Conditions of provision of crypto assets

Effective as of 18.11.2021

The Bank provides Clients with a crypto trading service in accordance with these Terms and Conditions for the Crypto Transactions Service (hereinafter ‘Conditions’). The General Terms and Conditions of the Bank are applicable to the Conditions insofar as the former are not in conflict with these Conditions.

Definitions
The Conditions use the definitions provided for in the General Conditions and the following definitions.
‘Questionnaire’ means a questionnaire containing questions about the Client’s experience, knowledge, and other circumstances established in legislation.
‘Digital Token’ means an instrument based on Crypto-assets, presented in electronic form, which is digitally transferable, storable or tradable, and which is registered in a distributed ledger system or other similar technology-based secure system or which is based on cryptography. The instrument gives the holder the right to be involved in the development of the platform to which the token relates or the right to make any use of it or to provide any service or other similar right.
‘Custodian’ means an institution providing custody, registration and/or settlement services for money and Crypto-assets, a brokerage company holding the respective licence or a settlement system used by the Bank.
‘Investment Token’ means an investment instrument based on Crypto-assets, presented in electronic form, which is digitally transferable, storable or tradable, and which is registered in a distributed ledger system or other similar technology-based secure system or which is based on cryptography.
‘Client’s Bank Account’ means the Client’s current account in another credit institution on which the Client submits data to the Bank upon entering into the Agreement.
‘Crypto-assets’ mean an umbrella term for virtual currencies, investment tokens, and digital tokens within the Service.
‘Crypto-assets Wallet Service’ means a service that generates or holds encrypted keys for Clients that can be used for the purpose of holding, storing, and transferring Crypto-assets.
‘Crypto-assets Exchange Service’ means a service as part of which a person exchanges Crypto-assets for cash or cash for Crypto-assets or one Crypto-assets for another Crypto-assets.
‘Crypto-assets Transfer Service’ means a service that allows, at least in part, a transaction to be carried out electronically on behalf of the originator through a Crypto-assets Service Provider for the purpose of transferring the Crypto-assets through the Crypto-assets Service Provider to the recipient’s Crypto-assets Wallet or Account, regardless of whether the originator and the recipient are the same person or whether the originator and the recipient use the same service provider.
‘Agreement’ means the crypto transactions service agreement.
‘Banking Day’ means a day when banks are open for conducting banking operations in Estonia and the state where Services are provided or in another state pursuant to the context of the General Conditions.
‘Service’ means the exchange, transfer of wallet service of Crypto-assets or any of the aforementioned jointly.
‘Transaction’ means a transaction with Crypto-assets executed by the Bank on the basis of the Agreement in the name of the Client or the Bank and on the Client’s account.
‘Transaction Confirmation’ means confirmation given by the Bank to the Client on the basis of a Transaction Order regarding execution of a Transaction.
‘Transaction Order’ means an instruction given by the Client to the Bank in accordance with the terms and conditions of the Agreement for execution of a Transaction.
‘Transaction Day’ means the day when the parties to a Transaction have accepted all the substantial conditions of the Transaction.
‘Crypto-assets Market Information’ means informative information disclosed and/or forwarded by the Custodian or any other Third Party, including, but not limited to, financial news, analyses, and price and sales information about Crypto-assets that can be used to make Transactions.
‘Virtual Currencies’ mean digitally presented values that are digitally transferable, storable or tradable and that are recognised as a means of payment by natural or legal persons, but that are not necessarily linked to any official currency and not considered as official currencies or money.
‘General Terms and Conditions’ mean the general terms and conditions of the Bank.
General provisions
1. These Terms and Conditions, the General Terms and Conditions, the Price List, and other rules specified in the aforementioned terms and conditions constitute an inseparable part of the Agreement made between the Client and the Bank for provision of the Service. In addition, upon provision of the Client with the Service the Bank follows the Special Terms and Conditions accepted by the Client, the legislation applicable to the Crypto-assets (incl. relevant European Union and foreign legislation), and the customs and practice of the respective market.
2. The Bank has the right to decide, at its sole discretion, which electronic channels, which Crypto-assets, and to what extent the Bank will provide the Services. In addition, the Bank has the right to decide what the minimum values of the Transactions related to the Crypto-assets are. The Bank may, at its sole discretion, refuse to provide certain Services and to enter into certain types of Transactions in Crypto-assets.
3. Information about the Crypto-assets accepted by the Bank, restrictions related to the Crypto-assets, the scope of the Service, the minimum values of the Transaction, and trading rules is available on the Website for the Client. The Bank may also publish other relevant information on the Website.
4. The Bank has the right to unilaterally suspend the Client’s use of the Service, in whole or in part, without prior notice and for good cause. Among other things, good cause involves the following:
  1.there are failures in the systems of the Custodian and/or the Bank, which form the basis for the provision of the Service;
  1.the Custodian restricts, suspends or terminates the Service (incl. termination of a cooperation agreement);
  1.the Custodian’s activities are investigated by an Estonian or foreign supervision authority (e.g. Financial Supervision Authority) or other governmental authority.
5. The materials contained in the Agreement and the Terms and Conditions are not targeted at or intended for US citizens, residents or other persons who are located in the US or who are US persons. The Bank does not provide the Service or Crypto-assets to US persons.
6. By signing the Terms and Conditions, the Client confirms to the Bank that they are not qualified as a US person. If the Client is a US person or becomes one during the term of the Agreement with the Bank, the latter has the right to immediately terminate the Agreement. The Bank is not liable for any damage that the Client may suffer in connection with the termination of the Agreement.
7. The Client undertakes to immediately inform the Bank of any circumstances that may result in the fact that the Client qualifies as a US person. The Bank may also use public data as a basis for assessing whether the Client qualifies as a US person. A legal person can be a US person if, among other things, it is established in the US, operates under US law, has a US postal address or is engaged in business in the US. An agency or branch of a foreign entity may be considered a US person under the same conditions. A natural person can be a US person if, among other things, they can be considered a US tax resident or if they stay in the US for a certain period of time for study or work. A person can be considered a US person under other bases derived from US law. The Bank has the right to suspend the provision of the Services and/or terminate the Agreement if the Client is a US person.
8. The Bank does not guarantee the timeliness, sequencing, accuracy or completeness of any Crypto-assets Market Information, other market information or notices forwarded to the Client.
9. The Bank may, at any time, discontinue the publication of the Crypto-assets Market Information or change the manner, speed or other characteristics of the publication of the Crypto-assets Market Information.
Client’s Assessment and Identification of Information
1. The Bank has the right, prior to the provision of the Service, to collect information from the Client about the Client’s experience and knowledge and other circumstances in connection to the Service and Crypto-assets in order to determine the Client’s experience and knowledge of the Crypto-assets and the scheduled transactions.
2. The Bank will warn the Client if, on the basis of the information provided by the Client, the Bank considers that a transaction involving the Crypto-assets is not appropriate for the Client and the Client does not understand the risks associated with the Crypto-assets.
3. Upon establishment of a Client relationship and upon the Bank’s request, the Client is obligated to provide the Bank with all data and documents required by the Bank on the Questionnaire established by the Bank. The Client is obligated to immediately and continuously inform the Bank of any information and circumstances that have changed compared to the information provided at the time of the conclusion of the Agreement and its subsequent amended versions. The Bank assumes the correctness, accuracy, completeness, and timeliness of the information provided by the Client until the Client has notified the Bank of any new information. The Bank recommends that the Client updates the information referred to in this clause at least once a year.
4. If the Bank has doubts about the correctness, accuracy, completeness, and timeliness of the data submitted by or on behalf of the Client, the Bank has the right, at its own discretion, not to provide the Service and/or demand additional information from the Client.
5. If the Client has not submitted the required information or has submitted insufficient information, it is more difficult or impossible for the Bank to assess the Client’s level of experience and knowledge. Under the aforementioned circumstances as well as if the Bank has doubts about the correctness of the data submitted, the Bank has the right to refuse from providing the Client with the Service.
Trading
1. Procedure for Submitting and Accepting Transaction Orders for Execution
  1. The entry of Transaction Orders and the execution of Transactions are carried out through electronic channels accepted by LHV.
  2. Upon accepting Transaction Orders for execution, the Bank has all the rights of the Bank provided for in the General Terms and Conditions and in this clause 4.1.
  3. The Bank is not obligated to accept a Transaction Order for execution:
    1. in the events provided for in the General Terms and Conditions;
    2. if the Transaction Order does not comply with the criteria established under clause 2.3;
    3. if the Bank has doubts about the compliance of the Transaction with the requirements of the Bank and/or the Custodian and the provisions of legislation;
    4. if the Client has not fulfilled the Bank’s request to submit additional data and/or documents within the term set by the Bank;
    5. if the Bank has reason to believe that the Client is unable to perform the duties arising from the Agreement or the Client has failed to perform the obligations arising from the Agreement;
    6. if the Transaction Order cannot be executed due to the market situation or other circumstances beyond the Bank’s control;
    7. if the Bank has a reasonable doubt that the Transaction Order has been submitted on the basis of inside information or with a purpose of market manipulation;
    8. if the Bank sees any other reason for it (in that event the Bank gives the Client a relevant notice);
    9. if there are insufficient funds on the Account or the Client’s Bank Account for execution of the Transaction Order.
    10. The Bank is not liable for damage caused by refusal to accept the Transaction Order in the events specified in clause 4.1.3. Also, the Bank is not liable for damage or loss caused to the Client upon execution or non-execution of a Transaction Order if the Transaction Order has been given in a false form, it is unclear, misleading, ambiguous or it has accidentally been given several times.
2. Procedure for Execution of Transaction Orders
  1. The Bank forwards a Transaction Order accepted for execution or executes a Transaction in accordance with the Transaction Order on the condition that:
    1. execution of the Transaction Order is in accordance with the General Terms and Conditions;
    2. the Transaction Order can be forwarded and/or executed in accordance with its terms and conditions (the price requested or offered by the Client corresponds to the market situation on the date of the Transaction, there is a seller or buyer for the Crypto-assets specified by the Client in the Transaction Order, the term of the Transaction specified in the Transaction Order allows for entry into the Transaction, etc.);
    3. the Client does not have any arrears before the Bank or these are paid as a result of execution of the Transaction Order;
    4. execution of the Transaction Order is, according to the Bank’s estimate, in accordance with the Custodian’s requirements, established regulations, customs, and practice.
  2. To execute the Client’s Transaction Order the Bank may enter into a Transaction with itself and the Bank does not have to notify the Client that the Bank is the party to the Transaction made on the basis of the Client’s Transaction Order.
  3. The Bank will execute Transaction Orders in accordance with the relevant Custodian corresponding to the Crypto-assets as well as market rules and practice.
  4. At the Client’s request, the Bank submits to the Client information about the status of execution of the Transaction Order.
  5. The Bank notifies the Client of any difficulties relating to due execution of Transaction Orders.
  6. The Bank has the right to refuse to accept, forward or execute all Transaction Orders from the Client as well as to suspend execution of the Client’s Transaction Order or reject the Transaction Order if the Bank has reasonable doubts about commitment of offences or infringement of applicable legislation and rules.
3. The Client has hereby granted the Bank all rights to effect correction entries (including to additionally debit the Account) of entries made erroneously or due to other circumstances beyond the Bank’s control, and to correct, in appropriate cases, the amount of Crypto-assets specified on the Transaction order, or other conditions of the Transaction.
4. Transaction Confirmations
  1. Upon execution of a Transaction Order the Bank sends the Client Transaction Confirmation if the Client has not waived the receipt of Transaction Confirmations.
  2. Transaction Confirmations are sent to the Client in accordance with clause 8.2 of the Terms and Conditions.
  3. The Client is obligated to immediately notify the Bank and is liable for damage or loss arising from failure to notify if the Transaction Confirmation sent to the Client by the Bank is inaccurate or the Client does not receive Transaction Confirmation (provided that the Client has not waived the receipt of Transaction Confirmations).
5. Cancellation of Transaction Confirmations
  1. Upon cancellation of Transaction Orders, the provisions of the General Conditions and this Article are followed.
  2. The Bank has the right to cancel Transaction Orders submitted by the Client in accordance with the rules established by the Custodian and also in case the Transaction Order could not be executed within 30 days.
Safekeeping of the Client’s Crypto-assets and Accounting
1. The Bank may provide safekeeping of the Client’s Crypto-assets with Custodians and authorise Custodians to provide safekeeping of the Client’s Crypto-assets with other Custodians. The Bank chooses the Custodians with whom the Client’s Crypto-assets are entrusted for safekeeping in accordance with the Bank’s internal criteria and professional due diligence in order to ensure the reliability of the Custodian used.
2. The Bank is not liable for any damage or loss arising from the acts or omissions of the Custodian, unless these are caused by the deliberate action of the Bank. Damage related to the acts or omissions of the Custodian may, among other things, arise from the loss of the Crypto-assets, cyber risks, failure to execute orders in a timely manner or undue execution of orders, bankruptcy of the Custodian, etc.
3. The Bank provides safekeeping of Crypto-assets and money with Custodians in accordance with the legislation of the home country of the Custodian, the practice of the respective market, the Custodian’s requirements, and the agreement(s) made with the Custodian. Depending on the legislation of the home country of the Custodian, the rights of the Client in connection with the Crypto-assets may differ from those laid out in Estonian legislation.
4. The Client’s Crypto-assets are safekept with Custodians on a Crypto-assets account opened in the name of the Bank for joint safekeeping of the Crypto-assets of the Clients of the Bank (Client account, nominee account, etc.).
5. The Client gives the Bank the approval to pledge or otherwise encumber the Client’s Crypto-assets and, where necessary, money in the name of the Bank for securing claims arising from the Agreement, which have become collectible, and also if according to the agreement between the Bank and foreign Custodians the Bank has the respective obligation for ensuring performance of the obligations arising from the Client’s Transaction Orders.
6. According to legislation applicable to the Custodian, the Custodian may have the right to demand that encumbrances and/or restrictions of disposal are established on the Client’s Crypto-assets safekept with the Custodian.
7. The Client gives the Bank the right to use the Client’s Crypto-assets in its own interests and on its own account, including in situations where there is insufficient money on the Client’s Account for payment of service fees, compensation, default interest or other arrears. In such an event, the Bank has the right to sell the Client’s Crypto-assets without the Client’s Transaction Order on the market conditions in a quantity that allows for payment of the amount payable.
8. If upon disposal of the Crypto-assets safekept on the Client’s Account in a foreign country there do exist impediments or restrictions arising from the law of the foreign country, stock exchange rules, agreements made with the respective Custodian, or the judgments, precepts, rulings, etc., of courts or other competent authorities (regardless of whether the decisions of such competent authorities are enforceable or whether the Client has committed any offences), the Bank is not obligated to allow the Client to use in any way any of the assets safekept on its account and it is deemed that the Bank has not breached the Agreement in such an event. In such an event, the Client has the right to unilaterally terminate the Agreement, but the Bank’s is obligated to hand over the assets after the termination of the Agreement only after the ban on disposal has been lifted. If the ban or impediments arise directly from the acts of the Bank, the Bank undertakes to compensate for any direct proprietary damage.
9. The Bank will disclose to the Client a statement of the Crypto-assets held by the Bank and a statement of the cost of the Crypto-assets and Services in the manner and to the extent provided by law.
Rights and Obligations arising from Crypto-assets
1. The Client undertakes to gather information about the rights and obligations arising from the Crypto-assets and about other events personally and to perform all the potential obligations arising from the Crypto-assets. The Bank does not have the obligation to notify the Client of such rights and obligations or other events. In the cases provided for in legislation or the Terms and Conditions, the Client will exercise such rights and obligations in person and through the Bank, if the Bank so allows, by submitting written instructions to the Bank.
2. If the Bank has any information about the rights and obligations arising from the Crypto-assets or any other events and the Bank, at its sole discretion, considers it necessary to notify the Client, the Bank will notify the Client through its Website or the Internet Bank or any other means chosen by the Bank. The Bank is not liable for damage or loss or expenses caused or a threat of causing damage or loss or expenses to the Client as a result of being unaware of such rights and obligations.
3. The Bank, at its sole discretion, collects, receives, transfers, and demands from a person concerned or a Third Party intermediating the payment and forwards to the Client’s Account any proceeds and disbursements from the Crypto-assets. The Bank is not obligated to notify the Client of such acts beforehand. If a person concerned or a Third Party intermediating the payment files with the Bank a claim calling for refunding the payment made to the Client, the Bank has the right to transfer the payments made to the Client back to the issuer or the Third Party who intermediated the payment, from the Client’s Account or the Client’s Bank Account. Such transfer does not require additional Transaction Order from the Client.
4. If the Bank, a person concerned effecting a payment or a Third Party intermediating a payment is required by applicable law to withhold or pay national and/or local taxes, fees, and other charges on disbursements or Transactions made to the holders of the Crypto-assets, the Bank will transfer to the Client the amount from which the aforementioned taxes, fees, and other charges have been deducted. If the obligation to pay taxes, fees, and other charges becomes evident after the Bank has transferred the amount to the Client, the Bank has the right to make adjustment transfers.
5. If a person concerned or a Third Party intermediating a payment gives the opportunity to choose whether the income received from the Crypto-assets is paid out in Crypto-assets or money, the Bank may make a choice at its own discretion.
6. If the Client receives the Crypto-assets and/or money after the Client has terminated the Agreement and the Client’s Account has been closed, the Bank undertakes to inform the Client thereof. If such notification is not possible, the Bank has the right to decide, at its own best discretion, the sale of the Crypto-assets at the market price and transfer the money obtained from such sale to the Client’s Account or to the Bank Account indicated by the Client.
7. The Bank has the right to sign any and all documents and perform any acts in the name of the Client, which are necessary for exercising the rights arising from the Crypto-assets and which do not require the Client’s Transaction Order.
Fees, Interest, Arrears, Taxes
1. Upon payment of the Services and Crypto-assets related fees, interest, arrears, and taxes, the General Terms and Conditions, the Price List, and this clause are followed.
2. The Bank develops the right to a service fee upon accepting a Transaction Order for execution and the right to compensation payable for expenses relating to provision of the Services upon incurring the expenses. The Bank debits the service fee and compensation from the amounts on the Client’s Account on the Transaction Day.
3. In addition to what is established in the Price List and agreed upon in the Agreement, the Client will bear any costs arising from the acts or legislation related to the Services and/or the Crypto-assets by the Bank and/or the Custodian.
4. The Bank may unilaterally change the service fees without giving prior notice to the Client if the change is in the Client’s favour or if the change in the service fee is caused by circumstances beyond the Bank’s control, in particular if the change is caused by the Custodian or legislation.
Notification
1. Upon sending notices to the Client, the procedure set out in the General Terms and Conditions and this clause is followed.
2. The Bank sends any personal information addressed to the Client on a durable medium by email or via the Internet Bank, unless a different method of communication of information has been agreed at the request of the Client.
3. The Bank sends the information aimed at the public and related to the Service which, according to legal acts, may be submitted to the Client via a website, to the Client via the Website on the conditions and pursuant to the procedure provided for in legislation, and the Client herewith gives their clear and irrecoverable agreement thereto.
Transfer of the Bank’s Obligations
1. The Client gives their irrecoverable agreement according to which the Bank may authorise Third Parties to execute or organise Transactions or another obligation of the Bank and may use both local and foreign Custodians and other Third Parties for performance of the obligations and exercising the rights arising from the Agreement.
Client’s Warranties and Representations
1. Upon entry into the Agreement and upon submission of each Transaction Order, the Client warrants and represents that:
  1. they have reviewed the rights and obligations of the Bank and the Client arising from the General Terms and Conditions and the Agreement, and consent to them;
  2. they have submitted to the Bank accurate and updated data;
  3. they are aware that if the Client submits to the Bank incorrect or insufficient data, the Bank may not be able to adequately assess the Client’s experience, knowledge to consume some of the Services provided by the Bank and/or execute Transactions involving specific Crypto-assets, as a result of which the Bank has it difficult or impossible to assess and may not be able to notify the Client of all risks important for the Client;
  4. they have, to the necessary extent, reviewed applicable legislation, also undertakes to perform any and all requirements established with regard to execution of Transactions, to follow all the restrictions established on conducting Transactions, applicable legislation, rules and good practices. The Client undertakes to stay informed of the legislation and rules applicable to Transactions and to bear any and all risks, damage and loss arising from the unawareness and/or failure to follow such legislation and rules by the Client;
  5. they consent to the provision of the Services in connection with publication of the information aimed at the public on the Website and that it is in accordance with the business and provision of Services between the Bank and the Client;
  6. they have read the information published in clause 2.3 via the Website and accept the contents thereof;
  7. they have read the information materials of the Crypto-assets to be acquired and have thoroughly analysed the nature of the specific Crypto-assets and the financial, regulatory, and tax issues of the scheduled transaction;
  8. they have learned about the risks involved in investing in the Crypto-assets and understand that the Crypto-assets are a high-risk instrument that can fluctuate by several dozen per cent or more in a day;
  9. they are aware that Crypto-assets are exposed to threats that may arise from changes in national regulatory environments, cybersecurity, and various scams that increase the risk of losing the Crypto-assets in their full value;
  10. they are aware that the area of Crypto-assets is less regulated and may not be subject to investor protection measures characteristic to securities;
  11. they undertake not to use the Bank and the Service for unlawful purposes and not to exercise their rights in bad faith or for the purpose for causing damage to the Bank;
  12. they execute the Transaction in their own name and on their own account and they are entitled to dispose of the assets required for the execution of the Transaction Order, including, but not limited to, money and Crypto-assets held in the Client’s Account and, in the case where the Client (natural person) is married and such assets are joint property of the spouses, the Client has the spouse’s consent to execute Transactions with such assets;
  13. they are aware that the transfer of a Transaction Order to the Bank for the purpose of making a Transaction may be deemed to constitute an offer to buy or sell to the Bank or to a Third Party and that, on the basis of such Transaction Order, the Bank may make an offer to enter into a Transaction with a Third Party, which may result in a binding obligation to buy or sell;
  14. they consent that the Bank has the right to carry out all Transactions and operations necessary for the execution of the Transaction with any person, including themselves, and that the Bank has no obligation to inform the Client of a situation where the counterparty to the Transaction executed or to be executed on the basis of a Transaction Order is the Bank;
  15. they are aware and consent that the Bank has the right to aggregate Transaction Orders and that, in the case of aggregation of Transaction Orders, the effect of aggregation in respect of a particular Transaction Order individually may be detrimental to the Client, but in summary the interests of the Client are unlikely to be adversely affected;
  16. they bear and assume all of the risks related to the Transaction, even if they have relied on the information contained in the market surveys, forecasts, positions, and other similar documents published by the Bank or a Third Party on the Website when placing the Transaction Order;
  17. they are aware that any Transaction contrary to the law is prohibited and punishable by criminal or misdemeanour proceedings;
  18. they are aware that they are required to verify the compliance of the Transaction Order with applicable laws and/or other applicable rules, requirements, restrictions, and market practice;
  19. they are aware that their Crypto-assets may be held by a Third Party on behalf of the Bank, and they acknowledge the associated risks and consequences;
  20. they agree that the Crypto-assets may be held in the Custodian’s nominee account together with the Crypto-assets belonging to the Bank, the Custodian or other Clients;
  21. they are aware that the holding of the Crypto-assets with the Custodian is regulated by the laws of a foreign country, as a result of which the rights of the Client in connection to the Client’s money or Crypto-assets may be different from those established by Estonian law;
  22. they consent to the use of the Crypto-assets held by the Bank belonging to them for their own benefit or for the benefit or account of another Client or to the pledging or encumbering of such Crypto-assets (incl. for set-off at the expense of Crypto-assets) on behalf of the Bank in accordance with the Conditions;
  23. they undertake to release the Bank from obligations assumed by the Bank before the Third Parties upon providing the Services and conducting Transactions, and to perform such obligations themselves;
  24. they are aware that the Bank may be required by law to disclose information about the Client’s transactions to a legitimate Third Party and consent to the disclosure of such information;
  25. they undertake to provide the Bank and the relevant supervisory authority or other competent body with all assistance and information to specify and analyse the Transaction Orders forwarded by the Client, the Transaction executed, the origin of the Client’s funds and the Crypto-assets, unusual trading strategies, and the proceeds of the Transactions or the assets that area the source of the Transactions. Failure to provide explanations may be grounds for the Bank to have reasonable doubts as to the compliance of the Client’s actions with the provisions of the Agreement or legislation;
  26. upon submitting a Transaction Order, they authorise the Bank to dispose of the Account to execute the Transaction Order in accordance with the terms and conditions regulating the provision of the Services.
Liability
1. The Bank and the Client are liable for a breach of the obligations (incl. those specified in the Agreement) related to provision of Services pursuant to the procedure provided for in the General Terms and Conditions and this clause.
2. Unless otherwise provided by the Imperative Provisions:
  1. the Bank does not provide any tax or legal advice services under the Agreement;
  2. the Bank is not liable to the Client for any delay and/or damage caused by technical failures and/or partial or total suspension of the use of the Service by the Bank and/or the Custodian;
  3. the Bank is not liable for any damage or loss or expenses suffered by the Client if the price of the Crypto-assets or other market conditions change during the period between acceptance and execution of the Transaction Order due to reasons beyond the control of the Bank;
  4. the Bank is not liable for possible damage or loss or expenses suffered by the Client in connection with the events related to the Crypto-assets;
  5. the Bank is not obligated to compensate the Client for damage arising from restrictions on the disposal of the Client’s Crypto-assets at the time when the Bank had reasonable doubts that the Client is in breach of the obligations arising from legislation, the Custodian’s or other rules, decisions of competent bodies or the Agreement;
  6. the Bank is not held liable for the contents or validity of the rights arising from the Crypto-assets held by the Client, or for the results.
  7. The Bank is not liable for damage that has been caused by changes in the regulatory environment, realised risks in the area of cyber security and/or scams.
  8. The Bank has no control over the software protocols that regulate or establish the Crypto-assets Framework. The Bank is not liable for the operation of or changes to the protocols underlying the Crypto-assets and cannot guarantee their functionality, security or availability.
  9. The Bank is not liable for any damage or loss of income resulting from the Transactions made by the Client based on the Crypto-assets Market Information.
Termination of Agreement
1. The Bank has the right to terminate the Agreement on the grounds and pursuant to the procedure provided for in the General Terms and Conditions and this clause.
2. In addition to the provisions of the General Terms and Conditions, the Bank has the right to terminate the Agreement by giving 15 (fifteen) days advance notice thereof if:
  1. the Client has not used the Services provided under the Agreement over the last 12 (twelve) consecutive months and there are no Crypto-assets on the Account;
  2. the Client does not perform their obligations arising from the Agreement and applicable legislation;
3. in the event specified in clause 4.2.6 the Client has the right to unilaterally terminate the Agreement, but the Bank is obligated to release the assets only after completion of an investigation carried out within a reasonable time after learning of a possible infringement and in case the performance of the Bank’s obligation is not limited by the financial supervision authority, law enforcement agency, court or another competent body of the relevant state.
4. The Agreement is terminated automatically in the following cases:
  1. upon termination of the cooperation agreement between the Custodian and the Bank, which forms the basis for the provision of the Service. The Bank will inform the Client of the termination of the Agreement as soon as possible;
  2. upon termination of the Client Agreement and/or Payment Services Agreement concluded between the Bank and the Client.
5. Upon termination of the Agreement, the Bank, without the Client’s Transaction Order, sells the Client’s Crypto-assets and, after all claims have been settled, transfer the remaining amounts to the Client’s Account or, at the Client’s expense, to another bank account indicated by the Client.
6. The Bank has the right, at its sole discretion, to allow the Client to transfer the Crypto-assets held in the Client’s Account to the Client’s account opened with another service provider after all claims have been satisfied.
7. The termination of the Agreement will not affect the enforceability or satisfaction of any financial claims arising prior to the termination of the Agreement, and notwithstanding the termination of the Agreement, the rights and obligations of the Parties in respect of Transactions communicated under the Agreement but not completed will remain in force until resolved. If the Transaction is binding on the Bank with regard to a Third Party, the Bank has the right, at its sole discretion, to take the necessary steps to avoid or mitigate potential damage and/or, taking into account the principle of reasonableness, to terminate all outstanding Transactions.

Conditions of provision of crypto assets

Definitions

General provisions

Client’s Assessment and Identification of Information

Trading

Safekeeping of the Client’s Crypto-assets and Accounting

Rights and Obligations arising from Crypto-assets

Fees, Interest, Arrears, Taxes

Notification

Transfer of the Bank’s Obligations

Client’s Warranties and Representations

Liability

Termination of Agreement

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