any third party. The above-mentioned events include:
(a) Knaken is of the opinion 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 permission, or when the information provided by the User for verification is not in accordance with relevant facts;
(b) Crack an abnormal transaction by the User reveals whether a transaction by the User is suspicious or potentially illegal;
(c) Knaken is of the opinion that the User's account is suspected of involvement in money laundering, payouts, pyramid sales, fraudulent use or other situations that Knaken deems risky or unlawful;
(d) Knaken discovers that the User uses 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, among others, Knaken;
(e) Knaken is of the opinion that the User has violated any rule of these general 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 programs, 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 but not limited to service fees), then remove all available crypto-assets (if applicable) from the User Account that are eligible for withdrawal, submit a request to Knaken to freeze the User Account and formally close the User Account after approval by Knaken.
5.5. The User agrees that if the procedure for verifying the identity of his/her/his User Account has not been 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 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 shortcoming in the performance of the agreement 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 of Knaken; in addition, Knaken may 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 when a User registers with Knaken. The User Account records the User's activities on the Platform. The aforementioned User Account is the only account with which the User can log in to Knaken and use the Services on it.
(b) Use of funds on the Platform: Each cash deposit is exchanged for the equivalent value in a payment instrument issued by Knaken ("Knaken Credits"). The funds that are equivalent to the Knaken Credits balance of Users ("Customer Funds") are managed by Stichting Knaken Payments on behalf of the Users on behalf of Knaken Payments. Knaken Credits can only be used for the services of Knaken. Knaken Credits cannot be transferred (in the form of Knaken Credits) to an external wallet or bank account. Every withdrawal of Knaken Credits is transferred to your bank account in cash (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 ("Wft").
(c) When using Knaken Credits on the platform of Knaken, one of the following obligations immediately arises for the Foundation:
If you use Knaken Credits to buy crypto assets, the Foundation is obliged to transfer the equivalent value in cash to Knaken.
If You make a withdrawal request on the Platform, the Foundation is obliged to transfer the equivalent value in cash (euros) to the bank account indicated by You on the Platform.
(d) Fiat services: To facilitate deposits of funds, Knaken works with external payment partners who have the required permits. In these cases, Knaken only acts as a technical intermediary and is not a party to the underlying fiat transaction.
(e) Conversion of crypto-assets to cash and vice versa: Users can submit orders for the conversion of crypto-assets into cash 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, becomes 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 general terms and conditions and/or the relevant dispute settlement 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 registers 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 in real-time under the User's account through the User account.
(i) An assignment from the User is considered final and binding at the moment that the User explicitly accepts a quotation offered by Knaken via the Platform. After acceptance of the offer, the order is automatically processed and can no longer be withdrawn or modified by the User, unless expressly agreed otherwise or required by law. Knaken reserves the right to refuse or not carry out an assignment in the event of technical malfunctions, fraud, money laundering risks or other circumstances as described in these General Terms and Conditions.
(j) Transaction security settings: Knaken has the right to bring transaction-related cases 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 this 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 the User should have received, Knaken reserves the right, regardless of the nature and reason of the error, to correct such incorrectly executed transaction and the User will return the overcharged crypto-assets or perform other operations in accordance with the specific requirements of Knken's notification to the User with correction of such an error. The User understands and agrees that Knaken does not accept any losses or responsibilities caused by the above-mentioned 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 reductions and changes. cancellation, termination and changes by Knaken at its sole discretion. Knaken Services may vary in appearance, availability, prices, operation, depending on the place of 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 that may be incorporated into 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, at its sole discretion, to suspend all or part of the Services, or the User's access to all or 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 breaks down 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 result in, among other things, 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 general terms and conditions or Applicable laws and regulations;
(f) when Knaken determines that it is necessary, at its sole discretion, to conduct investigations in light of its requirements under the Applicable Laws and Regulations or to ensure the proper functioning of the Platform;
(g) when Knaken decides to stop processing a Digital Asset based on the results of a Hard Fork that causes a chain split or changes to a Digital Asset;
(h) when Knaken believes that the provision of the Services cannot be continued due to changes in Applicable Laws, regulations or social circumstances or factors beyond Knaken's control, including, but not limited to, when a Digital Asset is no longer considered by the Competent Authorities to be an "Acceptable Digital Asset"; 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 Clients 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 Client 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 these Terms.
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 English. Notifications by Knaken are made through your account on the App or the Website 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, the Website or the App 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 Website.
7.10 Aside from the (personal) data Knaken must process to be (technically and practically) able to perform the Services, to allow use of the Website and App 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) Client 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.
7.11 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.
7.12 To be able to provide its Services, Website and App, 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 Website or App 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 use of Services
8.1. When you use Knaken's Services, you agree to and undertake to comply with the following provisions:
(a) When using the Services of Knaken, all work 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 actions that would interfere with, disrupt, negatively impact, 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 quotes from Knaken or information on the market bulletin board.
(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 interests in the Properties or any portion of the Properties, or create derivative works from, or create derivative works of, or any copyright notice or label that otherwise profits from any part of the Properties.
(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 the Services of Knken, 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 part or feature of the Properties, or any other systems or networks of Crimean Services provided through the Services through hacking, password mining, or 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) reverse searching, tracking, or attempting to track information from other Users or visitors to Knaken Services;
(v) the performance of acts that impose an unreasonable or disproportionately large burden on the infrastructure of systems or networks of Knaken Services, 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, impersonate, or otherwise manipulate headers, 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 using 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 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 companies from running 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 one of the prohibited or sanctioned activities. These sanctioned or identified companies include:
(a) unlicensed money service businesses, 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 any other activity that facilitates any of the foregoing activities;
(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 copyrights, trademarks, or proprietary rights under the laws of any jurisdiction;
(m) Layaway-systemen of lijfrentes;
(n) Counterfeit or unauthorized goods, including, but not limited to, the sale or resale of fake or "new" identifiers, the sale of goods or services that have been illegally imported or exported, or that have been 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 if 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 involving proceeds of unlawful activity;
(s) Shell banks or financial institutions that have customers who are shell banks;
(t) Entities with bearer shares;
(u) Defense industry, manufacturers of firearms and ammunition;
(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 any such suspected or actual sanctioned companies to any law enforcement agency, regulator or other authority.
9. Custody and Management of Crypto Assets and Client Funds
9.1. Article 75(5) MiCA requires us to legally separate Your crypto assets from our assets, to ensure that creditors of ours cannot take recourse against your crypto assets. Since Knaken is incorporated under Dutch law, such legal separation requires the creation of a separate legal entity – the Foundation – to manage your crypto assets.
9.2. Stichting Knaken Payments, with its registered office at (3011 VH) Rotterdam at Schiedamse Vest 154, registered in the trade register at the Chamber of Commerce under number 97611476 (the "Foundation"), is a foundation established solely for the purpose of ensuring that the crypto assets and Client funds remain separate from the assets of Knaken. All actions performed by the Foundation with the crypto assets and Client Funds held in custody are carried out on behalf of Knaken and in the context of the Services. Therefore, the Foundation does not itself qualify as a crypto-asset service provider within the meaning of art. 3(1)(15) MiCA.
9.3 In the context of this cooperation, Knaken is a crypto-asset service provider for You and its other Users within the meaning of art. 3(1)(15) MiCA. The role of the Foundation is to support Knaken in providing Services to Users, by ensuring that crypto assets and Client funds held in custody for Users are segregated from Knaken's assets, and by protecting those crypto assets and Client funds from attempts at recovery by creditors of Knaken or the Foundation itself. To this end, the Foundation will manage the crypto assets and Client Funds held in custody for Users in accordance with Knaken's instructions. The Foundation shall not engage in any other activities of its own and shall not incur any debts or obligations, unless directly related to the performance of its duties under this Agreement.
9.4. The Foundation will keep the crypto assets and Client funds in custody on behalf of Knaken and for the benefit of the Users. The Foundation will only dispose of the crypto assets and Client Funds it holds in the following ways:
To manage and/or transfer the crypto assets and Client Funds in accordance with the instructions of Knaken on Your behalf, as part of the provision of the Services; and
To pay amounts due to Knaken on Your behalf, in accordance with the agreement for the Services.
The Foundation may not use or dispose of the crypto assets and Client Funds in its 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 Client 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 Client Funds required for Your transaction to Knaken;
All actions necessary to receive crypto assets and Client funds on Your behalf arising from transactions conducted with Knaken; and
Any other actions necessary for the management of Your crypto assets and Client Funds and the carrying out of transactions in connection with the Services.
9.5. You hereby authorize both Knaken and the Foundation to share all information necessary for the performance of the Services with each other, and to manage and safely store the crypto assets and Customer Funds in cooperation with each other.
9.6. Knaken and the Foundation have drawn up a custody policy (the "Custody Policy") with internal rules and procedures to ensure the custody and control of the crypto-assets and the means to access them (the "Private Keys"). The Custody Policy serves to minimize the risk of losing the crypto assets due to fraud, cyber threats, or negligence. A summary of the Custody Policy will be made available to You in electronic form upon request.
9.7. Knaken and the Foundation cooperate to enable Knaken to maintain a register of positions that corresponds to the rights of each User to the crypto-asset Client Funds that corresponds to the Knaken Credits balance at any given time. This register (the "Register of Positions") is continuously updated and kept up to date at all times. In accordance with art. 75(4) MiCA, any event that may create or modify the rights of a User is immediately recorded in the Register of Positions. The Register of Positions constitutes conclusive proof of the position(s) and/or the balance of the User.
9.8. To the extent permitted under applicable law, expressly including (but not limited to) Dutch law, the Foundation is not and cannot be held liable for any damages, including (but not limited to) direct, indirect and consequential damages, 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 closing 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 you have posted that has been determined to be in conflict.
If, in our sole discretion, we suspect 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 legislation;
(d) The Account violates any legal 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 trying to gain access to your account;
(h) If Knaken believes that you are using your login details or other account details in an unauthorised 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) No access to the Account has been made for more than one year.
10.2. You agree and acknowledge that we have the right to immediately investigate and implement necessary measures in relation to your Account and any Account related thereto, if we suspect, in our sole discretion, that such Account has violated 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 change 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, you agree that Knaken has the right to deduct the above-mentioned service fees directly from the credit of your account. For the current prices see our website: 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 residence.
12. Operational resilience and continuity
12.1. Availability of the System: 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 disruptions 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 the infrastructure of third parties, 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 on a status quo and availability basis. 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 does not make any representation or warranty of any kind about the validity, accuracy, correctness, reliability, quality, stability, integrity and topicality of the technology and information involved in the Knaken service.
Section 13.2. Notwithstanding the foregoing, Knaken is responsible for checking the text of the information released by the owners of the Digital Assets Project, but it does not warrant or assume any responsibility for the accuracy, completeness, or legality of such information. Users make decisions based on their independent judgment and engage their own advisors and/or conduct their own research. If users conduct transactions with crypto assets based on such information, the resulting risks are borne solely by the users themselves and the users have no right to make a legal claim against Knaken based on such risks. Any dispute between a User and the owner of the Digital Assets Project arising out of or in connection with the transaction shall be resolved by and between the parties to the dispute themselves, and the Platform shall not bear any transaction risk or legal liability.
13.3. Disclaimer of Warranties: To the maximum extent permitted under applicable law, Knaken services 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 performance, 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 price data of crypto assets,
(b) errors or delays in the transmission of such data,
(c) interruption of such data,
(d) regular or unplanned maintenance performed by Knaken and interruption and modification of the service as a result of such maintenance,
(e) damage caused by acts, omissions or violations of these general terms and conditions by other users,
(f) damage caused by unlawful acts of other third parties or actions without Knaken's consent; and
(g) other exceptions mentioned in disclaimers and platform rules of 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 on the basis of contract, statute, strict liability or any other theory, even if Knaken has been informed of the possibility of such damage, except insofar as it has been established in an irrevocable state by the court that this damage is the result of gross negligence, fraud, intent or intent of the 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, either on the basis of an agreement, articles of association, strict liability or any other theory, exceed the amount of the transaction costs that you have paid to Knaken on the basis of these general terms and conditions in the period of three months immediately prior to the event giving rise to the liability. The maximum liability, if applicable 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 related 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 13 does not apply to the loss of crypto assets or Private Keys 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 will not exceed the market value of the lost crypto assets at the time they were lost. Incidents that are not attributable to Knaken and/or the Foundation are in any case (and not exclusively) all events that have occurred independently of the provision of the service in question or independently of the exploitation by Knaken, such as problems that are inherent to the operation of the distributed ledger over which Knaken and/or the Foundation have 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 that Knaken shall not be liable to you or any third party for the same. However, Knaken has the right to retain 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 terminating 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 provided by you is not true, inaccurate or incomplete;
(d) If the Agreement (including the regulations) has been amended, you must explicitly inform Knaken that you are not prepared to accept the new service agreement; and
(e) Other circumstances in which Knaken is of the opinion that the service should be terminated. Upon 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 contained in your account, or to forward to you or any third party any information that you have not read or sent or forwarded.
14.2. 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 any assets or funds on such accounts, and to suspend your access to Knaken for any reason, even if Knaken suspects that such accounts are in violation of these general terms and conditions, the legal documents or 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 store and use the transaction data or other information related 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 lawsuit;
(b) We detect unusual activity in the Knaken Account;
(c) We detect unauthorised access to the Knaken Account;
(d) We are required to do so pursuant to a court order or an order from a regulatory/governmental authority.
14.3. In the event of any of the following events, Knaken has the right to terminate these terms and conditions immediately by terminating your Knaken Account, and Knaken 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 has terminated the services to you;
(b) you supposedly 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 is of the opinion that Knaken should terminate the Services of Knaken.
14.4 If Knaken is informed of the fact that funds or funds on your Knaken account have been stolen or are otherwise not lawfully in your possession, Knaken can place an administrative block on the relevant funds and your Knaken account, but is not obliged to do so. If Knaken places an administrative retention obligation on part or all of your assets or Knaken account, Knaken can hold it until the dispute has been resolved and proof of the solution acceptable to Knaken has been provided to Knaken in a form that is 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 assets or funds or conduct any transactions during the period of such hold.
14.5. Subject to the provisions of these general terms and conditions, once a Knaken account has been closed/revoked, all remaining account balance (including costs and liabilities to Knaken) is immediately due to Knaken. After payment of all outstanding fees to Knaken (if applicable), Users may, after Knaken determines the suitability of the User, 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 as a result of fraud investigations, investigations into violation of the 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 to 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 into another common type of crypto-assets.
(d) close a dormant account at any time, and Knaken is not 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 wilful misconduct 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 general terms and conditions during the period of the use of the Service provided, Knaken can still assert rights against you in accordance with these general 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 indemnified against any losses or costs.
(c) If 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 executed, Knaken has the right to remove relevant information from such purchase contract and the trading of crypto-assets thereof.
(d) Upon 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 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 submits a request for bankruptcy or is declared bankrupt, the Foundation is immediately obliged to transfer the equivalent value of your Knaken Credits in cash (euros) to the bank account indicated 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, photos, 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 vested in Knaken. You may not copy, modify, copy, transmit, or use the foregoing material or content for any commercial purpose.
15.2. By accepting these general terms and conditions, it is assumed that you have voluntarily transferred and transferred to Knaken all copyrights of any form of information that you have published on Knaken, exclusively and free of charge, including, but not limited to, copyrights, distribution rights, rental rights, exhibition rights, exclusive and free 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 holders are entitled, and Knaken has the right to sue for any infringement of such copyrights and to obtain full damages for such infringement. These general 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 unlawfully use or dispose of the intellectual property rights of Knaken or any other person during your use of the services offered by Knaken. For all 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 by Knaken to yourself 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 any 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 digital 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 secure services, 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 the Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) policies to comply with the standards set out in the relevant laws and regulations;
(b) We distribute and update some parts 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 verification procedures and the formation of 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 customers;
(e) evaluate 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 details and supporting documents, including, but not limited to, proof of identity, proof of address, contact details, 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 total 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.
Section 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 Data: your name, address (and permanent address, if the two are different), date of birth and nationality, and other available information. Identity verification 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 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 classification of the company;
(b) The detailed certification materials of the Company's ownership structure and description of the property, and the decision of the Board of Directors on the designation of the Company's authorized agent responsible for opening and managing 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 customer and/or the determination that the ongoing transaction is being carried out on behalf of others. If you are a company, the identity of the 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 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, in order 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 often, or if it falls outside the reasonable circumstances for you, Knaken will assess and determine whether such transactions are suspicious.
19.2. If, based on our assessment, we consider a specific transaction to be suspicious, we may take restrictive measures, such as suspending or denying trading, and if possible, we may even reverse the transaction as soon as possible and report it to the relevant authorities, without 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 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.
Miscellaneous
A. Independent parties. Knaken is an independent contractor, but not an agent of you, in the execution of these general terms and conditions. These terms and conditions should not be construed as facts or evidence of any association, joint venture, partnership or franchise between the parties.
B. Entire Agreement. These General Terms and Conditions constitute the entire agreement between the parties with regard to the use of the services of Knaken and replace all previous written or oral agreements between the parties. No trade or other regular practice or method of trade between the parties shall be used to alter, interpret, supplement or modify the terms herein.
C. Interpretation and revision. Knaken reserves the right to change, revise, adjust and/or change these general terms and conditions at any time. All changes will take effect immediately after they are published on Knaken's websites. It is your responsibility to regularly check the 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's 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 become effective to the fullest 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. 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 through the use of such products and services of third parties, Knaken is not liable for such damage. 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.
