Algemene Voorwaarden

Last change January 13, 2021

Article 1 Introduction

Since the inception of Bitcoin, various cryptographic currencies have emerged. These are described as Virtual Currency and cryptocurrency. For the avoidance of doubt, we will refer to Cryptocurrency in this User Agreement.

This User Agreement (the User Agreement) describes the terms and conditions on which Knaken offers you (a ' User ' or 'you') access to and use of its Services. The User Agreement includes all terms and conditions agreed between you and us, and supersedes any prior written or oral agreements relating to the subject matter of this User Agreement. The Users agreement applies to users of the Website and the Services . The User serves the entire User read the agreement carefully before using the website or Services . By opening an Account and using any of the Services offered on the Website from time to time, the User agrees to this contractual agreement between User and Knaken (the "User Agreement ").

Article 2 Definitions and Interpretation

Capitalized words have the meaning assigned to them in this User Agreement. If any part of this User Agreement is determined to be invalid or enforceable under applicable law, then the invalid or enforceable provision shall be deemed superseded by a valid, enforceable provision that most closely matches the intent of the original provision, and the remainder shall remain part of this Agreement. For the purposes of these Guidelines, the term "cryptocurrency" means the cryptographic digital currencies currently supported by Knaken.

  1. "Account" means an User account, including Knaken Wallet, which gives access to the Services
  2. "Knaken" refers to Knaken Cryptohandel BV, a private company under Dutch law, with its registered office at Seinhuiswachter 2, 3034 KH Rotterdam, and registered with the Dutch Chamber of Commerce under number KVK 70149054.
  3. "Knaken Platform" the online platform of Knaken, accessible via the Website, on which a limited number of Services are offered.
  4. “Order” indicates an instruction to buy or sell digital assets on the Knaken platform.
  5. “Services” refers to all Services as offered by Knaken on
  6. "User" refers to a natural or legal entity (represented by an authorized person) who has created an Account and uses the Services.
  7. "Website" refers to and all its related subdomains or related services, such as applications, maintained by Knaken.

Article 3 Declarations

For the purposes of entering into this User Agreement and using the Services, you agree that you:

  1. (a) are a legal entity or (b) a natural person of at least eighteen (18) years of age, and where the law of your jurisdiction requires you to be of a specified minimum age to enter into this User Agreement which is above eighteen (18) years, that you are at least this age;
  2. has the legal authority to enter into a binding agreement with us (on your own behalf or, if you are entering into this agreement on behalf of a legal entity, on behalf of the legal entity you represent) and that you are not prohibited from doing so under applicable law;
  3. you own the bank account(s) used by you in connection with the Services;
  4. you will use the Services at your own expense and risk and not as an agent or representative of any third party or otherwise on behalf of any third party;
  5. is known to be reliable and not involved in criminal misconduct;
  6. Only cryptocurrency that is lawfully obtained through the Services will sell;
  7. You are not resident in or under the jurisdiction of any country whose applicable law does not permit you to enter into this User Agreement or use these Services. Knaken has the right to select the markets and jurisdictions in which it operates and may restrict or deny its Services in certain countries without giving reasons;
  8. not resident in a jurisdiction offering services regarding cryptocurrency to their citizens or only tolerate a limited extent;
  9. are not resident in a country subject to sanctions promulgated by the United Nations, the European Union, the United States or any other relevant governmental organization;
  10. does not appear on a relevant sanctions list drawn up and / or issued by the organizations referred to under (9) above; and
  11. allows Knaken indemnified against damages Knaken suffers from violating the above statements.

You also represent and warrant that all registration information (as well as any additional information we may request) that you provide to Knaken is true, accurate and complete, and you agree to keep it that way at all times. In this regard, you agree to notify us immediately if any of the above statements are no longer accurate. In the event that Knaken finds - or has reasonable grounds to suspect - that any of the above statements is not (or no longer) correct, Knaken is permitted to immediately block your Account until the problem has been resolved to Knaken 's satisfaction (as determined by Knaken in its sole discretion) and / or close your Account and terminate this User Agreement.

Article 4 Identification

Combating money laundering and terrorist financing is essential for Knaken's activities. That is why the implementation - and strict adherence to - appropriate and decisive policy measures and procedures to combat Knaken is of great importance.

As part of the measures against money laundering of Knaken, Knaken should know her customers. This means that the identity of a User of the Services who wants to use the services of Knaken must be established and verified. To to buy or sell cryptocurrency or Knaken-tokens, a User must create an account on Knaken and identify themselves. You must provide us with certain information as part of the verification process. You expressly agree that Knaken may verify the correctness of this information in any necessary way. As part of the identification process, Users must also perform a transaction by transferring a small amount to one of Knaken's bank accounts. The name associated with the payment method to perform this transaction (or, where appropriate, the bank account directly or indirectly linked to the payment method) must exactly match the User's name.

All addresses for cryptocurrency wallets that are used in connection with the Services (e.g., to receive cryptocurrency that is bought using the Services) must be in your possession. The Services may not be used to send cryptocurrency to a wallet address managed by a third party. You may cryptocurrency that is sent directly to a Knaken Wallet (as defined below) not save from an address managed by a third party; your account cannot be used for the sale of cryptocurrency stored in a wallet which is managed by a third party. The above does not apply to custodian wallets that are accessible to you. Knaken has the right to restrict or refuse the use of certain wallets without stating reasons.

You agree to provide us with the information we request for the purpose of identifying and detecting money laundering, terrorist financing, fraud or other financial crime, and consent to us recording such information. You agree to notify us of any changes to the information you provide within two weeks of the change occurring. This applies to changes in personal circumstances, such as a change of address or a change of name, as well as changes to your business, such as bankruptcy or a change in the legal form of your company. Providing false, incomplete, misleading information or failing to communicate any changes to the information we collect from you is grounds for immediate termination of your Account.

In addition, Knaken on the basis of the measures against money laundering of Knaken:

  1. report all suspicious transactions to the competent authorities;
  2. actively monitor all transactions for the purpose of fraud detection;
  3. working together with the police, regulators, prosecutors and other government agencies;
  4. blocks and / or freezes all user Accounts associated with fraud;
  5. blocks and / or freezes all user Accounts where customers do not provide the necessary information and / or documentation necessary for verification and / or identification; and
  6. charges fraudulent customers for the costs incurred by Knaken for investigating and remedying fraudulent or other criminal activities. These costs will be settled with credits from customers at Knaken.

Article 5 Registration

To use the Services, you must register for an Account on the Website. Because the services entail financial transactions, you must use a strong password and account data as secure as possible to keep. Never use a password for more than one website / service. We are not responsible for loss or damage if you lose your account information, reused passwords, used weak passwords or did not activate the second authentication factor.

We may decide not to offer the Services in all markets and jurisdictions, subject to applicable legal restrictions. If we discover that your registration violates applicable law or these terms, we may immediately suspend the Services and cancel any open orders. If this happens, we will try to find a way to return the Cryptocurrency to you based on the options available at the time.

Article 6 License

In order to use the Services, you will receive a non-exclusive, non- transferable right from us to use the Services for your own personal use and the purposes we determine. You may use the Services within the frameworks for which it is intended and provided you do not violate this User Agreement. You are solely responsible for maintaining the confidentiality and security of your Account and password, restricting access to your Account and for any use and all actions that occur in your Account. Knaken strongly advises Users to use two-factor authentication to protect their Account.

You agree to accept responsibility - and assume the entire risk for - all activities that occur in your Account and all transactions concluded in your Account. Knaken cannot be held liable for any misuse of your login details, and is always entitled to assume that the User who logs in to the Website is the party he pretends to be. If you know or have reason to suspect that your login details have become available to unauthorized persons, you must change your password as soon as possible and notify Knaken so that we can take appropriate measures. If you believe there is any unauthorized activity in connection with your Account, you should contact us immediately. We can temporarily block access to your Account at your request.

Article 7 Buying and selling

The Services allows you to buy and sell various Cryptocurrencies from us. For this we charge a so-called bid and ask price. The prices you see on the Website are the prices you will receive after payment.

The price of Cryptocurrency can fluctuate (strongly). We do not guarantee any value retention in the future. Due to the fluctuation of the Cryptocurrency exchange rate, we determine the final value as soon as your payment is initiated. Depending on the Cryptocurrency in question, the time when a transaction is deemed to be completed may differ. Transactions will be processed by the system as soon as possible and will be considered completed when you receive a confirmation by email.

The account number that you provide to us must be in your name. You are not allowed to use anonymous account numbers or an account number that is not in your name. In that case, no payment will be made. When an amount is refunded to our account by entering incorrect bank account information, we are entitled to charge € 12.50 administration costs.

Article 8 Wallet

One of functions of Cryptocurrency is the ability to have ultimate control over your Cryptocurrency to have the private keys (private keys). We understand this can be challenging at this point in the development of the crypto ecosystem. Until it becomes easier to take this in-house, we offer a way to temporarily store Cryptocurrencies in our Services (the Wallet).

The Wallet is an additional function that is only intended for temporary storage and is not suitable for long-term storage or large amounts of Cryptocurrency. We will take every reasonable measure to secure the Cryptocurrency, but cannot guarantee total security, given that no such thing exists. The use of your own hardware wallet is strongly discouraged with large amounts of cryptocurrency. All risks and rights associated with the Cryptocurrency, is transferred to you as soon as the Cryptocurrency is sent to the address you have specified.

Article 9 Staking Services

When the user holds digital assets in his wallet, the user can use staking services provided by Knaken (the "Staking Services "). To use the Staking Services, the User must register by selecting the Staking Services as an option in his Account.

By signing up for the Staking Services, Knaken will distribute (part of) the reward to the User: (i) determined by Knaken at its own discretion, but will in principle pay out monthly; (ii) be subject to Knaken's staking fee (if applicable); and (iii) are further explained in the User's Account.

The Staking Services enable Knaken to turn off the Staking Digital Assets of the User on behalf of the User. The User is aware of the risks associated with Staking Services, and the User is not obliged to use the Staking Services at Knaken.

By using the Staking Services, the User confirms (i) the relevant terms and conditions have been read in full, (ii) having had the opportunity to ask questions and receive answers from Knaken regarding the terms and conditions of the Staking Services prior to participating and (iii ) acknowledges and accepts the risks associated with Staking Services . The User can sign out from the Staking Services at any time through the settings page in their Account.
Knaken reserves the right to (i) refuse or remove any contribution from the Staking Services; (ii) set minimum or maximum amounts, or (iii) stop the Staking at Knaken's sole discretion. The User grants Knaken the right, where Knaken can do effective under the applicable law and without further notice to the user, to the Staking Assets discretion of Knaken to use. Knaken reserves the right to charge User Fees in connection with the User's Participation in the Staking Services. An overview of these fees for the use of the Staking Services, if any, will be made available on the Website.

Article 10 Basis of Services

Knaken offers you the Services on an "as is" basis: Knaken provides no representations or warranties of any kind regarding the operation of the Services , and disclaim all express or implied liability with including, but not limited to any warranty that the Services meet your needs, always available, accessible, uninterrupted, timely, secure, will work or certain features or functionality will contain flawless. Knaken expressly does not guarantee that the services continuous and flawless work and, is authorized to temporarily suspend operations of one or more services, for example in connection with breakdowns or repairs. It is clear that Knaken only uses this right if Knaken considers it necessary to comply with applicable laws and regulations (for the avoidance of doubt, including legislation to prevent money laundering) and / or protecting the users of the Services , van Knaken and / or for the proper functioning of markets and prices. Please note that we may change, suspend or discontinue all or part of the Services at any time without notice. Knaken cannot be held liable for any problems that may arise as a result of changes made by Knaken to its Services.

Artikel 11 Privacy

By visiting the Website or registering for the Services, you authorize us to collect, use or disclose the information in accordance with our Privacy Statement. The most recent version of our Privacy Statement is included on our website. Knaken processes your personal data in accordance with the Privacy Statement.

As part of your use of the Services, you can receive information about us or the services that are not known to be in the general public ("Confidential Information"). You agree that:

  1. all Confidential Information remains our property;
  2. you use Confidential Information only as necessary to use the Services; and
  3. you will not otherwise disclose Confidential Information to another person; Unless you have received express written permission to do so, you may not issue a press release or public statement in connection with Knaken, the Services or your use of the Services.

Article 12 Liability

Within the limits of the applicable law, Knaken is only liable to you for direct damage resulting from an attributable shortcoming in the fulfillment of this User Agreement. Knaken is not liable for direct or indirect damage arising in connection with this User Agreement, the Services (or the use thereof) or material related thereto. For the avoidance of doubt, and notwithstanding the generality of the foregoing, no liability whatsoever exists for:

  1. Price differences due to delayed processing of buy or sell orders;
  2. Cancellation of orders due to clearly incorrectly stated prices;
  3. Damage related to the Knaken Wallet feature;
  4. Losses resulting from hacks, system failures and / or regulations;
  5. Indirect damages (including consequential damages, loss of income and profit, loss of data and intangible damages).

Except in the case of willful misconduct or willful recklessness by the management or supervisors of Knaken, the liability of Knaken is in all cases limited to the amount paid by you for the Services in the month prior to the moment the cause of the damage has occurred.

Article 13 Duration and Termination

This User Agreement is effective when you start using the Services, and will remain in effect until terminated by you or us. Knaken is entitled to terminate this User Agreement, terminate or suspend your Account and access to the Services, without notice or other formality in the event of:

  • A petition for or judgment of any bankruptcy, insolvency, temporary suspension of payment or similar arrangement under the law applicable to you;
  • Seizing, forfeiting or otherwise reclaiming a Knaken Wallet or other assets from you;
  • A limited right such as an obligation to a third party is granted or created on a Knaken Wallet;
  • Your rights under this User agreement violate this User agreement to a third party;
  • A user dies (if the user is a natural person) or is dissolved or dissolved (if the user is a legal entity);
  • You provided incorrect information when entering into the User Agreement, and the User Agreement would not have been concluded, or not on the same terms, if Knaken had been aware of this;
  • You continue to be negligent in the fulfillment of your obligations towards Knaken in any other way; or
  • DWe believe that the relationship between you and us has been seriously damaged.

Article 14 Fraud and other criminal misconduct

In the event that you use the Services in a manner that is fraudulent, or is intended to commit or assist with - or otherwise be related to - fraud or other criminal misconduct (including, but not limited to, money laundering money or terrorist financing), you agree that you will indemnify Knaken against any adverse consequences arising for Knaken in connection therewith, and that, if necessary, you will compensate Knaken for any costs, damages or losses (including, but not limited to, costs incurred as a result of an investigation and losses related to reputational damage) arising as a result. For the avoidance of doubt, in the event Knaken suspects a user of being involved in fraudulent or other illegal activity, Knaken has the right to immediately freeze this User's Account and notify the appropriate authorities. In such a case, all outstanding orders of that User will be canceled, without Knaken being liable for any losses as a result. Knaken may take further action at its discretion and, where appropriate, in conjunction with the competent authority. These measures may include termination of the Account, transferring any remaining funds to the appropriate authority and / or donating these funds to victims of fraud or financial crime, or using remaining funds to compensate Knaken for costs, damages or losses (including, but not limited to, costs incurred as a result of an investigation and losses related to reputational damage) resulting from fraud or other criminal misconduct.

Article 15 Amendments

We may change this User Agreement from time to time. If we make material changes to the User Agreement, we will give notice, for example by means of an announcement on the Website or by sending you an email. Your continued use of the Services after the changes take effect constitutes your acceptance of the changes. Therefore, always read notices of changes carefully. When the Services do not wish to use under the new version of the User, you can end the User agreement by contacting the customerservice.

Article 16 Assignment and third parties

You may not transfer any rights, obligations or claims you have under this User Agreement without our prior written consent. Knaken may transfer this User Agreement, in whole or in part, at any time without prior notice. Subject to the foregoing, this User Agreement is binding on all successors and permitted assigns of a party. Knaken may engage third parties for the fulfillment of its obligations under the User Agreement. Although Knaken selects these parties very carefully, the user agrees and acknowledges that Knaken is not liable for any losses or damage suffered by a user as a result of the acts or omissions of these third parties.

Article 17 Applicable law and dispute resolution

The contractual (and non-contractual) legal relationship between you and Knaken is governed by Dutch law. Any disputes relating to this User Agreement will be submitted to the competent court in Rotterdam.


If you have other questions regarding our Terms and Conditions, the Services or other subjects, please contact us.