# Terms and Conditions

These Terms and Conditions (T&Cs) govern the use of the websites dfx.swiss, services.dfx.swiss and app.dfx.swiss as well as all related financial services of DFX AG. In case of discrepancies between different language versions, the German version shall prevail.

DFX AG (Company Identification Number: CHE-429.856.521, hereinafter DFX) with its registered office at Bahnhofstrasse 7, 6300 Zug, Switzerland operates the website dfx.swiss and the associated subdomains services.dfx.swiss and app.dfx.swiss. DFX uses these websites to offer financial services. Access to and use of these services are subject to the important legal notices contained herein (hereinafter "the Terms and Conditions").

In addition, DFX provides software, such as the DFX Wallet, free of charge as an open-source product. This software can be used by any user free of charge and without permission. The use of this software does not establish a business relationship with DFX, as DFX has no control over its use by third parties. The use of open-source software is primarily subject to the DFX Disclaimer (opens new window).

# Important legal notices

These Terms and Conditions form part of all special agreements that apply or are concluded in connection with the services or products offered by DFX. In the event of a conflict, however, the provisions of such a special agreement shall take precedence.

By accessing and using the website and downloading information, data and documents from the website, customers confirm that they have understood and accepted the disclaimer and the Terms and Conditions. Furthermore, they accept that DFX may change the Terms and Conditions at any time. The current version of the Terms and Conditions is available at docs.dfx.swiss/en/tnc. Changes will be published on docs.dfx.swiss/en/tnc, and customers are encouraged to review them regularly. Changes to the T&Cs are deemed accepted at the latest upon the next transaction by the customer.

# Information offering

# No advice

DFX does not provide investment, tax or legal advice. The information provided on the website is for informational purposes only and does not constitute recommendations. Customers make their investment decisions independently and bear full responsibility for the resulting risks.
This applies to all financial services offered by DFX, which include the purchase, sale, exchange and sending of cryptocurrencies.

All investment decisions made by customers are based solely on their own assessment of their financial situation and investment goals. They bear sole responsibility for such decisions and the resulting consequences. DFX provides its services exclusively at the explicit, independent request of the customer, without checking their financial situation, technical understanding, suitability or the appropriateness of the investment.

Investments in cryptocurrencies presented on the website are speculative and involve significant risks. These can be of economic, human and technical origin. Cryptocurrencies are subject to considerable volatility. The price of cryptocurrencies can fall as well as rise. The future performance of cryptocurrencies cannot be guaranteed by past performance. It is therefore possible that the invested amount will not be recovered and may be completely lost. By using DFX's services, customers acknowledge that Bitcoin, Ether and other cryptocurrencies are experimental, alternative currencies that are currently in development and whose course is unpredictable.

By accepting the T&Cs, the customer declares that they have been informed about the existing risks, have understood them and are aware of their scope. The customer declares that they are the beneficial owner of the assets to be traded and the desired recipient address and can freely dispose of them.

# Links

Activating certain links on the website may cause the website to be left. DFX does not review any of these linked websites and neither expressly nor implicitly guarantees the quality, relevance, accuracy, completeness, availability, correctness, timeliness or legality of the content of these websites, nor is DFX in any way responsible for the products, services, information and other content offered through these linked websites. The same applies to websites that offer links to the DFX website.

# Confidentiality and encryption

We would like to point out that the data exchanged between the respective customer and DFX is transmitted via open, public networks (e.g., the Internet) that are not subject to any control or verification by DFX. The transmitted data may cross the borders of Switzerland, even if both the customer and DFX are located in Switzerland. Data is transmitted via public networks (e.g., Internet) that DFX does not control. Even with encryption, there is a risk that data may be intercepted. Customers assume responsibility for violations of local encryption regulations. It is possible that data may be intercepted. Furthermore, customers hereby declare that they have taken note that the legal provisions applicable in their country may prohibit or restrict the import, export or use of encryption algorithms. DFX is in no case responsible for violations of measures governing the import, export or use of encryption algorithms. In the event of such a violation, customers are solely responsible.

# Confidentiality of user data

Customers are obliged to keep user IDs, passwords and other means of identification such as blockchain addresses secret. For this purpose, they must not store their user IDs, passwords or other means of identification such as blockchain addresses unencrypted in their browser and they must delete all temporary files stored in their cache memory as well as their browsing history. Customers are solely responsible if such means of identification are passed on to, discovered by or misused by third parties. They are also solely responsible for all resulting losses and damages.

# Proper use of the website

Customers undertake to use the website and the app in an appropriate manner and not to misuse them or use them in a way that could, for example, lead to an overload of the website, a delay in the transmission of information, an interruption of the service, a blockage of access to the website or other harmful effects for DFX or for the users of the website or the app. In particular, it is prohibited to carry out email bombing or a denial-of-service attack (in particular flooding) or to make a similar attempt, to infect the website or the app with a virus, worm, Trojan or other software or to make a similar attempt, to gain unauthorized access to the servers that manage the website or app or to attempt to do so (hacking), to circumvent or deactivate the security functions of the website or app or to attempt to do so, to update the information provided on the website or app using automatic update programs, for example as provided by other websites, or to use offline readers or similar software, in particular in such a way that a mass download of data from the website or app to the customer's hard drive is possible. DFX reserves the right to deny access to the website and app to the corresponding customer in the event of such improper use of the website or app. This also applies if it is a registered customer of DFX.

Customers acknowledge that DFX may record and analyze all actions of its customers on DFX-owned websites, APIs and applications for the purposes of security, system monitoring, administration, service communication and compliance with legal and regulatory requirements.

DFX will store this information under appropriate security conditions for a limited period of time. DFX will not share personal data with third parties unless DFX is required to do so under legal and/or regulatory provisions. Details can be found under "Handling of customer data in bank transactions" and "Handling of customer data in blockchain transactions".

The authentication of the identification documents submitted by customers as part of the registration process is carried out by a specialized external company. Consequently, this company has access to (exclusively) these documents.

Other necessary external providers may also gain access to customer data as part of the maintenance and management of current processes, the product and service offering and the DFX user base. In such cases where the use of an external provider or service is required, DFX ensures that the external provider exercises the same level of vigilance with regard to data protection and data security as DFX does. Customer data and/or contact information is not sold by DFX in any way.

DFX is an extremely transparent blockchain financial service provider. DFX publishes all revenues and all transactions on the public blockchain from and to DFX to create maximum transparency and offer the customer the best product. The full transparency of all customer transactions guarantees that DFX's activities can be monitored externally and that no hidden prices or similar practices are practiced by DFX. We would like to point out that users who choose to use the public blockchain for financial transactions store their transactions in a public, non-erasable database. It is the user's responsibility to ensure that the user's privacy is always protected. The blockchain addresses and financial transactions are public, while the connection of the blockchain address to the corresponding owner is private and should also remain private. DFX does not publish any information about its own customers or about the owners behind the blockchain addresses, but DFX does publish data about the blockchain transactions made and the corresponding blockchain addresses. DFX never publishes data that could allow conclusions to be drawn about the owners of a blockchain address. Further details on which data about public transactions by DFX is additionally published can be found in the next sections. If you have any questions, you can contact Support (opens new window).

# Risks

DFX points out that the cryptocurrencies offered are on various blockchains, such as the Bitcoin blockchain, Ethereum blockchain and Binance Smart Chain. Decentralized Finance (DeFi) is a novel construct where it is not yet fully clear what legal and regulatory implications this will have for users and companies in this business field.

DFX always adheres to current Swiss law and is in constant dialogue with the authorities to implement this. DFX reserves the right at any time to suspend the trading of individual cryptocurrencies or to add further cryptocurrencies and products to its offering. Customers of the DFX brokerage service have no right to trade cryptocurrencies if they have previously been suspended from trading. This also applies if these cryptocurrencies were previously purchased via the DFX brokerage service.

Furthermore, cryptocurrencies that originate from the Decentralized Finance construct, for example through trading on a Decentralized Exchange (DEX) or through an exchange through an Atomic Swap, can be declared as coins with increased risk and treated differently in the future than coins that have not been in such DeFi protocols. DFX has no influence on how the DeFi market will be regulated in the future and what consequences may arise for users in the future from the use of DeFi protocols. DFX cannot guarantee to continue operating the service at all times and DFX also cannot guarantee to buy back sold coins if the regulatory environment should change.

# Partial invalidity and choice of law

If any clause of the Terms and Conditions is void, revoked or otherwise invalid, the validity of the remaining Terms and Conditions shall not be affected or impaired.

# Applicable law and jurisdiction

The Terms and Conditions are governed by and construed in accordance with Swiss law, excluding the conflict of law provisions of Switzerland or the customer's actual country (of residence) or state. Any disputes arising out of or in connection with the Terms and Conditions, the customer's relationship with DFX, including non-contractual obligations, shall be subject to the exclusive jurisdiction of the court in Zug, Switzerland.

# Financial services

# Scope of financial services

DFX's financial services include:

Buy
Sell
Swap (Exchange)
Send

The payment options include:

Bank transfer
SEPA Instant bank transfer
Crypto deposit

# Fees

Fees vary depending on the type of service, type of customer account, asset, blockchain and usage environment. The applicable fees are transparently displayed for the respective transaction. If no fees were displayed, or if no fees were otherwise agreed, the following standard fees apply: Trading of crypto assets without special support as a private person via bank transaction: 1.49% buy, 1.99% sell Trading of crypto assets without special support as a legal entity via bank transaction: 1.99% buy, 2.49% sell Trading of crypto assets with special support as a private person or as a legal entity via bank transaction: 5% flat rate For transactions that may have an unclear origin of assets, additional clarifications are necessary and an additional fee of 1% is charged.

# Handling of refunds

In the event of problems with a transaction, the customer is instructed to contact DFX support via Support. Refund requests for bank transactions must be submitted via Support. If the customer instead submits a refund request directly through the bank, additional costs will be incurred. The bank's standard fee for a refund is CHF 500.– plus 0.10% of the transaction amount. In addition, DFX charges a processing fee depending on the effort involved. All fees will be fully passed on to the customer.

These fees cannot be cancelled or transferred to third parties. The customer is obliged to bear the resulting costs in full.

Important: In the event of any problems with payments by bank, our support must always be contacted first via Support. Please refrain from contacting the bank directly, as this will result in significant, avoidable fees that must be borne entirely by the customer.

# Local restrictions

The products and services offered on this website are only approved for sale in Switzerland. Persons accessing the website from abroad do so at their own risk. DFX disclaims any responsibility in connection with the use of the website outside Switzerland. In particular, it is pointed out that every foreign user is obliged to clarify for themselves whether they may use the services and products offered by DFX based on the applicable legislation at their place of residence or registered office, or based on the legislation of their home country.

# Custody of assets

# Terms of custody

DFX offers the custody of assets for customers. The following asset classes are eligible for this: Swiss Francs (CHF), Euro (EUR), Bitcoin (BTC) and Frankencoin Pool Shares (FPS). The custody of these assets is subject to the following conditions:

Flexibility in the choice of custody asset: If a customer decides to custody a certain amount of an asset class with DFX, it is at DFX's discretion to decide in which type or on which blockchain this asset is held.
- Example 1: If the customer decides to custody BTC, DFX can hold this either on the Bitcoin mainchain or as Wrapped Bitcoin (WBTC) on the Ethereum blockchain.
- Example 2: If the customer chooses FPS, this can be held either as FPS on Ethereum or as WFPS (Wrapped FPS) on Polygon.

DFX reserves this flexibility to make custody efficient and secure. All assets held for customers are held segregated on a customer-specific address. Customers have the option to view at any time via the DFX software solution (opens new window) which address their assets are held on and in which type (asset and blockchain).

Custody is carried out in compliance with applicable Swiss regulations, in particular with regard to the security and protection of customer funds. DFX ensures that the assets held are not mixed with its own assets. The assets held are always the property of the customer and would not fall into the bankruptcy estate in the event of insolvency.

# Handling of transaction data

For all transactions of digital assets, the following information is made publicly available:

Input Asset
Input Amount
Output Asset
Output Amount
Transaction ID
Sender Addresses
Recipient Addresses

The Transaction ID allows conclusions to be drawn about the customer addresses involved due to the nature of a public blockchain. However, this information does not allow direct conclusions to be drawn about the person who carried out this transaction or who is behind the public blockchain address.

# Handling of customer data in bank transactions

When transactions are executed, customer data is automatically sent with the transaction. Specifically, the following information is usually transmitted from the sender bank to the recipient bank in bank transactions:

Name of sender and recipient
Address of sender and recipient
Account data such as IBAN, payment reference, reference

This information is exchanged between the bank and DFX and shared with other banks involved in processing the transaction. If necessary, DFX shares additional data with the bank in order to comply with applicable laws. All data available to DFX can be shared with the bank in order to fulfill the legally required due diligence obligations. Specifically, this means that the data is shared with the bank that processes the payments. DFX has several bank accounts with different banks, one of which is located in Luxembourg. Data is therefore also transmitted abroad when a foreign bank is used. Which bank it is can be seen from the IBAN.

# Handling of customer data in blockchain transactions

Just as with bank transactions, the basic transaction data must also be sent with the transaction in blockchain transactions. When using a self-hosted wallet such as the DFX Bitcoin Wallet, MetaMask, Ledger or the Bitbox hardware wallet, data exchange can be dispensed with. In all other cases, data exchange is mandatory. This means that it is absolutely necessary to send personal data with blockchain transactions from non-self-hosted wallets to DFX. The data must be transmitted to DFX in a standardized format at the same time as the blockchain transaction is executed to Support (opens new window) or by another suitable method.

At least the following information is required:

Name of sender and recipient
Address of sender and recipient
Blockchain data such as blockchain address, transaction ID, reference

For blockchain transactions from DFX to non-self-hosted wallets, this data is automatically transmitted by DFX to the hosting provider. Unless otherwise agreed, the data is transmitted by email to compliance(at)"provider.domain". Customers of DFX who do not wish to agree to this transmission are recommended to use a self-hosted wallet.

# User registration

Before DFX's financial services can be used, the customer must register. Registration is free for private individuals and, after acceptance of the current Terms and Conditions, leads to the creation of a user profile. When a customer registers, the information and documents that the customer must submit to DFX and the maximum amount for which the customer can buy or sell cryptocurrencies depend on their identification level:

Registration is generally carried out via the blockchain address, providing the customer's email or telephone number. This registration is considered standard – light KYC (Know-Your-Customer) – and allows the customer to buy/sell cryptocurrencies up to a defined daily limit.

For the purchase/sale of cryptocurrencies above this daily limit, a more detailed registration is required, which is considered an extended – full KYC (Know-Your-Customer) – process. As part of this process, the following information in particular must be disclosed to DFX:

Address, proof of which is provided by delivery of a letter to the specified address
Copy of the identification document (ID card or passport), which must have a signature, a readable MRZ code and a photo
Current photo of the customer
Properly completed DFX registration form (so-called chatbot form according to the requirements of the Association for Quality Assurance of Financial Services (VQF))
Properly completed form for the beneficial owner
First transaction from a bank account in the customer's name to DFX
If the customer registers using a telephone number, the customer must confirm the code received by SMS (so-called TAN code) to DFX

The limits up to which purchases/sales of cryptocurrencies are executed are decided by DFX on a user-specific basis. Detailed information is available from Support (opens new window).

DFX reserves the right to conduct a video conference to verify the customer's identity. This applies, among other things, if DFX is of the opinion that the documents provided are incomplete, the customer's place of residence or business is located in a risk country, or the first transaction made by the customer was made from a risk country or via a bank account that is not in the customer's name.

The complete and correct submission and validation of these documents is required for the first purchase and sale of cryptocurrencies as well as for the conversion of cryptocurrencies, or at any time upon request by DFX without giving reasons.

The data provided must be complete and valid at all times. Changes to personal data as well as all data underlying the light or full KYC must be communicated to DFX by the customer without delay.

DFX employees never ask the customer for passwords, private keys or seeds. Such requests should be ignored and reported to DFX.

Customers are not authorized to allow other persons to access their account. They are responsible for all activities carried out with their respective account.

DFX may reject any registration without giving reasons, exclude any registered customer – including in cases of fraud, attempted fraud, forged securities or forged certificates – or refuse to execute a transaction.

DFX reserves the right to reject any registration without giving reasons and to exclude any registered customer – including in cases of fraud, attempted fraud, forged securities or forged certificates – and to terminate the business relationship. This right exists explicitly if DFX determines in the course of its reviews that a customer is listed on a FATF list (black or grey), has been convicted of a criminal offense or in connection with an administrative procedure or has been sanctioned, or if criminal or administrative proceedings are pending against the customer. Furthermore, DFX reserves the right to terminate the business relationship if DFX would violate mandatory regulations, in particular Swiss and international sanctions regulations, due to the business relationship with the customer. DFX also reserves the right to refuse to execute a transaction in these cases.

Blocked customers are not allowed to register again. If they do so anyway, these users can be prosecuted. Only natural or legal persons may register.

Natural persons must also be legally capable (of sound mind and at least 18 years old). Persons under 18 years of age may not register on the website.

Each customer profile is unique, personal and non-transferable. The creation and use of multiple accounts by the same person is prohibited.

Customers can delete or deactivate their customer profile at any time. However, DFX is obliged to retain all data, including records of transactions, for a period of ten years after termination of the business relationship. Only after this ten-year retention period has expired will the data and the customer account be permanently deleted.

# Process for purchasing cryptocurrencies

The customer must carry out the execution of the purchase in accordance with the instructions on the DFX website. In the event of invalid or incorrect information, the funds may be lost. DFX may conduct investigations to attempt to recover lost cryptocurrencies, but is not obliged to do so. These investigations are at the sole discretion of DFX. The customer must bear the costs of an investigation, which take into account the technical complexity and the time required for the investigations.

If the required payment reference does not appear on the payment order, the money will be refunded to the corresponding customer. The bank fees will be charged to the customer, and an additional administrative fee may also be charged. A transaction to the DFX wallet without a previously created purchase route will not be accepted by DFX and will be immediately refunded to the customer. The resulting bank fees are at the customer's expense. Administrative fees may also be charged to the customer.

DFX provides its service to the extent of the amount actually received on the DFX wallet. The bank fees or transaction fees are at the customer's expense and are deducted directly from the originally deposited amount if this has not already been done upon receipt of the transaction. Administrative fees may also be charged to the customer. DFX then exchanges the equivalent of the amount actually received minus any additional bank or transaction fees and minus DFX's own fees (see below) into the desired cryptocurrency. The cryptocurrency exchange for Bitcoin is carried out via Kraken, while the exchange for all other cryptocurrencies is processed via Uniswap.

If the customer makes the amount to be exchanged in a fiat currency other than EUR, DFX will first exchange this currency into EUR, whereby additional exchange fees may be incurred, which are also deducted directly from the deposited amount.

DFX points out that the purchase can take several business days until the desired cryptocurrency arrives in the customer's wallet.

The transaction costs of the cryptocurrencies that are transmitted to the customer are included in the base price. The prices are in euros, US dollars or Swiss francs or another currency that is permitted for payment. In crypto-to-crypto transactions, the prices are stated in the cryptocurrency to be exchanged. The price also includes Swiss VAT, if applicable.

Purchase routes placed will be processed by DFX within seven business days after the transaction has been made. If the purchase route is not processed within the above-mentioned period, the customer is obliged to inform DFX immediately. If the customer does not comply with this obligation, they cannot make any claims regarding the change in the exchange rate.

Purchase routes can be cancelled as long as the amount has not yet been received by DFX. The bank fees will be charged to the customer, and an additional administrative fee may also be charged.

Network fees in connection with the creation of purchase routes: DFX reserves the right to charge the customer the network fee at the time of the transaction.

# Process for selling cryptocurrencies

The customer must carry out the execution of the sale in accordance with the instructions in the app. In the event of invalid or incorrect information, the funds may be lost. If a transfer is made to the DFX wallet without prior creation of a corresponding sales route or if a transfer is made to an address other than that specified by DFX, the transferred amount may be lost. DFX may conduct investigations to attempt to recover lost cryptocurrencies, but is not obliged to do so. The extent of the investigations is at the sole discretion of DFX. The customer must bear the costs of the investigations, taking into account their technical complexity and the time required.

After creation of the sales route, the amount deposited by the customer in this connection and after deduction of all applicable fees, DFX sells the cryptocurrencies specified in the sales route for its own inventory in the sense of a principal transaction and then transfers the foreign currencies (or converted cryptocurrencies) to the wallet/account specified by the customer.

DFX points out that the sale can take up to seven business days until the amount arrives at the recipient.

Sales routes will be processed by DFX within seven business days after the transaction has been made to the DFX wallet. If the sales route is not processed within the above-mentioned period, the customer is obliged to inform DFX immediately. If the customer does not comply with this obligation, they cannot make any claims regarding the change in the exchange rate.

Sales routes can be cancelled as long as the cryptocurrency to be converted has not yet been received by DFX.

The transaction costs of the crypto or foreign currencies that are transmitted to the customer are included in the base price. The prices are stated in the cryptocurrency permitted for the transaction and include Swiss VAT, if applicable. Once the transfer of the desired cryptocurrency or the desired foreign currency to the customer's wallet/account has been made, the sale is considered complete. The customer receives an email confirmation of the transaction completion with a transaction overview.

DFX points out that there is a maximum sales volume per day and per customer. The customer has the option to apply for a higher sales volume. This request will be assessed and discussed individually by DFX.

Refunds of sales to DFX customers are made exclusively in the originally transferred cryptocurrency. The refunded amount corresponds exactly to the value that was transferred to DFX for sale.

# Referral program

Our referral program pays customers 0.25% on the purchase/investment volume that was purchased by a new customer via the customer's referral link, as well as 0.1% on payment link transactions.

It is pointed out that participation in the referral program is only permitted for DFX customers. It is also pointed out that the referral program can be discontinued or changed at any time and without notice. Further details can be viewed at https://app.dfx.swiss/account. It is pointed out that this link only works if the user has already logged in with their customer account.

The referral program is aimed at customers resident in Switzerland and is intended for referrals in the personal environment. It does not establish a representation, mediation or mandate relationship. The customer is not authorized to act on behalf of DFX or make declarations. Public or paid/sponsored advertising or distribution of the referral code or DFX services (e.g., via websites or social media) is not permitted. The customer acknowledges that passing on or advertising outside Switzerland may violate local regulations. In the event of suspicion or proof of a violation, DFX may block participation and refuse or reclaim benefits or remuneration. The customer compensates DFX for damage resulting from culpable violation of this provision, including reasonable legal costs. The customer only compensates for official fines or penalties to the extent that this is legally permissible and they were directly caused by their culpable behavior.

# Debt collection business

# Scope and provisions of the debt collection business

DFX's debt collection business includes:

Payment Link

The following provisions apply:

Contracting parties who wish to assign claims to DFX via debt collection business must agree to this by means of a separate contract with DFX. Unless otherwise stipulated in the contract, fees of 0.1% on turnover apply.
Users who decide to settle an outstanding claim via the DFX debt collection service can do so according to the following conditions:
- Each claim has a defined validity period, which is specified in UTC. Payment must be made within this period.
- Technical manipulations to deceive DFX about payment are not permitted and will be reported. In particular, "double spending" is not permitted and will be prosecuted as fraud.

DFX offers payment using the following standards:

FrankencoinPay and OpenCryptoPay
- Payments via Lightning BOLT11
  - The user bears the routing fee.
  - A received contribution of, for example, 1 BTC corresponds to 1 BTC.
- Payments on an EVM-based blockchain
  - The user bears the blockchain fee.
  - A received contribution of, for example, 1 ZCHF corresponds to 1 ZCHF.
- Payments on a UTXO-based blockchain
  - The user bears the blockchain fee.
  - A received contribution of, for example, 1 BTC does not correspond to 1 BTC.
    - The costs for receiving a UTXO are additionally charged to the sender, as DFX can only spend the received UTXO if the corresponding blockchain transaction fee is paid.
    - DFX therefore considers the technically received amount minus the current blockchain transaction fee as the effectively received amount.
Payments via Lightning BOLT11
- analogous to above
PayToBlockchainAddress
- Payments on an EVM-based blockchain
  - analogous to above
- Payments on a UTXO-based blockchain
  - analogous to above

The fees for debt collection business are set as follows:

DFX generally does not charge any fees for settling debt collection claims.
DFX defines a blockchain address to which the claimed amount can be transmitted. For payments via Lightning, a BOLT11 invoice is created. The costs for blockchain fees or Lightning routing fees must be borne by the user and are not part of DFX's debt collection service. These fees are variable.
If the user decides to pay in a foreign currency, DFX charges a currency conversion fee of 1% if FrankencoinPay, Lightning BOLT11 or OpenCryptoPay.io is selected as the payment method.
For all other payment options, such as "PayToBlockchainAddress", a currency conversion fee of 2% is charged. The increased fee is necessary because these payment methods offer a longer validity period.

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