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# 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 provided by 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, along with 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").

Additionally, 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).

These Terms and Conditions form part of any special agreements related to services or products offered by DFX. In the event of a conflict, the provisions of such a special agreement shall take precedence.

By accessing and using the website, as well as downloading information, data, and documents from the website, customers confirm that they have understood and accepted the disclaimer and the Terms and Conditions. They also acknowledge that DFX may modify the Terms and Conditions at any time. The latest 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 investment decisions independently and assume full responsibility for the resulting risks. This applies to all financial services offered by DFX, including the purchase, sale, exchange, and transfer of cryptocurrencies.

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

Investments in cryptocurrencies presented on the website are speculative and involve significant risks. These risks may be economic, human, or technical. Cryptocurrencies are subject to considerable volatility. Their prices may decrease or increase. Past performance cannot guarantee future performance. As a result, the invested amount may not be recovered and could be entirely lost. By using DFX's services, customers acknowledge that Bitcoin, Ether, and other cryptocurrencies are experimental, alternative currencies still in development, with unpredictable outcomes.

By accepting the T&Cs, the customer declares that they have been informed of the risks, understand them, and are aware of their implications. The customer further declares that they are the beneficial owner of the assets to be traded and the intended recipient address and can freely dispose of them.

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

# Confidentiality and Encryption

Please note that data exchanged between customers and DFX is transmitted over open, public networks (such as the internet), which are beyond DFX's control or verification. The transmitted data may cross national borders, even if both the customer and DFX are located in Switzerland. Data is transmitted over public networks (e.g., the internet) that DFX does not control. Even with encryption, there is a risk of data interception. Customers are responsible for compliance with local encryption regulations. Data may be intercepted. Furthermore, customers acknowledge that their country's legal provisions may prohibit or restrict the import, export, or use of encryption algorithms. DFX is not responsible for violations of regulations governing the import, export, or use of encryption algorithms. In case of such violations, customers are solely responsible.

# Confidentiality of User Data

Customers must keep user IDs, passwords, and other identification means, such as blockchain addresses, confidential. They must not store their user IDs, passwords, or other identification means unencrypted in their browser and must delete all temporary files stored in their cache memory and browsing history. Customers are solely responsible if such identification means are disclosed to, discovered by, or misused by third parties. They are also solely responsible for any resulting losses and damages.

# Proper Use of the Website

Customers agree to use the website and the app appropriately and not misuse them in any way that could, for example, overload the website, delay the transmission of information, disrupt the service, block access to the website, or cause other harmful effects for DFX or other users. Specifically, it is prohibited to conduct email bombing, denial-of-service attacks (e.g., flooding), attempt to infect the website or app with viruses, worms, trojans, or other software, attempt to gain unauthorized access to servers managing the website or app, bypass or disable security features (hacking), update website information using automated update programs, use offline readers or similar software for mass data downloads, or engage in similar activities. DFX reserves the right to deny access to the website and app in cases of such improper use. This applies even to registered DFX customers.

# General Handling of Customer Data

Customers acknowledge that DFX may record and analyze all actions of their customers on DFX-owned websites, APIs, applications, and other direct marketing campaigns for security, system monitoring, management, marketing, and compliance with legal and regulatory requirements.

DFX will store this information under appropriate security conditions for a limited time. DFX will not share personal data with third parties, unless DFX is required to do so by legal and/or regulatory obligations. Details on this 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 will be performed by a specialized external company. Therefore, this company will have access to (only) these documents.

Other necessary external service providers may also have access to customer data as part of the maintenance and management of the current processes, product and service offerings, and the DFX user base. In cases where the use of an external provider or service is required, DFX ensures that the external provider applies the same level of vigilance regarding data protection and security as DFX. Customer data and/or contact information will never be sold by DFX.

DFX is an extremely transparent blockchain financial service provider. DFX publishes all revenues and transactions on the public blockchain from and to DFX to create maximum transparency and offer the best product to customers. The full transparency of all customer transactions ensures that DFX's activities can be externally monitored, preventing hidden prices or similar practices. It is important to note that users who choose to use the public blockchain for financial transactions store their transactions in a public, non-editable database. It is the user's responsibility to ensure that their privacy is always protected. Blockchain addresses and financial transactions are public, while the connection between the blockchain address and the corresponding owner is private and should remain private. DFX does not publish any information about its customers or the owners behind blockchain addresses but does publish data on blockchain transactions and corresponding blockchain addresses. DFX never publishes data that could allow conclusions about the owners of a blockchain address. Further details on which data related to public transactions by DFX is also published can be found in the next sections. For any questions, the Support (opens new window) can be contacted.

# Risks

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

DFX always complies with current Swiss law and is in constant communication with authorities to implement it. DFX reserves the right to suspend the trading of individual cryptocurrencies or add additional cryptocurrencies and products to its offering at any time. Customers of the DFX brokerage service do not have the right to trade cryptocurrencies that have been suspended. This applies even if these cryptocurrencies were previously purchased through the DFX brokerage service.

Moreover, cryptocurrencies originating from Decentralized Finance constructs, such as trading on a Decentralized Exchange (DEX) or exchanging via an Atomic Swap, may be labeled as higher-risk coins and treated differently in the future than coins that have not been involved in such DeFi protocols. DFX has no influence on how the DeFi market will be regulated in the future or the consequences that may arise from using DeFi protocols for users. DFX cannot guarantee the continuation of the service at all times, nor can it guarantee the buyback of sold coins if the regulatory environment changes.

# Severability and Governing Law

If any clause of these General Terms and Conditions is invalid, voided, or otherwise unenforceable, the validity of the remaining General Terms and Conditions will not be affected or impaired.

# Applicable Law and Jurisdiction

These General Terms and Conditions are governed by Swiss law and will be construed in accordance with it, excluding the conflict-of-law provisions of Switzerland or the customer’s country of residence or state. Any disputes arising from or in connection with these General 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

The financial services offered by DFX include:

  • Buy
  • Sell
  • Swap
  • Send

The payment options include:

  • Bank transfer
  • SEPA Instant Bank transfer
  • Credit card
  • Crypto deposit

# Fees

Fees vary depending on the type of service, customer account type, asset, blockchain, and usage environment. Applicable fees are transparently displayed during the respective transaction. If no fees are displayed or no other fees have been agreed upon, the following standard fees apply:

  • Trading Crypto Assets without special assistance as an individual via bank transfer: 1.49% Buy, 1.99% Sell
  • Trading Crypto Assets without special assistance as a legal entity via bank transfer: 1.99% Buy, 2.49% Sell
  • Trading Crypto Assets with special assistance as an individual or legal entity via bank transfer: 5% Flat Fee
  • When using a credit card, an additional 3% credit card fee will apply.

# Local Restrictions

The products and services offered on this website are only approved for sale in Switzerland. Individuals accessing the website from abroad do so at their own risk. DFX disclaims any responsibility related to the use of the website outside of Switzerland. Specifically, it is the responsibility of each foreign user to determine whether they may use the products and services offered by DFX based on the applicable laws of their country of residence or domicile.

# Asset Custody

# Custody Terms

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

  • Flexibility in choosing the custodial asset: If a customer decides to custody a specific amount of an asset class with DFX, DFX has the discretion to decide how and on which blockchain the asset will be held.
    • Example 1: If the customer chooses to custody BTC, DFX may store it either on the Bitcoin mainchain or as Wrapped Bitcoin (WBTC) on the Ethereum blockchain.
    • Example 2: If the customer chooses FPS, it may be held either as FPS on Ethereum or as WFPS (Wrapped FPS) on Polygon.

DFX reserves this flexibility to ensure the custody process is efficient and secure. All assets held on behalf of customers are segregated and stored on a customer-specific address. Customers can view the address and the type (asset and blockchain) of their stored assets at any time via the DFX Software Solution (opens new window).

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

# Handling Transaction Data

For all digital asset transactions, the following information is publicly available:

  • Input Asset
  • Input Amount
  • Output Asset
  • Output Amount
  • Transaction ID
  • Sender Addresses
  • Receiver Addresses

The Transaction ID allows a public blockchain to make inferences about the involved customer addresses. However, this information does not provide a direct link to the person behind the transaction or the public blockchain address.

# Handling Customer Data in Bank Transactions

When transactions are executed, customer data is automatically transmitted along with the transaction. Specifically, for bank transactions, the following information is typically transmitted from the sending bank to the receiving bank:

  • Sender and recipient names
  • Sender and recipient address
  • Bank details such as IBAN, purpose of payment, and reference number

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 to comply with applicable laws. Any data DFX has may be shared with the bank to fulfill legal obligations. This means that data may be transmitted to foreign banks if an international bank is used. The bank can be identified by its IBAN.

# Handling Customer Data in Blockchain Transactions

Similar to bank transactions, basic transaction data must be sent with blockchain transactions. When using a self-hosted wallet, such as the DFX Bitcoin Wallet, MetaMask, Ledger, or Bitbox hardware wallet, data exchange can be avoided. In all other cases, data exchange is mandatory. This means that it is essential to send personal data with blockchain transactions from non-self-hosted wallets to DFX. The data should be transmitted simultaneously with the blockchain transaction in a standardized format to Support (opens new window) or via another suitable method to DFX.

At least the following information is required:

  • Sender and recipient names
  • Sender and recipient addresses
  • 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 sent by email to compliance(at)"provider.domain". Customers of DFX who do not wish to agree to this data transmission are advised to use a self-hosted wallet.

# User Registration

Before using the financial services of DFX, customers must register. Registration is free for individuals and leads to the creation of a user profile upon acceptance of the current Terms and Conditions. When a customer registers, the information and documents they must provide to DFX, as well as the maximum amount for which they 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 phone number. This registration is considered standard – light KYC (Know-Your-Customer) – and allows the customer to buy/sell cryptocurrencies up to a set daily limit.

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

  • Address, verified by proof of delivery via mail to the provided address
  • A copy of the identity document (ID card or passport) with a signature, readable MRZ code, and a photo
  • A current photo of the customer
  • Properly filled DFX registration form (also known as chatbot form according to the requirements of the Financial Services Quality Assurance Association (VQF))
  • Properly filled economic owner form
  • First transaction from a bank account in the customer's name to DFX
  • If the customer registers using a phone number, they must confirm the code received by SMS (TAN code) to DFX

The limits for buying/selling cryptocurrencies are decided on a user-specific basis by DFX. Detailed information is available from our Support (opens new window).

DFX reserves the right to conduct a video conference to verify the customer's identity, especially if DFX believes that the provided documents are incomplete, the customer's residence or business address is in a high-risk country, or the first transaction by the customer is made from a high-risk country or a bank account not in the customer's name.

The full and correct submission and validation of these documents are required for the first purchase and sale of cryptocurrencies, or at any time upon DFX's request, without the need for justification.

The provided data must always be complete and valid. Changes in personal data, as well as any data related to the light or full KYC, must be promptly communicated to DFX by the customer.

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

Customers are not permitted to give other people access to their account. They are responsible for all activities conducted through their account.

DFX reserves the right to reject any registration without giving reasons, exclude any registered customer – including in cases of fraud, fraudulent attempts, counterfeit documents or certificates – or refuse to process a transaction.

DFX reserves the right to reject any registration without giving reasons and to exclude any registered customer, terminating the business relationship. This right applies explicitly if DFX finds that a customer is on a FATF (Financial Action Task Force) blacklist (black or grey), convicted of a crime or sanction, or if a criminal or administrative procedure is pending against the customer. Furthermore, DFX reserves the right to terminate the business relationship if continuing it would violate mandatory regulations, including Swiss and international sanctions regulations. DFX also reserves the right to refuse the execution of a transaction in such cases.

Blocked customers are not allowed to register again. If they do, they may 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 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 may delete or deactivate their customer profile at any time. However, DFX is required to retain all data, including transaction records, for ten years after the termination of the business relationship. Only after this ten-year retention period will the data and the customer account be permanently deleted.

# Process for Purchasing Cryptocurrencies

The customer must complete the purchase according to the instructions on the DFX website. Invalid or incorrect details may result in the loss of funds. DFX may conduct investigations to attempt to recover lost cryptocurrencies, but is not obligated to do so. These investigations are at DFX’s sole discretion. The customer will bear the costs of any investigation, considering the technical complexity and time required for the investigation.

If the required payment purpose does not appear on the payment order, the money will be refunded to the corresponding customer. 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. Any associated bank fees will be charged to the customer. Administrative fees may also be charged.

DFX provides its service based on the amount actually received in the DFX wallet. Bank fees or transaction fees are borne by the customer and will be deducted from the originally deposited amount if this has not already occurred upon the transaction’s arrival. Administrative fees may also be charged to the customer. DFX will convert the value of the amount received, minus any additional bank or transaction fees and DFX fees (as detailed below), into the desired cryptocurrency. The cryptocurrency conversion for Bitcoin is handled through Kraken, while all other cryptocurrency conversions are processed through Uniswap.

If the customer deposits the amount in a fiat currency other than EUR, DFX will first convert this currency into EUR, which may incur additional exchange fees. These additional fees will also be deducted from the deposited amount.

DFX notes that the purchase may take several business days before the desired cryptocurrency is received in the customer’s wallet.

Transaction fees for the cryptocurrencies transmitted to the customer are included in the base price. The prices are in Euro, US Dollars, or Swiss Francs, or another currency acceptable for payment. In crypto-to-crypto transactions, the prices are listed in the cryptocurrency being converted. The price also includes Swiss VAT, if applicable.

Purchase routes will be processed by DFX within seven business days after the transaction is made. If the purchase route is not processed within the above-mentioned time frame, the customer must notify DFX immediately. If the customer fails to do so, no claims regarding changes in exchange rates can be made.

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

Network fees related to the creation of purchase routes will be charged by DFX at the time of the transaction.

# Process for Selling Cryptocurrencies

The customer must execute the sale according to the instructions in the app. Invalid or incorrect details may result in the loss of funds. If a transfer is made to the DFX wallet without previously creating a corresponding sales route or a transfer is made to an address other than the one specified by DFX, the transferred amount may be lost. DFX may conduct investigations to attempt to recover lost cryptocurrencies, but is not obligated to do so. The scope of these investigations is at DFX’s sole discretion. The customer will bear the cost of investigations, considering their technical complexity and the time involved.

DFX provides its service based on the amount actually received in the DFX wallet. Bank fees or transaction fees are borne by the customer and will be deducted from the originally deposited amount if this has not already occurred upon the transaction’s arrival. Administrative fees may also be charged to the customer. DFX will convert the value of the amount received, minus any additional bank or transaction fees and DFX fees (as detailed below), into the desired foreign currency (or cryptocurrency).

After creating the sales route, the amount deposited by the customer in this regard, and after deducting all applicable fees, DFX will sell the specified cryptocurrencies for its own inventory as part of a principal transaction and transfer the foreign currencies (or converted cryptocurrencies) to the wallet/account specified by the customer.

DFX notes that the sale may take up to seven business days before the amount reaches the recipient.

Sales routes will be processed by DFX within seven business days after the transaction to the DFX wallet is made. If the sales route is not processed within the specified time frame, the customer must notify DFX immediately. If the customer fails to do so, no claims regarding changes in exchange rates can be made.

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

The transaction costs for the crypto or foreign currencies transferred to the customer are included in the base price. The prices are in the cryptocurrency allowed for the transaction and include Swiss VAT, if applicable. Once the transfer of the desired cryptocurrency or foreign currency to the customer’s wallet/account has been completed, the sale is considered final. The customer will receive an email confirmation of the transaction completion, along with a transaction summary.

DFX notes that there is a maximum daily sales volume per customer. The customer can apply for a higher sales volume. This request will be evaluated 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.

# Referral-Programm

Our referral program rewards customers with 0.25% of the transaction volume generated through the referral link from a new customer, as well as 0.1% on Payment-Link transactions.

Participation in the referral program is only allowed for DFX customers. The referral program may be suspended or modified at any time without notice. Further details can be viewed at https://app.dfx.swiss/account. This link only works if the user has already signed up with their customer account.

# Debt Collection Business

# Scope and Terms of the Debt Collection Business

DFX’s debt collection business includes:

  • Payment Link

The following terms apply:

  • Contracting parties wishing to assign claims to DFX for debt collection must do so through a separate agreement with DFX. Unless otherwise stipulated in the contract, fees of 0.1% of the revenue apply.
  • Users who choose to settle an outstanding claim via the DFX debt collection service may do so according to the following conditions:
    • Each claim has a defined validity period, given in UTC. Payment must be made within this period.
    • Technical manipulations to deceive DFX regarding payment are not permitted and will be reported to the authorities. Specifically, "double spending" is prohibited and will be prosecuted as fraud.

DFX offers payment through the following standards:

  • FrankencoinPay and OpenCryptoPay

    • Payments via Lightning BOLT11
      • The user bears the routing fee.
      • A received contribution of 1 BTC equals 1 BTC.
    • Payments on an EVM-based blockchain
      • The user bears the blockchain fee.
      • A received contribution of 1 ZCHF equals 1 ZCHF.
    • Payments on a UTXO-based blockchain
      • The user bears the blockchain fee.
      • A received contribution of 1 BTC does not equal 1 BTC.
        • The costs for receiving a UTXO are additionally charged to the sender since DFX can only spend the received UTXO if the corresponding blockchain transaction fee is paid.
        • Therefore, DFX considers the technically received amount minus the current blockchain transaction fee as the effectively received amount.

  • Payments via Lightning BOLT11

    • Same as above

  • PayToBlockchainAddress

    • Payments on an EVM-based blockchain
      • Same as above
    • Payments on a UTXO-based blockchain
      • Same as above

The fees for debt collection transactions are as follows:

  • DFX generally does not charge fees for settling debt collection claims.
  • DFX defines a blockchain address to which the claimed amount can be transferred. 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 will charge a currency conversion fee of 1% when FrankencoinPay, Lightning BOLT11, or OpenCryptoPay.io is used.
    For all other payment options, such as "PayToBlockchainAddress," a currency conversion fee of 2% will be charged. The higher fee is required because these payment methods offer a longer validity period.

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