La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido. Es importante leer y comprender los riesgos de esta inversión que se explican detalladamente en esta ubicación.

General Terms and Conditions
Bitpanda Group

Version 1.0.0, published 15 March 2022

Translation Disclaimer

This document is a translation into English of the original document. This translation is provided solely for the convenience of English-speaking readers and is in no way binding. The German version is the only prevailing and binding version. Neither Bitpanda GmbH nor any other Affiliate can be made liable for error or ambiguity deriving from the English translation.

1. General Provisions

1.1. The general terms and conditions herein ("Bitpanda GTC") shall be applicable to all business relations between Bitpanda GmbH, Bitpanda Metals GmbH, Bitpanda Financial Services GmbH and Bitpanda Payments GmbH, each with its corporate seat in A-1020 Vienna, Stella-Klein-Löw Weg 17 and any other Affiliate (together "Bitpanda" or "we") and its clients, in particular for transactions and business relationships with/on any online or electronic platform (e.g. https://www.bitpanda.com/ and https://exchange.bitpanda.com) or mobile application of Bitpanda and associated Application Programming Interfaces ("API") of such platform or application (each a "Bitpanda System"). 

1.2 In the following, the term "Bitpanda Consumer Client" has the meaning of "consumer" and "Bitpanda Business Client" has the meaning of "entrepreneur" as defined in the Austrian Consumer Protection Act (KSchG).

1.3 or an overview of the definitions used in these GTC please refer to Annex I. 

2. Amendments to the Bitpanda GTC

2.1. Changes to and amendments of the Bitpanda GTC, including this point, may be made by Bitpanda at any time and become effective 

2.1.1 if no specific effective date is indicated by Bitpanda: at the earlier of (i) the Bitpanda Client explicitly accepting the amended Bitpanda GTC (for example on Bitpanda Systems) or (ii) one month having passed after publishing such changes or amendments (e.g. by sending a copy to the Bitpanda Client or publishing on Bitpanda websites; respectively

2.1.2 if a specific effective date (after the publish date) is indicated by Bitpanda: at the later of (i) the specified effective date and the (ii) earlier of (a) the Bitpanda Client explicitly accepting the amended Bitpanda GTC (for example on Bitpanda Systems) or (b) one month having passed after publishing such changes or amendments (e.g. by sending a copy to the Bitpanda Client or publishing on Bitpanda websites). 

2.2. The Bitpanda Client's consent shall be deemed granted if Bitpanda does not receive an objection from the Bitpanda Client in writing or electronically (e.g. by e-mail or via the Client Account). In the amendment offer, Bitpanda shall bring to the Bitpanda Client's attention that (i) its silence by failing to object in writing or electronically (e.g. by e-mail or via the Client Account) shall be deemed as consent to the amendments, as well as that (ii) the Bitpanda Consumer Client shall have the right to terminate its contract and the services agreed under the contract without notice until the amendments take effect.

2.3. An increase in the Bitpanda Client's fees or a limitation of Bitpanda's services in the Bitpanda GTC can only be effected with the express consent of the Bitpanda Consumer Client. 

3. Overview of the Services of Bitpanda

3.1.1 Bitpanda Platform Services, as described in more detail in point 8.

3.1.2 Bitpanda Broker Services, as described in more detail in point 3 of the Bitpanda GmbH TC.

3.1.3 Bitpanda Savings, as described in more detail in 4 of the Bitpanda GmbH TC.

3.1.4 Bitpanda Wallet and Custodial Services, as described in more detail in point 5 of the Bitpanda GmbH TC.

3.1.5 Bitpanda Index, as described in more detail in point 7 of the Bitpanda GmbH TC.

The general terms and conditions of Bitpanda GmbH (set out under https://www.bitpanda.com/en/legal/bitpanda-general-terms-conditions, "Bitpanda GmbH TC") apply to services provided by Bitpanda GmbH in addition to these Bitpanda GTC;

3.2 Bitpanda Pro Services: Bitpanda Pro GmbH offers on Bitpanda Systems, respectively on its own systems, inter alia the usage of Bitpanda Pro systems as defined and described in more detail in point 3 et seq. of the Bitpanda Pro TC. The general terms and conditions of Bitpanda Pro GmbH (set out under https://www.bitpanda.com/en/legal/bitpanda-pro-general-terms-conditions, "Bitpanda Pro TC") apply to services provided by Bitpanda Pro GmbH in addition to these Bitpanda GTC.

3.3 Bitpanda Metals Services: Bitpanda Metals GmbH offers on Bitpanda Systems inter alia the purchase and sale of physically vaulted precious metals such as, but not limited to, gold, silver, palladium and platinum in the form of M-Token (as defined in the Metals TC). The general terms and conditions of Bitpanda Metals GmbH (set out under https://www.bitpanda.com/en/legal/bitpanda-metals-gmbh-general-terms-conditions, "Metals TC") apply to services provided by Bitpanda Metals GmbH in addition to these Bitpanda GTC.

3.4 Bitpanda Financial Services: Bitpanda Financial Services GmbH offers on Bitpanda Systems financial services inter alia with regard to the acceptance and transmission of orders of A-Token (as defined in the Financial Services TC) pursuant to section 1 (3) item a of the Securities Supervision Act 2018 (Wertpapieraufsichtsgesetz "WAG"). The general terms and conditions of Bitpanda Financial Services GmbH (set out under https://www.bitpanda.com/en/legal/general-terms-conditions-bitpanda-financial-services "Financial Services TC") apply to services provided by them in addition to these Bitpanda GTC.

3.5 Bitpanda Payments Services: Bitpanda Payments GmbH offers on Bitpanda Systems, inter alia payment transfer services, money remittance services and payment initiation services. The general terms and conditions of Bitpanda Payments GmbH (set out under https://www.bitpanda.com/en/legal/bitpanda-payments-terms-conditions "Payments TC", the Metals TC, Financial Services TC and Payments TC together the "Affiliate TC") apply to services provided by them in addition to these Bitpanda GTC.

4. Becoming a Bitpanda Client, Trading Limits

4.1 Bitpanda Client Account | Bitpanda Client. Persons interested in using Bitpanda Systems have to create a user account ("Bitpanda Client Account") by registering on a Bitpanda System and providing Bitpanda with valid, correct and up-to-date information, such as their name (first and surname), e-mail address and a password, in the registration process. A person having successfully completed the registration process (which is confirmed by Bitpanda) is called a "Bitpanda Client" or “you”. 

4.2 Client Verification Process. In order to use the trading options on a Bitpanda System, you, as a Bitpanda Client, have to verify your Bitpanda Client Account ("Client Verification Process"). The duration, steps and requirements of the Client Verification Process depend mainly on security requirements, in particular Anti Money Laundering considerations, and may change from time to time depending on the legal framework and other considerations (such as security concerns and technical developments). At any time during the Client Verification Process, Bitpanda may request additional information and documents necessary to complete the Client Verification Process. The requested information and documents shall be provided without undue delay. 

4.3 Up-to-date and complete Information. You confirm that any document and information that you provide Bitpanda with is up-to-date, correct and complete and that you have not withheld any information that could potentially influence the Client Verification Process (e.g. you confirm that you have not withheld any information that could potentially trigger any further due diligence - see point 8 for further details).

4.4 Bitpanda will request specific information from you in the process of becoming a Bitpanda Client and from time to time for as long as you remain a Bitpanda Client. Such information includes for example:

4.4.1 For natural persons: copies of official identity documents with a photograph and biometric data (for further information see our privacy policy https://www.bitpanda.com/en/legal/bitpanda-privacy-policy) (in notarised and apostilled form if requested by Bitpanda);

4.4.2 For legal persons: excerpts from the company register, certificates of incorporation, founding documents or equivalent documents (in notarised and apostilled form if requested by Bitpanda); and

4.4.3 For all Bitpanda Clients: all other documents which may be required by law or by Bitpanda at its sole discretion.

4.5 No Acceptance Guarantee. You acknowledge and accept that there is no guarantee that a specific person can successfully complete the Client Verification Process and thus become a Bitpanda Client even if the relevant Bitpanda Client has provided all information requested by Bitpanda. The reasons for this may include, but are not limited to, legal restrictions or economic considerations. You acknowledge that Bitpanda may, at its sole discretion, refuse to further continue the Client Verification Process in which case you cannot and will not be able to successfully pass the Client Verification Process. 

4.6 Personal Trading Limit. You will be assigned personal trading limits ("Personal Trading Limit") depending on the outcome of the Client Verification Process, which are equal to or lower than the general trading limits (set out on https://www.bitpanda.com/en/limits) and will be displayed to you on Bitpanda Systems only if an envisaged trade would exceed your trading limit. Bitpanda may from time to time adjust your Personal Trading Limit without further notice.

5. Bitpanda Client Account, Acting in own name

5.1 Prohibition of double or shared accounts. Bitpanda Systems allow only one Bitpanda Client Account per Bitpanda Client. Double-accounts or shared accounts are strictly forbidden. Should another account (the "Double-Account") be created in addition to your first account (the „Original-Account"), the following applies: Bitpanda has the right to block the Double-Account and keep it locked. Assets which are deposited on the Double-Account will be transferred by Bitpanda to the Bitpanda Client's original-account provided that the Bitpanda Client can prove (for example via the identification service used by Bitpanda) to Bitpanda's satisfaction that he/she is the creator and owner of both the Double-Account and original-account. In such cases, if the Bitpanda Client is at fault, Bitpanda may charge an administrative fee of EUR 5.00 and if necessary, recover this fee in accordance with point 17. Bitpanda may, at its sole discretion, waive the prohibition of Double Accounts with regard to certain services offered by Bitpanda's partners that use Bitpanda Systems to perform digital asset services to its clients and require the opening of separate accounts (Double-Accounts). 

5.2 No transfer of accounts. You may not transfer your Bitpanda Client Account (neither by sale, donation or otherwise) to any other person. 

5.3 No transfer of rights. You may not assign or transfer any of the rights under the Bitpanda GTC, the Affiliate TC or in relation to the assets deposited on Bitpanda Systems to any third party without the prior explicit consent of Bitpanda.

5.4 Single payment service provider account rule. Any payment service provider account (e.g. bank account, Neteller account, etc; the "Client Bank Account") may only be associated with one Bitpanda Client Account and, consequently, one single Bitpanda Client. The name of the account holder of the Client Bank Account associated with one Bitpanda Client Account must match the name of the Bitpanda Client attached to the respective Bitpanda Client Account. The same applies to credit cards and any other means of payment used in connection with the Bitpanda Systems. 

5.5 Acting solely in your own name and behalf. You understand and confirm that you act in your own name and for your own account and create and use a Bitpanda Client Account for yourself only. It is forbidden to act as an intermediary of any kind or broker of any kind or trustee of any kind for any person (including shared legal or beneficial ownership of the Bitpanda Client Account or any assets deposited within your Bitpanda Client Account) or to allow access of any kind to the Bitpanda Client Account to any person other than yourself. 

5.6 Exceptions to point 5.5. In certain cases (e.g. the client being a legal entity) Bitpanda may allow or request at its own discretion that the client creates an additional or separate account on behalf of a natural person or legal entity after (i) providing sufficient evidence and other documents as requested by Bitpanda, (ii) careful consideration/assessment from Bitpanda's compliance department, and (iii) obtaining specially granted approval of the responsible Bitpanda bodies.

6. Bitpanda Client Restrictions

6 Bitpanda does not enter into any transactions with the following persons, does not accept them as a Bitpanda Client and no such person may register a Bitpanda Client Account or use any of the Bitpanda Systems:

6.1 Persons younger than 18 years or (if higher) the legal age required to become a Bitpanda Client and/or use Bitpanda Systems in accordance with the laws applicable to that person.

6.2 Persons and entities from the United States, being:

6.2.1 persons with US citizenship;

6.2.2 persons having their residence in the United States;

6.2.3 corporations, partnerships and other entities established or organized in or under the laws of the United States; or

6.2.4 any trust or estate subject to US courts. 

6.3 Persons, which are or have been subject to any of the measures mentioned in point 11.2.

Bitpanda may, in addition, at any time exclude any person or jurisdiction from its services at its own sole discretion. 

7. Security Measures, Loss of Password, No Recover Policy 

7.1 Two factor Authentication. As a preventive security measure, Bitpanda recommends that each Bitpanda Client uses the two-factor authentication identification ("2FA") on Bitpanda Systems. By using the 2FA, verification with a second factor - e-mail, SMS or push notification – ("2F") in addition to your password will be required. 

7.2 No disclosure of passwords. Unless explicitly stated otherwise you may not disclose your password and/or 2F to any third party or share your Bitpanda Client Account with such person. 

7.3 Password | Loss of 2FA. Further, you acknowledge that any person having access to your username and password and – if you use the 2FA – your 2F may have full access to your Bitpanda Client Account and may effect transactions in your name which may not be reversible. In case of loss or theft of the 2F , you must immediately notify Bitpanda about this loss and follow Bitpanda's instructions. You acknowledge and accept that the processing of this notice may be deferred depending on the utilisation of the Bitpanda support team.

7.4 Password Reset. When a password is reset, Bitpanda pauses any transactions to or from your Wallets for security reasons for a maximum period of 48 hours. You confirm that you are aware of this security measure and accept it.

7.5 No Recover Policy. If you are not able to find regain your 2F, nor comply with the security rules and requirements communicated to you by Bitpanda (e.g. upon presentation of a transfer order from the Bank to the relevant Bitpanda Client Account and proof of your identity by presentation of an official identity document with a photograph) you will neither be able to access Bitpanda Systems nor your Bitpanda Client Account again and the Bitpanda Client Account including any asset or credit cannot be used until you can find /regain the correct 2F ("No Recover Policy"). You are aware of the implications and accept this No Recover Policy which is a major and important immanent part of a system dealing with cryptographic blockchain-based digital information units. 

8. Obligations to act and cooperate on the part of the Bitpanda Client 

8.1 Bitpanda Client’s obligations and undertaking. You, as a Bitpanda Client, shall:

8.1.1 ensure prompt execution of any contracts (Verträge) and declarations (Erklärungen) and render forthwith any assistance required or reasonably requested by Bitpanda in the course of making available to you the services on Bitpanda Systems and – notwithstanding any of your rights and discretions under the Bitpanda GTC, Affiliate TC, Austrian law and any additional laws and regulations applicable to you – shall refrain from any act or exercising any right, power, authority or discretion you may have which would or is reasonably likely to adversely affect the existence, legality, validity and/or enforceability of the contracts entered into between Bitpanda and yourself. 

8.1.2 immediately report all defects or other problems with Bitpanda Systems or transactions associated therewith which you either cause or are made aware of and shall assist Bitpanda in remedying the problem.

8.1.3 state your principal residency (Hauptwohnsitz) during the Client Verification Process.

8.1.4 without undue delay update via a Bitpanda System or notify Bitpanda about any changes to your personal data (name, mailing/postal address, principal residency (Hauptwohnsitz) or e-mail address). The same applies if you notice that – for whatever reason – your personal information displayed on Bitpanda systems does not conform with the documents and information provided by you to Bitpanda (for example if you notice that your name is spelled differently on your passport than on Bitpanda Systems). For as long as you do not notify Bitpanda about a new e-mail address or mailing/postal address, declarations from Bitpanda shall continue to be sent to the previous e-mail address or mailing/postal address. These declarations shall be deemed to have been received by you if Bitpanda was neither (i) aware of an amendment to the e-mail address or mailing/postal address; nor (ii) unaware of such an amendment due to gross negligence of Bitpanda. 

8.1.5 ensure that you choose a strong (long and complex) password that is unique and that you keep any and all details of your password confidential at all times.

8.1.6 at all times ensure that you have your 2F available and in usable condition and that only you have access to your 2F (provided you use the 2FA). 

8.1.7 at all times ensure that your Bitpanda mobile app, your internet browser and the underlying operating systems are always kept up to date to – amongst others – ensure that all security patches and updates are installed.

8.1.8 provide Bitpanda with any reasonable data and/or information that Bitpanda may require in order to provide its services to you. This includes, but is not limited to, details with regard to proof of origin of funds (such as banking statements or any other details provided by banks or financial institutions, contracts of sales or contracts in general, or any other suitable data) provided that they exceed the daily, monthly or general limits on Bitpanda Systems. You acknowledge that the documents and data you submit are subject to verification by Bitpanda. Bitpanda takes reasonable efforts to verify your documents as quickly as possible. However, it may happen that a verification performed by Bitpanda will be delayed (e.g. due to high trading activity on Bitpanda Systems). As a result, the execution of your requested transaction may be delayed or, should the documents you submitted not be deemed sufficient by Bitpanda at its sole discretion for objectively justified reasons, may not be carried out at all.

8.1.9 notify Bitpanda without undue delay about any loss or restriction of your capacity to contract.

8.1.10 notify Bitpanda without undue delay about any change of (i) your Ultimate Beneficial Owner (UBO), (ii) your ownership structure or (iii) your representatives, if you are a legal entity.

8.1.11 notify Bitpanda without undue delay about the commencement of dissolution, insolvency, restructuring, winding up or similar proceedings in any applicable jurisdiction as well as about the termination of the legal entity. 

8.2 No obligation or guarantee by Bitpanda to act or react. You acknowledge and accept that Bitpanda provides no guarantee or undertaking to react within a certain timeframe when you provide to Bitpanda any information or document unless such timeframe is explicitly set out in these Bitpanda GTC. In particular, you acknowledge and accept that whenever a proof of origin of funds is required, the completion process may take several business days, depending on the individual case and other circumstances such as the general business volume and even if you promptly provide the documents in accordance with point 8.1.8. 

9. Bitpanda Platform Services

9.1 Bitpanda Platform: After having successfully registered a Bitpanda Client Account in accordance with point 4.1, a Bitpanda Client may log in to the Bitpanda Systems. 

9.2 Services until completion of the Client Verification Process: Prior to having successfully completed the Client Verification Process a Bitpanda Client can neither execute any trades nor receive or hold any assets on Bitpanda Systems. Such Bitpanda Client may only see certain information available on the Bitpanda System (e.g. graphically presented exchange rates of individual digital assets). 

9.3 Services after successful completion of the Client Verification Process: After having successfully completed the Client Verification Process, a Bitpanda Client has – subject to the Bitpanda GTC and any applicable Affiliate TC – access to all services provided on the Bitpanda Systems, such as information services, custodial services and broker services. Whether specific services (e.g. trading with derivatives) are available to a Bitpanda Client depends on further factors (e.g. the personal risk profile of a Bitpanda Client). 

9.4 Charges: Currently the usage of the Bitpanda System itself is free of charge for Bitpanda Clients. However, in case a person is no longer a Bitpanda Client and refuses to transfer their assets within a time-period of 14 days after the contractual relationship has ended, Bitpanda is entitled to charge fees in the amount of 0.1% but maximum EUR 30.00 per month of the deposited sum for the usage of the Bitpanda System.

10. Ordinary termination rights 

10.1 Ordinary termination rights with Bitpanda Business Clients. Except where the Bitpanda GTC set out different notice periods, Bitpanda and the Bitpanda Business Client each may at any time terminate the entire business relationship or individual parts thereof by giving two weeks notice. However, Bitpanda – at its sole discretion – may accept an ordinary termination without giving notice (e.g. in case a customer withdraws all funds and deletes the Bitpanda Client Account). 

10.2 Ordinary termination rights with Bitpanda Consumer Clients. 

10.2.1 Bitpanda Consumer Client's termination rights. Except where these GTC set out different notice periods, a Bitpanda Consumer Client may terminate the Bitpanda Client Account and any other transactions and business relationships by giving two weeks' notice. The foregoing does not affect the Bitpanda Client's right to terminate at no charge by reason of an amendment to any of the Bitpanda GTC. Further, Bitpanda – at its sole discretion – may accept an ordinary termination without giving notice (e.g. in case a customer withdraws all funds and deletes the Bitpanda Client Account). 

10.2.2 Bitpanda's termination rights. Vis-à-vis Bitpanda Consumer Clients Bitpanda may at any time terminate all transactions and business relationships concluded for an unspecified term by giving one month’ notice, except where the Bitpanda GTC set out different notice periods.

11. Extraordinary termination rights

11.1. Termination for cause. Bitpanda or a Bitpanda Client may at any time, without a notice period and with immediate effect terminate the entire business relationship or individual parts thereof for cause. 

11.2 Causes entitling Bitpanda to terminate the business relationship and/or close/lock/freeze a Bitpanda Client Account.

Bitpanda reserves the right to lock and/or freeze and/or close a Bitpanda Client Account (including the block (Blockierung) of a transaction, reverse (Rückabwicklung) of a transaction, suspension (Aussetzung) of a transaction or rescission (Rücktritt) from a contract/transaction) and terminate the business relationship with the relevant Bitpanda Client immediately and without further notice to the Bitpanda Client for cause if, in particular but not limited to: 

11.2.1 Bitpanda reasonably believes that a Bitpanda Client is or has been convicted or accused of (including any reasonably documented media reports or market rumours on) any breach or violation of criminal, administrative or tax laws in any country of the world, e.g. fraud, terrorist financing, money laundering, tax fraud, being part of a Ponzi scheme of any kind, using matrix programmes/pyramid programmes/multi-level marketing or other high-risk business detrimental to customers; unlawful activity in any country of the world, forbidden gambling, intellectual property or proprietary rights infringement, counterfeit or unauthorised goods, using/distributing drugs and drug paraphernalia or substances designed to mimic illegal drugs, producing/distributing adult content and services, using unfair, predatory or deceptive practice via customers or persons.

11.2.2 official investigations (by any competent public authority, in particular but not limited to any public prosecutors in the field of criminal law or tax agents) against a Bitpanda Client have been initiated or threatened with respect to any breach or violation of relevant criminal, administrative or tax laws in any country of the world.

11.2.3 Bitpanda does so in order to comply with any (i) applicable law (in particular for anti-money-laundering purposes) or regulation, (ii) internal guideline based on such law or regulation, or (iii) any order or request by a court or other authority.

11.2.4 a Bitpanda Client has breached any of his/her obligations under the Bitpanda GTC which are not otherwise mentioned in this point 11.2 (e.g. any delayed payment) and has failed to cure such breach within 10 Business Days from the date of the occurrence of such breach.

11.2.5 a Bitpanda Client has breached any rules or regulations of a payment service provider.

11.2.6 a Bitpanda Client has breached any agreements, terms, rules or regulations with/of an Affiliate.

11.2.7 a Bitpanda Client has opened more than one account with Bitpanda or has shared his/her Bitpanda Client Account with another person.

11.2.8 a Bitpanda Client breaches the single payment service provider account rule (point 5.4) e.g. by using together with another Bitpanda Client the same Client Bank Account to effect transfers from or to more than one single Bitpanda Client Account or by using a bank account or credit card which is not in his/her name.

11.2.9 a Bitpanda Client uses a Bitpanda Client Account without legal entitlement to use such an account.

11.2.10 a Bitpanda Client conceals his/her correct identity or origin of funds by providing incorrect, incomplete, outdated or misleading data to Bitpanda or to a payment service provider.

11.2.11 a Bitpanda Client materially breaches the rules of the Tell-a-Friend Programme (set forth under point 16) and does not cure the breaches within a grace period communicated to it by Bitpanda (depending on the breach usually between 24 hours and 5 Business Days).

11.2.12 a Bitpanda Client manipulates Bitpanda Systems or any other of Bitpanda's services. Such manipulation is in particular any use of an automated system (e.g. bot) or any other tool or method which deviated from normal and typical trading behaviour of retail investors and, hence, indicates the involvement of a certain technology, software and/or any system automating such trading, except such use has been previously agreed in writing with Bitpanda. Using an automated system (e.g. bot) is only permitted if you (i) use Bitpanda Pro and (ii) use the official APIs provided on Bitpanda Pro in their original and unmodified state.

11.2.13 a Bitpanda Client conducts their business in such a way or uses Bitpanda Systems in such a way that leads to Direct Debit Chargebacks, credit card chargebacks or violations of regulations of involved banks or credit card companies.

11.2.14 a Bitpanda Client conducts transactions in a way or uses Bitpanda Systems in a way that causes damage, disadvantages or losses for Bitpanda and/or impairs any Bitpanda Service. 

11.3 Suspension or Termination of your Client Account by Bitpanda. In the event your Client Account is suspended or terminated by Bitpanda, Bitpanda shall provide you with notice of such suspension or termination, unless it would be unlawful for Bitpanda to do so. In addition, you acknowledge that Bitpanda is not obligated to disclose any findings or information acquired by Bitpanda's security and risk management procedures. 

11.4 In the event Bitpanda is refusing to complete a transaction and / or suspending your Bitpanda Client Account, Bitpanda will lift the suspension or complete the transaction as soon as reasonably practicable once the reasons for refusal and / or suspension no longer exist. However, Bitpanda is under no obligation to allow you to conduct a transaction at the same price or on the same terms as the suspended, reversed or cancelled transaction.

11.5 Compensation fees. If Bitpanda is engaged by you to remedy a declared and/or alleged deficiency and it is proven that no deficiency exists, existed or that the deficiency is or was in your sphere, Bitpanda is entitled to charge a compensation fee for any expense made by Bitpanda in connection with investigating the alleged deficiency, if the Bitpanda Client is at fault and as far as such compensation fees are necessary to cover adequate costs of Bitpanda to administer such alleged deficiency.

11.6 Classification of E-Token as financial instrument. Notwithstanding any other termination right of the Bitpanda Client and Bitpanda GmbH, the Bitpanda Client and Bitpanda GmbH may at any time terminate the fiduciary agreement (without observing any notice period) if any E-Token that forms part of the fiduciary property is at any time classified as financial instrument or similar regulated asset under Austrian law.

12 Bitpanda's Token System

12.1 Bitpanda's Token System. Bitpanda Systems use its own internal token classification system (F-Token, E-Token, M-Token and A-Token) which are booked in the respective storing sub-accounts (each a "Wallet") of the respective Bitpanda Client Account. Only such Tokens booked in the respective Wallets in the Bitpanda Client Account may and can be used for making a Bitpanda Client Offer with respect to offering Token. 

12.2 F-Token. F-Token are issued and exclusively offered 

12.2.1 by Bitpanda GmbH and are not based on any type of distributed ledger technology but constitute an entry recorded in a central database maintained by Bitpanda GmbH;

12.2.2 in various currencies as displayed on Bitpanda Systems; 

12.2.3 for support and facilitation reasons as an extra service towards Bitpanda Clients, in particular to enable the Bitpanda Client to act faster with respect to Bitpanda Client Offers;

12.2.4 for the exclusive use within a Bitpanda System to exchange into E-Token, A-Token and M-Token. An exchange or transfer of F-Token (i) outside of a Bitpanda System or (ii) between / to another Bitpanda Client is not possible. 

12.3 F-Token are solely intended as a supporting instrument to facilitate the quick and convenient acquisition of other Token by Bitpanda Clients. F-Token shall in no event be considered or used by you as a deposit (Einlage) of any kind. 

12.4 Inactivity fee. If a Bitpanda Client does not use an F-Token in exchange for another Token within a period of 12 months after such F-Token has been booked on the Bitpanda Client's Wallet ("Reference Period"), Bitpanda may charge an inactivity fee of EUR 5.00 per month from the End of the Reference Period until the Bitpanda Client makes any valid transaction with F-Token. Whenever the Bitpanda Client makes a transaction with F-Token, the Reference Period is reset and restarts from the day such F-Token transaction is effected.

12.5 The Wallet for all F-Token is named "Fiat Wallet" and the F-Token of each legal tender will be displayed in sub-wallets of the Fiat Wallet. 

12.6 Classification of token and Wallets. Bitpanda GmbH uses its own, proprietary token classification scheme. Please note that only E-Token constitute token which may be transferred and stored electronically, using distributed ledger technology or similar technology while A-Token, M-Token and F-Token do not incorporate such technology and solely exist as database entries on Bitpanda Systems, maintained by Bitpanda GmbH. Please further note that while E-Token are generally based on distributed ledger technology, they are stored in centralized wallets which are held and maintained by Bitpanda GmbH together with other E-Token of other Bitpanda Clients. The amounts of E-Token displayed in your Wallet are not individual wallet's on the relevant blockchain, but data base entries maintained by Bitpanda indicating the amount of E-Token held by Bitpanda on your behalf. Please note certain E-Token may not be sent via distributed ledger technology and that you cannot deposit or withdraw such E-Token (‘trade only’)

13 Airdrops

13.1 For any airdrop by Bitpanda itself ("Bitpanda Airdrop") Bitpanda automatically books the respective Token or any digital information unit distributed in such Bitpanda Airdrop to the respective Bitpanda Client Account. 

13.2 For any airdrop by persons other than Bitpanda ("Third Party Airdrop"), Bitpanda does not automatically credit any Token or any other digital information unit to your Bitpanda Client Account. You have to monitor available Third Party Airdrop yourself and if you want to participate in such Third Party Airdrop you must withdraw the respective Token from the Bitpanda System and book it into the respective system which you deem fit to participate in such Third Party Airdrop. Bitpanda does not provide advice on Third Party Airdrop or on ways to participate in Third Party Airdrop. You acknowledge and agree that if you participate in any Third Party Airdrop you do so at your own risk. Bitpanda does not and will not inform you on airdrops other than Bitpanda Airdrops.

14 Bitpanda Fork Policies

Bitpanda applies the fork policy as attached hereto in Annex II ("Bitpanda Fork Policy") and you accept the Bitpanda Fork Policy as part of the Bitpanda GTC.

15 Right of withdrawal

15.1 Right of withdrawal. In accordance with section 11 of the Austrian "Fern- und Auswärtsgeschäfte-Gesetz" ("FAGG"), in case of a Bitpanda Client Offer for E-Token, F-Token and M-Token made by a Bitpanda Consumer Client, the Bitpanda Consumer Client has the right to withdraw from the contract with Bitpanda within 14 days without giving any reason. The withdrawal period will expire after 14 days, starting from the day of the CCOFA, have lapsed. To exercise the right of withdrawal, the Bitpanda Client must inform Bitpanda of the decision to withdraw from the contract by an unequivocal statement (e.g. a letter sent by post, fax or e-mail). The Bitpanda Consumer Client may use the attached model withdrawal form (Annex ./III), but it is not obligatory. To meet the withdrawal deadline, it is sufficient for the Bitpanda Consumer Client to send the communication concerning the exercise of the right of withdrawal before the withdrawal period has expired.

15.2 Effects of withdrawal. If the Bitpanda Client withdraws from his/her contract, Bitpanda shall reimburse the Bitpanda Client for all payments received, without undue delay and in any event not later than 14 days after the day on which Bitpanda is informed about the decision to withdraw from the contract. Bitpanda will carry out such reimbursement using the same means of payment as the Bitpanda Client used for the initial transaction, unless the Bitpanda Client has expressly agreed otherwise; in any event, the Bitpanda Client will not incur any fees as a result of such reimbursement.

15.3 Loss of right of withdrawal. By clicking/checking the respective checkbox on Bitpanda Systems, the Bitpanda Client requests immediate performance of the transaction and acknowledges that he/she will lose his/her right of withdrawal from the contract once the contract is fully performed in accordance with section 18 para 1 no 11 FAGG.

15.4 Contract confirmation. Bitpanda transmits a confirmation of the closed contract to the Bitpanda Client in accordance with section 7 para 3 FAGG immediately after the CCOFA.

15.5 A-Token. The Bitpanda Client explicitly acknowledges and hereby agrees to have no right to withdraw from a Bitpanda Client Offer for A-Token, as for making such an offer, the exception of the withdrawal right according to section 10 no 1 of the “Fern-Finanzdienstleistungs-Gesetz“ (the “FernFinG”) applies.

16 Tell-a-Friend Programme

16.1 Bitpanda offers Bitpanda Clients to refer new customers to Bitpanda by participating in a tell-a-friend programme ("Tell-a-Friend Programme"). The Tell-a-Friend Programme is offered until further notice.

16.2 Under the Tell-a-Friend Programme, you (in such role the "Promoter") may refer a person which has never been a Bitpanda Client to register a Bitpanda Client Account by using the Promoter's referral code ("Promoter Referral Code") and to become a new Bitpanda Client ("Referred Bitpanda Client"). The Promoter Referral Code is made available in the Bitpanda Client Account.

16.3 Requirements for Promotion Award: You, as a Promoter, will be credited EUR 10.00 in F-Token to your Wallet for every Referred Bitpanda Client (“Promotion Award”) if you have not violated any of the provisions of the Bitpanda GTC (in particular points 16.4 to 16.7), subject to the following requirements: 

The Referred Bitpanda Client 

16.3.1 has successfully completed the Client Verification Process and has complied with all other provisions of the Bitpanda GTC,

16.3.2 has purchased at least EUR 25.00 in F-Token, and 

16.3.3 has purchased E-Token, A-Token or M-Token in an aggregate value equivalent or exceeding EUR 25.00 via Bitpanda Broker (for the avoidance of doubt, Bitpanda Pro is excluded).

Provided that these requirements are met, the Referred Bitpanda Client also receives EUR 10.00 in F-Token credited to the Referred Bitpanda Client's Wallet as an award. These two awards are valid for 180 days from the date of being credited to the relevant Wallet ("Award Redemption Period"). If F-Token (or parts thereof) received as a Promotion Award have not been redeemed within the Award Redemption Period, they become invalid and will be deducted from the relevant Wallet.

You acknowledge and accept that Bitpanda may modify the terms of or terminate the Tell-a-Friend Programme at any time at its sole discretion.

16.4 Within the context of this Tell-a-Friend Programme and for any other context, a Promoter may only use advertising materials provided by Bitpanda. Alterations to these materials or the use of materials created by the Promoter are strictly forbidden. 

16.5 Forbidden Actions. Spamming, cold calling or any other intrusive advertising measures are strictly forbidden. Further, it is strictly forbidden to share your Promoter Referral Code to a large group of people at once (e.g. via social media posting). You may only share your Promoter Referral Code with people you are directly engaging with.

16.6 Promoter acting in own name. You acknowledge and agree that you as a Promoter participate in the Tell-a-Friend Programme in your own name and on your own account. Any act in the name of or on behalf of Bitpanda is forbidden (e.g. sending messages on behalf or in the name of Bitpanda to persons; publishing postings or publishing any statement on behalf of Bitpanda, editing the logo(s), brands or other material of Bitpanda, promoting any discounts for the services of Bitpanda (except for discounts which are published by Bitpanda themselves)). 

16.7 Prohibition of Pay Per Click or Search Engine Marketing. Any Promoter must refrain from using any Pay Per Click (PPC) or Search Engine Marketing (SEM) methods when participating in the Tell-a-Friend Programme, including but not limited to Google Adwords, Bing Ads when (i) advertising on behalf of Bitpanda and leading users directly to Bitpanda Systems, the Promoter’s website or any other third party website as a result of that paid advertising, (ii) bidding on Bitpanda brand terms, including any forms of misspellings and typos, (iii) using Bitpanda brand terms, including any misspellings or typos within the paid ads text and/or images, or (iv) directly competing against Bitpanda ads in order to show on the search results pages. 

16.8 Persons with residence/seat in certain jurisdictions or countries may be excluded from participation in the "Tell-a-Friend Programme" due to e.g. regulatory reasons (both as Promoter and Referred Bitpanda Client).

17 Client Default, Reminder Fees

17.1 You are in default (each a "Client Default") whenever you do not pay any amount owed to Bitpanda when due, for example, whenever

17.1.1 the payment of a currency that is a legal tender as set out under the relevant Bitpanda Client Offer is not credited to Bitpanda's bank account at the time when the relevant Contract Conclusion and Order Fulfillment Action has been completed by Bitpanda. If Bitpanda Consumer Clients settle their payment via bank transfer, the Bitpanda Consumer Client issuing the transfer order on the day of the CCOFA is sufficient; 

17.1.2 the transfer of Token or other assets set out under the relevant Bitpanda Client Offer is not received on Bitpanda's wallet or storage at the time when the relevant CCOFA has been completed by Bitpanda; and/or

17.1.3 a collection via SEPA Direct Debit mandate cannot be fulfilled or a Direct Debit Chargeback occurs.

17.2 Reminder fees: In the event of a Client Default for which Bitpanda Client is at fault, Bitpanda may charge reminder fees in a reasonable relation to the amount in delay/value of transferred Token in delay, as far as such fees are necessary to cover adequate costs of Bitpanda to administer such Client Default and enforce Bitpanda's rights. At least EUR 5.00 and up to a maximum of EUR 15.00 in reminder fees will be charged.

18 Security over Bitpanda Client assets and set-off, Security ownership 

18.1. Set-off. Each of Bitpanda GmbH, Bitpanda Metals GmbH, Bitpanda Financial Services GmbH and Bitpanda Payments GmbH may at any time set-off any due and unpaid monetary claim it has against you against any due and unpaid monetary claim you may have against Bitpanda. You explicitly agree that Bitpanda GmbH may at any time set-off any due and unpaid monetary claim it has against you against your F-Token by deleting an amount equivalent to the due and unpaid monetary claim it has. This point 18.1 shall not limit any set-off right Bitpanda GmbH, Bitpanda Metals GmbH, Bitpanda Financial Services GmbH, Bitpanda Payments GmbH and/or you may have under Austrian law generally.

18.2 Security ownership. You irrevocably grant a first ranking security right in the form of security ownership (Sicherungseigentum) in favour of Bitpanda GmbH over all E-Token deposited from time to time on your relevant Wallet ("Secured Assets") to secure all monetary claims (present or future, conditional or unconditional) of Bitpanda GmbH against yourself (such claims the "Secured Claims"). As the relevant E-Token are also subject to custody (as set out in point 5 of the Bitpanda GmbH TCs), no separate perfection step to establish the security ownership is required. If you default on any of the Secured Claims (for example, if a Client Default occurs or whenever you do not pay any other fee or compensation owed to Bitpanda GmbH when due) Bitpanda GmbH may enforce the Secured Asset in whole or in parts by (partial) sale or auction of the Secured Assets ("Enforcement"). You explicitly agree that any Enforcement may be effected as out of court enforcement without the need to obtain a judgment or award and without having to institute enforcement proceedings in accordance with the Austrian Enforcement Act (Exekutionsordnung). Before any Enforcement, Bitpanda GmbH will – if such notice is not unfeasible (untunlich) – notify you about the default of the relevant Secured Claims and warn you that the Secured Assets will be auctioned or sold unless you pay all outstanding claims within one month of such notice. An Enforcement may be effected by Bitpanda GmbH either by sale on any trading platform or exchange (including on Bitpanda Systems) at the respective market price or as direct sale provided that the price is equal to or higher than the current market price for the relevant Secured Asset. If for any Secured Asset (i) no such market price exists; or (ii) no trading platform or exchange is (technically and legally) accessible to Bitpanda GmbH; or (iii) considering the circumstances and steps required, access to such trading platform or exchange is not feasible in the specific case, Bitpanda GmbH may enforce the relevant (part of the) Secured Assets in a public auction in analogues application of section 466b et seq. of the Austrian Civil Code (Allgemeines bürgerliches Gesetzbuch). Bitpanda may – with due consideration to your interests – decide which parts of the Secured Assets will be subject to an Enforcement and you do not have any right to direct Bitpanda GmbH which parts of the Secured Assets shall be included in or excluded from an Enforcement. Any proceeds of the Enforcement will be applied as follows: firstly, towards payments of all necessary costs and fees of the Enforcement and secondly towards payment of any due and unpaid Secured Claim. Any surplus will be transferred to you. The security ownership (Sicherungseigentum) is released by effectively transferring the Secured Assets to your or any other person's wallet outside Bitpanda Systems. Bitpanda GmbH will release the security ownership once all Secured Claims are fully and finally settled at the latest. Any partial release or Enforcement of the Secured Assets does not affect the security ownership over the remaining Secured Assets. For the avoidance of doubt, the security ownership shall be in addition to and independent from the custody set out in point 5 of the Bitpanda GmbH TCs. 

18.3 Neither Bitpanda GmbH, Bitpanda Metals GmbH, Bitpanda Financial Services GmbH nor Bitpanda Payments GmbH accept or agree to any security rights of other persons that would rank ahead of or in any way impair their rights set out in points 18.1 or 18.2 unless (i) where such third party right is created by operation of law or (ii) Bitpanda GmbH, Bitpanda Metals GmbH, Bitpanda Financial Services GmbH or Bitpanda Payments GmbH (as the case may be) explicitly agrees with you to waive any or all its rights under points 18.1 or 18.2.

18.4 For the avoidance of doubt: points 18.1, 18.2 and 18.3 do not intend to exclude any rights Bitpanda GmbH, Bitpanda Metals GmbH, Bitpanda Financial Services GmbH, Bitpanda Payments GmbH and/or you may have under Austrian law and only limits, amends and/or extends (as the case may be) such rights if explicitly provided for in points 18.1, 18.2 or 18.3.

18.5 Currency of account and currency conversion:

18.5.1 Except where a payment or other transaction (for example a Bitpanda Swap) is to be made in a specific currency or by transfer of specific asset (for example in BTC), Euro shall exclusively be the currency of account and payment for any sum due from Bitpanda to the Bitpanda Client or vice versa. 

18.5.2 Bitpanda GmbH may convert any moneys received or proceeds recovered in an Enforcement from one currency to another at a market rate of exchange if such conversion is required to settle or set-off the claims between Bitpanda GmbH and the Bitpanda Client.

19 Data Protection

In the course of delivering its services, Bitpanda is compliant with the GDPR as set forth in the Data Protection Terms (set out under LINK). 

20 Risks

20.1 You as a Bitpanda Client understand and accept the following risks in connection with using Bitpanda Systems and the assets offered on Bitpanda Systems which each in the worst case may lead to the total loss of your investment. In particular, but without being limited to these examples, you understand the inherent risks set forth above and hereinafter:

i. Risk of software weaknesses: The technology of E-Token and the underlying software applications and software platforms such as the smart contract systems and other involved software and technology and technical concepts and theories are still in an early development stage and unproven and out of Bitpanda's control or influence. There is no guarantee or warranty that the process for receipt, use and ownership of any cryptographic blockchain-based digital information units will be uninterrupted or error-free and there is an inherent risk that the software and related technologies and theories could contain weaknesses, vulnerabilities or bugs causing, inter alia, the complete loss of any cryptographic blockchain-based digital information units, in particular but not limited to token, Euros or any value of any cryptographic blockchain-based digital information units even if the software and systems deployed and under the control of Bitpanda function correctly. Many of these technologies or software applications required for the sale, transfer or holding of Token are neither released by a software manufacturer nor in any other way certified by a central entity such that there would be a person or entity that could be held liable for such defects. You should further note that even professionally developed and/or certified software – which is deployed on Bitpanda Systems or which you may use to access Bitpanda Systems (such as your internet browser) – may have vulnerabilities that are neither known by its developers nor its users and thus be subject to hacks or attacks. Bitpanda uses and displays customary security certificates issued by third parties (certificate authorities) that are widely regarded as a security enhancing feature but ultimately cannot guarantee that the security certificates displayed on any Bitpanda System are valid or correct and that the technology on the basis of which such certificates are issued and implemented is completely secure. Always keeping your Bitpanda mobile app, your internet browser and the underlying operating systems up to date helps to mitigate certain risks and vulnerabilities; but you acknowledge and accept that even if a specific security issue is known, it may take a certain period of time until such vulnerability will be addressed and a corresponding software update is available. 

ii. Regulatory and legal risk: Blockchain technologies allow new forms of interaction. It is possible that certain jurisdictions will apply existing regulations, or introduce new regulations addressing blockchain technology-based applications, which may have material effects on the current setup of the Bitpanda Systems and/or the assets and services available on Bitpanda Systems and which may, inter alia, result in substantial modifications to the/any cryptographic blockchain-based digital information units or any value which any cryptographic blockchain-based digital information units might have. Bitpanda is committed to design, modify and/or adapt the Bitpanda System technology in such a way that it complies with all applicable laws and regulations while at the same time retaining the flexibility for Bitpanda Clients but cannot guarantee that certain regulatory or legal changes may result in the limitation or termination of certain services on Bitpanda Systems. To the best of Bitpanda's knowledge, E-Token are not considered financial instruments within the meaning of section 1 (7) WAG under Austrian law, however, Bitpanda does not make any representations as to the regulatory or legal status of the assets and services available on Bitpanda Systems that relate to blockchain technology-based applications and only you are responsible to comply with any regulatory or legal requirements that may apply to you and/or in your jurisdiction in that regard (for example, you may be required to report certain trades or holdings of Token to the competent authorities). Bitpanda does not undertake to inform you about any regulatory or legal changes that may be relevant to you. Blockchain-based digital information units such as Bitcoin are not explicitly mentioned or otherwise regulated under Austrian property law and contract law. After having conducted a legal analysis with due care, Bitpanda has concluded that as at the date of the Bitpanda GTC the legal concepts of Austrian property law and contract law applied to E-Token on Bitpanda Systems (being the concepts of ownership (Eigentum) over Blockchain-based digital information units, the transfer of ownership (Eigentum) of E-Token via electronic transfer of the relevant information units in accordance with the relevant block chain protocol, the possibility to establish a custody (Treuhand) and security ownership (Sicherungseigentum) over E-Token) is legal, valid and enforceable under Austrian law. Bitpanda, however, cannot exclude that future legislation, case law or administrative practice will impair the legality, validity or enforceability of these legal concepts and, as a result, may adversely effect Bitpanda, Bitpanda Systems and/or your rights under the Bitpanda GTC or in relation to your E-Token.

iii. Risk of abandonment/lack of success: The allocation of any cryptographic blockchain-based digital information units and the development of such cryptographic blockchain-based digital information units technologies might be abandoned for a number of reasons, including lack of interest from industry, community and/or the public, lack of funding, lack of commercial success or prospects (e.g. caused by competing projects) which are out of Bitpanda's influence. Many blockchain-based digital information units (such as Bitcoin) are issued and maintained by neither a governmental agency nor corporation but by an undefined and anonymous network of individuals which factually participate in the development, use, mining and/or maintenance of such blockchain-based digital information units but are not bound by any agreement, law or regulation to do so. Respectively even if Bitpanda System technology is partially or fully developed and launched, it could happen that cryptographic blockchain-based digital information units do not receive or retain any functionality or that there are material changes of all kinds to the functionality of such assets. Bitpanda does not make any representation as to the current and future functionality, adoption or commercial success of any E-Token offered or stored on or transferred with Bitpanda Systems.

iv. Risk of theft and internet vulnerability: The underlying software application and software platform, the Bitpanda System technology, the smart contract system(s), other involved software, other technology components and/or platforms may be exposed to electronic or physical attacks that could result in the irreversible theft or loss of Tokens or the theft or loss of private data, impacting the ability to develop, launch or use Bitpanda System technology. 

v. Risk of eliminating the benefits of 2FA: Bitpanda strongly recommends that you use the 2FA. Please note however that the safety benefit of using 2FA is effectively eliminated if both factors can be accessed with the same credentials. For example, if your 2F is text message (SMS), you access Bitpanda Systems on your mobile browser on the same device and both the content of your text messages and Bitpanda Systems on your mobile browser is accessible to a person who is in control of or able to spoof the credentials to your mobile device (e.g. Face ID), an attacker may be able to gain access to your Bitpanda Client Account and thus your Wallet just by having access to this singe credential, even if you are using the using 2FA.

vi. Risk of weak and loss of credentials: If you do not use the 2FA, any person with knowledge of your password and e-mail address may be able to access your Bitpanda Client Account and the assets deposited with Bitpanda Systems and may make transactions in your name. You should be aware that the password you chose when registering a Bitpanda Client Account (as amended from time to time) may be subject to attacks (such as brute-force or dictionary attacks), even if it is unique and only known to you. The risk is greater if the password is weak (in length and/or complexity) and/or if the password contains personal details (for example your name, date of birth or place of residence) and/or words included in a dictionary. Bitpanda recommends that you always choose a strong and unique password (not used in any other service) and that you use the 2FA. If you use the password used with Bitpanda Systems on any other platform or service, or if you store (digitally or physically) your password in any location an attacker may retrieve your password used with Bitpanda Systems if such other platform or service or storage space (where your password is recorded) is successfully attacked. While stronger passwords are statistically (far) less likely to be successfully retrieved by an attacker, no password is fully safe. While Bitpanda indicates the password strength of your password when a Bitpanda Client Account is registered, such indicator is calculated from general parameters, does not verify whether your password may contain any of your personal details or words included in a dictionary and should thus be regarded as a guideline only. Bitpanda does not guarantee that any particular password is in fact secure or immune to password attacks.

vii. Risk of phishing and/or social engineering: You should be aware that SMS/messages and e-mail services are vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from Bitpanda. More recently, criminals have been reported to have set up professional call centers imitating the customer care departments of legitimate businesses with the goal of convincing you to disclose your credentials or do or omit any other action that will affect your assets (such as make a transfer or install a malicious software). You should always log into your Bitpanda Client Account through https://www.bitpanda.com to review any transactions or required actions if you have any uncertainty regarding the authenticity of any communication or notice. You should note that phishing attacks often occur despite SMS or e-mail or equivalent services, via search engines or ads in search engines, or other fraudulent links. While we strongly recommend participating in the 2FA, the 2FA cannot prevent successful phishing and/or social engineering attacks if your credentials including the 2F are disclosed in such attack. If you use the 2FA, any person with knowledge of your password, your e-mail address and with access to your 2F may be able to access your Bitpanda Client Account, the assets deposited with Bitpanda Systems and may make transactions in your name. Bitpanda takes no responsibility for lost Token or any damage or loss due to spoofing, phishing, social engineering or other equivalent attacks.

viii. Risk of blockchain mining attacks: As with any other public blockchain-based systems, the E-Token available on Bitpanda System may be susceptible to attacks including but not limited to double-spend attacks, majority mining power attacks, “selfish-mining” attacks, and race condition attacks or any other mining or non-mining related attacks which are out of Bitpanda's influence and control. Any successful attack presents a risk to the Bitpanda System technology, expected proper execution and sequencing of cryptographic blockchain-based digital information units transactions and expected proper execution and sequencing of software computations.

ix. Risk of depreciation in value, liquidity and extreme volatility: E-Token are not widely regulated, do not qualify as, and thus cannot be compared to, a legal tender, security or other regulated financial product. The value of E-Token is typically determined by the current market price (if any) and there is usually no way to redeem or exchange the E-Token with a central entity or to access any assets the E-Token may represent. There is no guarantee as to the amount of platforms and entities as well as the conditions under which E-Token are exchanged into a legal tender or other assets or services. Any Token might experience extreme volatility and/or the value of cryptographic blockchain-based digital information units might decline to zero. As additional costs with respect to regulatory or other risks might be triggered – and if such costs are added for the purpose of calculation to the value of cryptographic blockchain-based digital information units (whatever value you might give to the cryptographic blockchain-based digital information units) – cryptographic blockchain-based digital information units might also decline in their value to zero. Past performance of a certain asset does not indicate future results.

The same principles apply to A-Token and M-Token: The value and liquidity of these token depend, among other things, on the market value and liquidity of the underlying precious metal (in the case of M-Token) or financial instrument (in the case of A-Token). Both the values of A-Token and M-Token are highly volatile.

x. General risk: There is no guarantee/warranty whatsoever on Tokens and/or the success of the Bitpanda System technology, expressed or implied, to the extent permitted by law. Any Token is created and obtained at the sole risk of the Bitpanda Client on an “as is” and “under development” basis and without, to the extent permitted by law, any guarantees/warranties of any kind, including, but not limited to, warranties of title or implied warranties, merchantability or fitness for a particular purpose. Investing in digital assets and/or metals offered on the Bitpanda Systems is highly speculative with a risk of loss of the entire capital invested. Such investment is only suitable for users, who can bear a loss of the entire invested capital and should not be considered as or entered into with the expectation of a stable source of income. You are aware and acknowledge that certain risks associated with the services available on Bitpanda Systems may not yet be known or new risks may arise in the future due to the rapid development in the sector. 

xi. Market and community risk: You are aware of the risks of soft and hard forks of E-Token and splitting including the broad possible changes to Bitpanda System technology which might be imposed by the market or community on Bitpanda/Bitpanda System technology. Market and community risk may also be triggered and accelerated via communities that come together, for example in online forums, to discuss certain investment opportunities and products with the intention of placing jointly organised buy and sell orders which may lead to strong price fluctuations which carry a high risk of loss.

xii. Tax risk: The allocation or purchase of Token and other assets available on Bitpanda Systems (in whatever form) as well as the exchange, the holding and the alienation of Token and other assets available on Bitpanda Systems (in whatever form) and/or any other action or transaction related to Tokens and other assets available on Bitpanda Systems (in whatever form) may trigger tax consequences for you including but not limited to being required to declare your asset portfolio, trades and profits to the competent tax authorities as well as to calculate and pay taxes triggered by your transactions and/or the holding of your digital assets. Such tax consequences often (but not always) depend on the tax laws of the country of your permanent residence and the international tax treaties that country has ratified. We note that while several countries have already implemented various tax regulations for digital assets, further changes and/or additional tax regulations are to be expected. Bitpanda may under certain circumstances (now and/or in the future) be required to deduct withholding tax. Only you are responsible to comply with all national and international tax laws from time to time applicable to you by virtue of using Bitpanda Systems and holding, trading and/or exchanging the digital assets offered on Bitpanda Systems at all times and Bitpanda shall not be required to inform or warn you about any existing or pending tax implications in connection with Bitpanda Systems (other than when we have made a withholding tax deduction) and does not make any representations whatsoever in respect to any tax consequences triggered by using Bitpanda Systems and/or holding, trading and/or exchanging the digital assets offered on Bitpanda Systems. 

Before you become a Bitpanda Client, before you make any Bitpanda Client Offer, as well as from time to time (e.g. in connection with the annual tax return or financial statements) as may be required in accordance with the tax laws applicable to you, we thus advise you to consult a tax advisors (i) about the tax consequences and their economic consequences in connection with using Bitpanda Systems and holding, trading and/or exchanging the digital assets offered on Bitpanda Systems and (ii) to ensure that you are able to take all steps required to comply with all applicable tax laws when using Bitpanda Systems and holding, trading and/or exchanging the digital assets offered on Bitpanda Systems.

xiii. Counterparty risk: Bitpanda does not take any responsibility for digital information units that are or tend to be collateralised, backed or pegged by a currency that is a legal tender or any other asset of whatever form (e.g. stablecoins) as all actions in connection to such digital information units are in the sole responsibility of its issuer (which is neither Bitpanda nor any Affiliate) and Bitpanda has no discretion over such actions. Even if such digital information units are collateralised, backed or pegged by a currency that is a legal tender or any other asset, it may not be possible to verify whether those digital information units are effectively (validly and enforceable) collateralised, backed or pegged and whether the holder of such digital information unit has any legal or factual direct or indirect claim or right to such collateralised, backed or pegged assets. In addition, certain legal restrictions or preconditions may be dictated by the issuer (such as the requirement to agree to certain terms and conditions) or by the laws applicable to the issuer and/or digital information unit. It is not clear whether the collateralised, backed or pegged assets are separated from the assets of the issuer of the digital information units and whether they would be protected in the event of and insolvency of the issuer of the digital information units. Bitpanda makes no representation as to the legal status and credibility of any such issuer of such digital information units nor to the legal status, arrangement, enforcement, marketability and existence of any such digital information units or the assets collateralised, backed or pegged in connection therewith.

xiv. The same principles also apply to A-Token and (to a certain extent also to) M-Token: The value and liquidity of A-Token depend, among other things, on the credit rating and solvability of the issuer of the underlying financial instrument. While you are the legal owner of the precious metals acquired when purchasing M-Token, the precious metals are physically held by a vault operator (that is neither Bitpanda GmbH nor its Affiliates) and the realization of M-Token may be temporarily or permanently impaired in the case of insolvency, theft or fraud on the part of or in the sphere of the vault operator. You further acknowledge that (i) the vault operator holding the precious metals is located outside Austria and (ii) the financial instruments constituting the underlying of the A-Token are issued by issuers outside Austria and that thus the relevant applicable laws (e.g. insolvency laws of the country of incorporation of the relevant issuer) may affect the value, liquidity and/or recoverability of these assets. 

Neither Bitpanda GmbH nor any Affiliate are credit institutions nor do they accept or manage deposits (Einlagen). Your assets deposited with Bitpanda – in particular any F-Token – are thus not secured or guaranteed by any deposit-guarantee schemes.

xv. Availability of Bitpanda Systems. You are aware that technology-based systems like Bitpanda Systems need (planned and unplanned) maintenance work and development work and that for such work interruptions of the systems (planned and unplanned) are necessary and system immanent. You acknowledge and accept that during the period of such interruption, the use of the Bitpanda Systems may be restricted or not possible and therefore the purchase, sale or transfer of assets may also be temporarily impossible. Bitpanda does not make any representation as to the service level of Bitpanda Systems. 

21 Limitation of liability

21.1 Bitpanda Consumer Clients: Bitpanda shall only be liable for any damage incurred by a Bitpanda Consumer Client for itself and its vicarious agents (Erfüllungsgehilfen) - regardless of the legal reason including tort - if Bitpanda or its vicarious agents have culpably violated an essential contractual obligation (cardinal obligation) in a way that endangers the purpose of the contract or if the damage is due to gross negligence (grobe Fahrlässigkeit) or intent (Vorsatz) of Bitpanda or its vicarious agents. If the culpable violation of an essential contractual obligation (cardinal obligation) is only slightly negligent, the liability of Bitpanda is limited to such typical damage that was reasonably foreseeable for Bitpanda at the time of the conclusion of the contract. This limitation of liability also applies to the extent of damage. In the aforementioned cases, the liability for a financial loss is limited to EUR 10.000. The aforementioned limitations of liability do not apply in the absence of warranted characteristics, a liability of Bitpanda according to the Product Liability Act (Produkthaftungsgesetz) or in cases of physical damage to persons (Personenschaden).

21.2 Bitpanda Business Clients: Bitpanda shall not be liable for any damage or loss incurred by a Bitpanda Business Client in connection with Bitpanda Systems and/or the products and services offered thereon unless such damage was caused by Bitpanda with intent (Vorsatz), gross negligence (grobe Fahrlässigkeit) or in cases of physical damage to persons (Personenschaden).

21.3 Third-Party Services: When using websites or services not provided by Bitpanda, such as wallet services or any other services of any third parties (“Third Party Services”), Bitpanda shall expressly not be liable for the content, availability or performance of any Third-Party Services and shall not be liable for any damage or loss incurred by a Bitpanda Client or any third party when using any such Third-Party Services. You as a Bitpanda Client acknowledge and agree to use these services completely at your own risk. Funds sent to such third parties cannot be reverted, if these parties are not willing to. We cannot and will not check the reliability of these third parties or any of their services. We assume no obligation to contact you or provide support to you in case of a problem with any third party or any of their services.

21.4 Special liability: Points 21.1 to 21.3 do not apply to those (parts of) services where the ZaDiG, the KMG or the PRIIPs Regulation (Regulation (EU) No. 1286/2014) provide for special liabilities.

21.5 Exclusion of claims for damages. Claims for damages cannot be made by a Bitpanda Client arising from the fact that Bitpanda, in negligent ignorance that the suspicion of money laundering or terrorist financing or the suspicion of a violation of the obligations described in point 5.5 (acting on its own behalf) was false, delayed or failed to carry out a transaction, pursuant to section 19 of the Austrian FM-GwG.

22 Miscellaneous

22.1 External ICO. Bitpanda does not support any ICO (Initial Coin Offering) outside Bitpanda Systems, or a comparable arrangement where a digital currency or assets is issued or awarded unless specifically and explicitly declared by Bitpanda ("External ICO"). You participate in any External ICO at your own risk and Bitpanda will not actively provide any support in the participation of such External ICO (including any support in receiving any assets from the ICO to your Wallet). Should you request any support in connection with an External ICO, Bitpanda may, at its own discretion, offer such support on a case by case basis at a fee communicated to you.

22.2 Disclosure of data to authorities. Bitpanda may disclose any data relating to Bitpanda Clients and Bitpanda Accounts (including all transactions made in the past in connection therewith) if required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar official body (for example in connection with criminal investigations). Bitpanda reserves the right to cooperate with such authorities to the maximum extent possible.

22.3 Severability Clause: If one or more of the provisions of these Bitpanda GTC or one or more of the schedules hereto are or will become invalid or unenforceable, or if one or more of the provisions of these Bitpanda GTC or one or more of the Annexes hereto are or will become incomplete, the other provisions of these Bitpanda GTC and the schedules hereto will remain valid without limitation, save that the main obligations of the parties hereunder remain unaffected. Such provision – having been found illegal or unenforceable in whole or in part – shall be ineffective solely to the extent of such determination of invalidity or unenforceability and only with respect to the jurisdiction in which it has been found illegal or unenforceable, without having any effect on any other jurisdiction.


22.4 The Bitpanda GTC (as amended from time to time) supersede any prior statements or agreements between Bitpanda and you on the matters regulated in the Bitpanda GTC. Any terms and conditions ("AGB") that you may at any time have or propose are excluded from being applicable on the relationship between you and Bitpanda.

22.5 No waiver of rights. The failure of Bitpanda to enforce or to exercise, at any time or for any period of time any term of or any right or remedy arising pursuant to or under the Bitpanda GTC or Affiliate TC shall not constitute, and shall not be construed as, a waiver of such term or right or remedy and shall in no way affect Bitpanda's right to enforce or exercise it later, provided that such right is not time barred, expired or precluded. 

22.6 The Bitpanda GTC shall continue to apply even after termination of the business relationship until complete settlement.

22.7 Contractual language. The Bitpanda GTC and the Affiliate TC are made and published in various languages. In case of a dispute or any discrepancies, the German language version of the Bitpanda GTC and the Affiliate TC shall prevail. 

23 Governing Law 

The Bitpanda GTC, the Affiliate TC and any transaction hereunder shall be governed by and construed in accordance with the laws of the Republic of Austria excluding the provisions of the United Nations Convention on the International Sale of Goods and excluding the conflict of law rules of Austrian private international law.

24 Place of jurisdiction

24.1 Any and all contractual and non-contractual disputes, divergences or claims between Bitpanda and a Bitpanda Business Client shall be exclusively dealt with the court having pertinent competence for 1010 Vienna.


Annex I

Definitions

In the GTC, the following terms have the meanings specified or referred to in the following overview and shall be equally applicable to both the singular and plural forms. 


2F 

means the second factor used for the 2FA other than the password – e.g. E-mail, SMS or push notification.

2FA 

means the two-factor authentication system implemented by Bitpanda on Bitpanda System to verify the identity of a Bitpanda Client by combining two different and independent components (factors).

A-Token 

means financial instruments in accordance with section 1 no. 7 point d) WAG which are issued by Bitpanda GmbH and are available on Bitpanda Systems in accordance with a derivative contract to be entered into between Bitpanda GmbH and the Bitpanda Client upon acquiring such A-Token.

Affiliate

means a company that is owned or controlled by Bitpanda GmbH.

Affiliate TC

means the entirety of the individual terms and conditions, namely Bitpanda GmbH TC, Metals TC, Financial Services TC, Payments TC and Bitpanda Pro TCs.

API

means a programming interface (Application Programming Interface).

Assets

means a generic term for assets, including tangible and intangible assets, here used in particular with reference to crypto-assets.

BEST

means the Bitpanda Ecosystem Token.

BEST VIPS

means a Bitpanda Client holding a minimum amount of 10 BEST.

BEST VIP Level

means the level (from 1 to 5) assigned to BEST VIPS, depending on the amount of held BEST.

Bitpanda or we

means Bitpanda GmbH, Bitpanda Metals GmbH, Bitpanda Financial Services GmbH and Bitpanda Payments GmbH, each with its corporate seat in A-1020 Vienna, Stella-Klein-Löw Weg 17 or any other Affiliate.

Bitpanda Airdrop 

means the distribution of Token to existing wallet addresses by Bitpanda itself.

Bitpanda Business Client 

means every Bitpanda Client for whom the transaction is part of the operation of his/her business according to cf. Sec 1 (1) of the Austrian Consumer Protection Act (Konsumentenschutzgesetz).

Bitpanda Broker

means the trading platform on Bitpanda Systems that is not Bitpanda Pro.

Bitpanda Card 

means the digital asset-backed debit card service offered by Bitpanda GmbH subject to the terms set forth in point 8. of the Bitpanda GmbH TC.

Bitpanda Client or you

means the user account a Bitpanda Client creates by registering on a Bitpanda System.

Bitpanda Client Account 

means the user account a Bitpanda Client creates by registering on a Bitpanda System.

Bitpanda Client Offer 

means the Final Offer Exchange, the Multiple Debit Order and the Final Offer Swap together.

Bitpanda Consumer Client 

means every Bitpanda Client for whom the transaction is not part of the operation of his/his business according to cf. Sec 1 (1) of the Austrian Consumer Protection Act (Konsumentenschutzgesetz).

Bitpanda Custodial Services

means the service provided by Bitpanda of holding E-Token in custody for Bitpanda Clients on your behalf on a custodial basis (Treuhand) with Bitpanda as trustee (Treuhänder) and the Bitpanda Client as trustor (Treugeber).

Bitpanda Financial Services

means Bitpanda Financial Services GmbH, with its corporate seat in A-1020 Vienna, Stella-Klein-Löw Weg 17.

Bitpanda Fork Policy 

means the principles attached to the Bitpanda GTC in Annex III concerning so-called "forks", which are accepted by Bitpanda Clients as part of the Bitpanda GTC.

Bitpanda GmbH

means Bitpanda GmbH, with its corporate seat in A-1020 Vienna, Stella-Klein-Löw Weg 17.

Bitpanda GmbH TC 

means the general terms and conditions of Bitpanda GmbH, available under https://www.bitpanda.com/en/legal/bitpanda-general-terms-conditions.

Bitpanda GTC 

means the general terms and conditions of Bitpanda, available under https://www.bitpanda.com/en/legal/bitpanda-group-general-terms-conditions .

Bitpanda Index 

means allocations of funds from which Bitpanda Clients can choose freely and independently, each such fund allocation being referred to as a Bitpanda Index. See also the corresponding prospectus available at.

Bitpanda Index Programme

means the option to purchase, sell or exchange several E-Token in one transaction according to a predefined allocation of funds.

Bitpanda Metals

Bitpanda Metals GmbH, with its corporate seat in A-1020 Vienna, Stella-Klein-Löw Weg 17.

Bitpanda Payments

Bitpanda Payments GmbH, with its corporate seat in A-1020 Vienna, Stella-Klein-Löw Weg 17.

Bitpanda Payments' Payee

means another Client, who is receiving the transferred balance.

Bitpanda ProGermany GmbH

means Bitpanda Pro Germany GmbH, with its corporate seat in Berlin and with its Austrian branch registered with the Austrian commercial register and registered address at A-1020 Vienna, Stella-Klein-Löw Weg 17.

Bitpanda Pro TC 

means the general terms and conditions of Bitpanda Pro Germany GmbH, available under https://www.bitpanda.com/en/legal/bitpanda-pro-general-terms-conditions .

Bitpanda Savings 

means the option to purchase (part of a) Token via Bitpanda Systems on a recurring and regular basis (e.g. monthly/weekly).

Bitpanda Swap 

means the exchange of (part of) an E-Token or A-Token into another type of E-Token, or A-Token or M-Token, or (part of) F-Token into another type of F-Token to Bitpanda GmbH (and, in the case of M-Token to Bitpanda Metals) as set in point 3.5.5 Bitpanda GmbH TC.


Bitpanda System

means any individual online or electronic platform or mobile application of Bitpanda as well as associated APIs of such platform or application.

Bitpanda Systems

means the entirety of each individual Bitpanda System.

Business Day 

means all days of the year except statutory holidays in Austria, Saturdays, Sundays and the 24.12.

Cashback

means the cashback that is voluntarily and until further notice offered by Bitpanda GmbH to Bitpanda Clients who are considered BEST VIP with Level 3 or higher on purchases conducted with the Bitpanda Card, if the Main Payment Asset and Fallback Payment Asset is an asset other than a fiat wallet or A-Token Wallet.

CCOFA or Contract Conclusion and Order Fulfilment Action 

means the acceptance of the Bitpanda Client Offer by way of a factual fulfilling of the offer (tatsächlicher Erfüllung des Angebots), which lays at Bitpanda's sole discretion within the Offer Period.

Charges

means any charges, cost reimbursements and interest ("Charges") set out in Annexes ./1 (Charges, cost reimbursements and interest for Internal Transfers), ./2 (Charges, cost reimbursements and interest for External Transfers) and ./3 (Charges, cost reimbursements and interest for Payment Initiations) of the Payments TCs.

Client Bank Account 

means any payment service provider account associated with a Bitpanda Client Account.

Client Default

means the state when a Bitpanda Client does not pay the amount owed to Bitpanda when due.

Client Offer Term

means the time period during which the conditions under which you made a Final Offer are valid.

Client Verification Process

means the necessary process a Bitpanda Client must complete to gain access to the trading options on a Bitpanda System.

Contis 

means the UAB Finansinės paslaugos, company code 304406236, registered in the commercial register of the Republic of Lithuania, having a head office at Mėnulio g. 11-101, Vilnius, Lithuania.

CP

means the National consumer price index 2015 published by Statistik Austria.

Custody Agreement

means the fiduciary agreement between the Bitpanda Client and Bitpanda GmbH with regard to the custody of E-Token.

Derivative contract

means the contract between the Issuer and the Bitpanda Client upon acquisition of A-Token.

Direct Debit Chargeback 

means the right of the Bitpanda Clients to initiate a chargeback to their account within 56 calendar days (8 weeks) from the debit date without stating any reasons.

Double-Account

means a second Bitpanda Client Account created by a single Bitpanda Client.

E-Token 

means selected cryptographic digital assets, such as, but not limited to, Bitcoin, Dash, Ripple, Bitcoin Cash, Ether and Litecoin.

Enforcement

means the (partial) sale or auction of the Secured Assets in whole or in parts.

EUR-F-Token

means all F-Token denominated in Euro.

EUR Wallet

means the subwallet where all EUR-F-Token are recorded.

Execution Policy

means the policy in Annex II of the Financial Services TCs that describes the principles of executing client orders to acquire and dispose financial instruments offered by Bitpanda Financial Services.

External ICO

means any ICO (Initial Coin Offering) outside Bitpanda Systems or a comparable offer where digital currency or assets are returned, to the respective smart contract.

External Transfer

means the transfer of the respective balance from your wallet cashlessly in favour of a Bitpanda Payments' Payee, directly to a payment account held in the Bitpanda Payments' Payee's name.

F-Token 

means proprietary token in the form of vouchers (Gutschein) to obtain products and services on Bitpanda Systems, issued by Bitpanda GmbH and denominated in various currencies.

FAGG

means the Austrian Distance and Outbound Transactions Act (Fern- und Auswärtsgeschäfte-Gesetz).

Fair-Use-Policy

means the usage of the Bitpanda Card in line with its intended purpose.

Fallback Payment Asset 

means the secondary asset of the Bitpanda Card that will be used only, if there are no sufficient funds on the Main Payment Asset.

FernFinG

means the Austrian Distance Financial Services Act ("Fern-FinanzdienstleistungsGesetz").

Fiat Wallet 

Means the Wallet for all F-Token.

Final Buy Offer

means each Final Offer Exchange made by clicking "buy now" and is to be interpreted and qualified exclusively as "binding offer from the Bitpanda Client to Bitpanda to accept the receipt of Token from Bitpanda in exchange for payment of the specified amount in F-Token".

Final Offer 

means the Final Offer Swap together with the Final Offer Exchange and the Final Offer Savings.

Final Offer Exchange

means a binding offer of the Bitpanda Client to exchange, sell or buy (part of) Token(s) by way of correctly filling in all necessary, valid and correct data on Bitpanda's respective trading screen.

Final Offer Click Exchange

means clicking/confirming either the "Buy now" or "Sell now" button in relation to a Final Offer Exchange.

Final Offer Click Savings 

means clicking/confirming the "Confirm now" button in relation to a Multiple Debit Order.

Final Offer Click Swap 

means clicking/confirming the "Swap now" button in relation to a Final Offer Swap.

Final Offer Clicks 

means the Final Offer Click Exchange, the Final Offer Click Swap and the Final Offer Click Savings together.

Final Offer Swap

means a binding offer of the Bitpanda Client to exchange (part of) E-Token or A-Token into another type of E-Token, or A-Token or M-Token, or (part of) F-Token into another type of F-Token to Bitpanda by way of correctly filling in all necessary, valid and correct data on the respective trading screen on Bitpanda Systems.

Final Sell Offer

means each Final Offer Exchange made by clicking "sell now" and is to be interpreted and qualified exclusively as "binding offer from the Bitpanda Client to Bitpanda to receive your requested F-Token in exchange for transfer of a specified amount and type of Token to Bitpanda".

Financial Services TC

means the general terms and conditions of Bitpanda Financial Services GmbH, available under https://www.bitpanda.com/en/legal/general-terms-conditions-bitpanda-financial-services.

FM-GwG

means the Austrian Federal Act on the Prevention of Money Laundering and Terrorist Financing in the Financial Market (Financial Market Money Laundering Act – FM-GwG).

Framework Agreement

means the concluded agreement between the Bitpanda Client and Bitpanda Payments containing among other things the information pursuant to sec 48 ZaDiG 2018 and the information pursuant to sec 5, 7 and 8 of the FernFinG.

GDPR

means the Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation).

Index Provider 

means the external and independent partners, who determine the weighting of the allocation of funds and the respective (re)calculation of the allocation of funds in each Bitpanda Index. 

Index Wallet 

means a separate Wallet recording and displaying the current balance of E-Token held using Bitpanda Index in the respective Bitpanda Client Account.

Internal Transfer

means the transfer of the respective balance from your Wallet to the Wallet of another Bitpanda Client.

KMG

means the Austrian Capital Markets Act 2019 (Kapitalmarktgesetz 2019).

M-Token 

means physically vaulted precious metals such as, but not limited to, gold, silver, palladium and platinum.

M-Token Trade Agreement

means the binding agreement that is concluded when Bitpanda Metals accepts a Bitpanda Client Offer with the terms set out in the relevant Bitpanda Client Offer.

Main Payment Asset 

means the default asset that you connect to your Bitpanda Card.

Metals TC 

means the general terms and conditions of Bitpanda Metals GmbH, available under https://www.bitpanda.com/en/legal/bitpanda-metals-gmbh-general-terms-conditions.

Multiple Debit Order 

means a binding offer of the Bitpanda Client to purchase (part of) Token on a regular and recurring basis from Bitpanda by way of correctly filling in all necessary, valid and correct data on Bitpanda's respective trading.

No Recover Policy

means the policy that in case you are unable to find/remember/regain the correct 2F you will neither be able to access Bitpanda Systems nor your Bitpanda Client Account again unless you are able to follow the instructions in the Bitpanda GTC or given to you by Bitpanda and comply with the security rules and requirements as set forth in point 7.5. of the Bitpanda GTC.

Notice Period

means the period of two weeks after you are informed of the termination of Bitpanda Index, during which the Bitpanda Client can take respective action (selling or exchanging of E-Token).

Offer Period 

means the period of 24 hours after the respective Final Offer Click, during which you are bound by a Bitpanda Client Offer.

Order Receipt

means the moment in time when a payment order shall be deemed to have been received, which is as soon as it is received by the server of Bitpanda Payments.

Order Receipt Day

means the Business Day during which the Order Receipt occurs.

Original-Account

means the first account created by a Bitpanda Client.

Payment Asset

means the Main Payment Asset and the Fallback Payment Asset together.

Payments Charges

means any charges, cost reimbursements and interest in connection with the execution of payment orders as set out in Annexes ./1 of the Payments TC.

Payment Client 

means a person, who orders a payment service from Bitpanda Payments via the Bitpanda System.

Payment Initiation

means the Bitpanda Client's instruction to Bitpanda Payments to initiate a transfer from a payment account held in the Bitpanda Client's own name in favour of a payee to a payment account held in the payee's name.

Payments TC 

means the general terms and conditions of Bitpanda Payments GmbH, available under https://www.bitpanda.com/en/legal/bitpanda-payments-terms-conditions.

Personal Trading Limit

means the trading limit assigned to you which can be equal to or lower than the general trading limit depending on the outcome of the Client Verification Process (set out under https://www.bitpanda.com/en/limits).

Promoter 

means the Bitpanda Client who refers a person which has never been a Bitpanda Client to register a Bitpanda Client Account by using the Promoter Referral Code.

Promoter Referral Code 

means the code assigned to a Promoter, which the Referred Bitpanda Client uses to register a new Bitpanda Client Account.

Promotion Award

means the amount of F-Token credited to your EUR Wallet for every Referred Bitpanda Client.

Rebalancing

means the adjustment of the Bitpanda Indices according to changes in the crypto market as well as data calculated and provided by MVIS Index Solution GmbH - a VanEck company, with registered seat in Kreuznacher Straße 30, 60486 Frankfurt am Main, Germany. During this process, the components and weightings of the Bitpanda Indices are reviewed and, as a result, reshuffled.

Reference Period 

means the period of 12 months during which the Bitpanda Client must exchange their F-Token for another Token, otherwise Bitpanda may charge an inactivity fee.

Referred Bitpanda Client

means every new first-time Bitpanda Client who registers a Bitpanda Client Account by using the Promoter's Referral Code.

Reminder fees

means the fees charged by Bitpanda in the event of a Client Default.

Secured Assets

means the irrevocably granted first ranking security right in the form of security ownership (Sicherungseigentum) in favour of Bitpanda over all E-Token deposited from time to time on your Wallet.

Secured Claims

means all monetary claims of Bitpanda against yourself, which are secured by Secured Assets.

Tell-a-Friend Programme

means Bitpanda's referral programme as set forth in point 16 of the Bitpanda GTC.

Third Party Airdrop 

means the free of charge distribution of Token to existing wallet addresses by persons other than Bitpanda.

 Third-Party Services

means websites or services not provided by Bitpanda, but by third-parties.

Token 

means the entirety of A-Token, E-Token, M-Token and F-Token.

Vault Operator

means the entity, which stores and holds the precious metals.

Visa

means the Visa card schemes.

WAG

means the Austrian Securities Supervision Act 2018 (Wertpapieraufsichtsgesetz 2018).

Wallet or Wallets

means a single respective storing sub-account assigned to each individual Bitpanda Client used by Bitpanda Systems in its own token system.

ZaDiG 2018

means the Austrian Payment Services Act 2018 (Zahlungsdienstegesetz 2018)

Annex II

Bitpanda Fork Policy

1. A fork is a situation in which a blockchain splits into two separate chains temporarily or permanently ("Fork"). Forks are an unintended but unavoidable occurrence during mining, where two chains following the same consensus rules temporarily have the same accumulated proof-of-work and are both considered valid. They can also occur as a consequence of the use of two distinct sets of rules trying to govern the same blockchain. Forks have been used in cryptocurrencies intentionally in order to add new features to a blockchain or to reverse the effects of hacking or catastrophic bugs on a blockchain as was the case with the fork between Ethereum and Ethereum Classic. Notably, Forks have been widely discussed in the context of the bitcoin scalability problem.

2. Bitpanda does not automatically support Forks of any cryptographic blockchain-based digital information units.

3. Bitpanda assesses each case, and each Fork on a case by case basis and Bitpanda may at its sole discretion decide whether to support a Fork or not and whether to communicate that to you or not.

4. If Bitpanda decides not to support a Fork but you want to participate in a Fork, you would have to move the respective E-Token onto such third-party wallet which you think fits for supporting such a Fork. Bitpanda herewith advises you to take enough time into consideration to move the respective E-Token, because Bitpanda cannot and will not give any guarantees to any transfers out of/outside of Bitpanda Systems. Bitpanda does not advise on how much time is enough but suggests that you carefully consider all relevant facts.

5. You must monitor the market by yourself to stay informed about Forks. Bitpanda has no duty to inform you of any Forks.

6. Bitpanda may decide at its sole discretion to suspend/temporarily shut down any exchange, trading or any transaction with respect to E-Token which are part of a Fork or influenced by a Fork to a major extent. This applies to Forks which are supported by Bitpanda and also to Forks which are not supported by Bitpanda. 

7. If Bitpanda decides – at Bitpanda's sole discretion – to try to support a Fork, Bitpanda shall decide which chain is the original blockchain in the fork scenario. Consequently, Bitpanda shall inform you of such decisions and will endeavour to integrate the new cryptographic blockchain-based digital information units resulting from the Fork into Bitpanda Systems. However, Bitpanda gives no guarantee that such integration takes place and shall inform you at its sole discretion on when and how and at which distribution rate such new cryptographic blockchain-based digital information units resulting from the Fork can be used in Bitpanda Systems. Respectively, Bitpanda holds any resulting new cryptographic blockchain-based digital information units balances for and on behalf of you from the time of the split until the time of distribution to you in cold storage (meaning offline). You are aware and accept that it is impossible to withdraw/or transfer any such new cryptographic blockchain-based digital information units balances out of a supported Fork until Bitpanda decides at Bitpanda's sole discretion to go live with such new cryptographic blockchain-based digital information units in Bitpanda Systems. You are aware and accept that there might be situations where Bitpanda may decide in a commercially reasonable way not to integrate such new cryptographic blockchain-based digital information units in Bitpanda Systems and that in such cases you have no right to claim damages or compensation of any kind from Bitpanda. You are aware that Bitpanda will always only try to integrate new cryptographic blockchain-based digital information units but in no case gives any guarantee that such integration can be done or is fixed for a certain point in time.

Annex III

Model withdrawal form

To Bitpanda GmbH, A-1020 Vienna, Stella-Klein-Löw Weg 17, e-mail support@bitpanda.com 

— I hereby give notice that I withdraw from my contract for the provision of the following service:

— Ordered on:

— Name of consumer:

— Address of consumer:

— Signature of consumer (only if this form is notified on paper):

— Date: