Last updated: May 2022 - please see here to access the previous version of these terms
COINBASE USER AGREEMENT
This agreement (the “Agreement”) is for customers who reside in Germany.
This Agreement will only become binding for you and for Coinbase after Coinbase having successfully verified your identity during the Identity Verification procedure. In no event will it become binding on you or Coinbase prior to that. You will be notified about the successful completion of the Identity Verification procedure at the end of that procedure.
In reviewing these terms you will see that some text is coloured in green. These clauses set out the detail of the Central Bank of Ireland regulated services provided to you by Coinbase Ireland Limited. All clauses not coloured in green relate to the services provided to you by Coinbase Germany GmbH which is regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht.
This is a contract between you and each of:
1. Coinbase Ireland Limited ("Coinbase Ireland") a private limited company incorporated in Ireland with company number 630350, whose registered office is 70 Sir John Rogerson’s Quay, Dublin D02 R296, Ireland; and
2. Coinbase Germany GmbH ("Coinbase Germany"), a private company incorporated in Germany (Register number: HRB 213709 B) and whose registered office is c/o Eversheds Sutherland (Germany) LLP, Kurfürstendamm 22, 10719 Berlin, Germany.
Each of Coinbase Germany and Coinbase Ireland is hereinafter also referred to as “Entity”.
References in this Agreement to "Coinbase", "we", "our" or "us", are to either Coinbase Germany and/or Coinbase Ireland as indicated in the relevant clause as the responsible Entity for provision of the services being discussed, and references to "you" or "your" are to the person with whom Coinbase enters into this Agreement. In case an Entity is indicated in a provision without further specification, this provision shall apply to both Entities.
We refer to the E-Money Services, Digital Currency Services and Additional Services (all defined below) collectively as the"Coinbase Services", which can be accessed via the platform operated by Coinbase (the “Coinbase Platform”) (including the online platform which is accessible via the Site or at such location as may be prescribed by Coinbase from time to time). Each of the Coinbase Services is provided by either Coinbase Ireland or Coinbase Germany, as set out in clause 2 below.
You should be aware that the risk of loss in trading or holding Digital Currencies can be substantial. As with any asset, the value of Digital Currencies can go up or down and there can be a substantial risk that you lose money buying, selling, holding, or investing in digital currencies. You should carefully consider whether trading or holding Digital Currencies is suitable for you in light of your financial condition.
To be eligible to use any of the Coinbase Services, you must be at least 18 years old and reside in a country in which the relevant Coinbase Services are accessible. Please note that not all Coinbase Services are available in every country. The list of Coinbase Services accessible by country can be found at https://www.coinbase.com/global.
2.1. E-Money Services.
The following services (the "E-Money Services") may be provided to you by Coinbase Ireland:
(A) a hosted digital wallet enabling you to store electronic money issued by Coinbase Ireland (the “E-Money Wallet” and “E-Money" respectively); and
(B) certain payment services enabling you to send and receive E-Money.
The E-Money Services are regulated by the Central Bank of Ireland. Coinbase Ireland is an authorised electronic money institution authorised and regulated by the Central Bank of Ireland with register number C188493 and listed on the Central Bank of Ireland’s register which is available at http://registers.centralbank.ie/.
2.2. Digital Currency Services.
The following services (the "Digital Currency Services") may be provided to you by Coinbase Germany:
(A) one or more hosted digital currency wallets (the "Digital Currency Wallets") enabling you to store, track, transfer, and manage your balances of certain supported digital currencies like Bitcoin or Ethereum (collectively "Digital Currency" or “Digital Currencies”); and
(B) a Digital Currency exchange service enabling you to obtain prices for your purchases and sales of Digital Currencies, and (subject to certain restrictions) carry out any such purchases or sales on the Site (the “Digital Currency Exchange Service”).
IMPORTANT NOTE: Coinbase Germany is a financial service provider that is based in, and provides its services from, Germany and that is regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”). For details, please see the BaFin website. However, Coinbase Germany is neither subject to the German Deposit Protection Act (Einlagensicherungsgesetz) nor to the German Investor Compensation Act (Anlegerentschädigungsgesetz). Coinbase Germany is, therefore, no member of any deposit guarantee scheme or investor protection scheme.
2.3. Additional Coinbase Services.
In addition to the core services (i.e. the E-Money Services and the Digital Currency Services), the following services ("Additional Services") may be made available by Coinbase Germany (if applicable via another member of the Coinbase Group, as defined at Section 2.6 below) to users that fulfil certain eligibility criteria:
(A) an order book exchange platform for Digital Currencies (as further described in Appendix 4) (“Coinbase Pro”);
(B) development applications provided by Coinbase (as further described in Appendix 5) (“Developer’s Tools”); and
(C) staking services (as further described in Appendix 6) (“Staking Services”).
(D) the participation in DeFi Yield (as further described in Appendix 7) (“Consent to Participate in DeFi Yield”)
2.4. Several Liability. The liability of each of Coinbase Ireland and Coinbase Germany under this Agreement is several and not joint, and each of Coinbase Ireland and Coinbase Germany shall be liable only for their own respective obligations under this Agreement, and any breaches by them of those obligations. This means that each of them are responsible to you for their own breaches of this Agreement, and not for each other’s breaches.
2.5. Fees. You are responsible for the payment of and pay all fees. A full list of fees for Coinbase Services, as amended from time to time, can be found on the Site at the ‘Pricing and Fees Disclosures’ and ‘Trading Fees’ as well as at the ‘DeFi Yield’ pages, which shall form part of this Agreement.
2.6. Coinbase Group. In this Agreement, “Coinbase Group” means Coinbase Germany and its corporate affiliates, including Coinbase, Incorporated, a Delaware corporation, which provide Digital Currency storage and wallet services. Excluded from this definition are all corporate affiliates that solely provide electronic money services, including, but not limited to, Coinbase Ireland.
3. ACCOUNT SETUP
3.1. Registration of Coinbase Account. To use the Coinbase Services, you will need to register for a Coinbase account (a "Coinbase Account") by providing your details, including your name, email address and a password and accepting the terms of this Agreement. By using a Coinbase Account, you represent that you will use the Coinbase Services only for yourself, and not on behalf of any third party, unless you have obtained prior approval from Coinbase in accordance with Section 3.2 and 4.10 of this Agreement. Each customer may register only one Coinbase account. You are fully responsible for all activity that occurs under your Coinbase Account. We may, in our sole discretion, refuse to open a Coinbase Account for you, or suspend or terminate any Coinbase Accounts (including but not limited to duplicate accounts) or suspend or terminate the trading of specific Digital Currency in your account.
3.2. Third party Access. If, to the extent permitted by Section 4.10, you grant express permission to a Regulated Third Party to access or connect to your Coinbase Account(s), either through the Regulated Third Party's product or service or through the Site, you acknowledge that granting permission to a Regulated Third Party to take specific actions on your behalf does not relieve you of any of your responsibilities under this Agreement. You are fully responsible for all acts or omissions of any Regulated Third Party with access to your Coinbase Account(s) and any action of such Regulated Third Party shall be considered to be an action authorised by you. Further, you acknowledge and agree that you will not hold Coinbase responsible for, and will indemnify Coinbase from, any liability arising out of or related to any act or omission of any Regulated Third Party with access to your Coinbase Account(s).
You may change or remove permissions granted by you to a Regulated Third Party with respect to your Coinbase Account(s) at any time through the tabs on the ‘Settings’ page on the Site.
3.3. Identity Verification. You are obliged to provide us with the information we request (which we may request at any time deemed necessary in order to meet our legal obligations under the Anti Money Laundering Act (Geldwäschegesetz) and other applicable laws) for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud, or any other financial crime, including as set out in Appendix 2 (Verification Procedures and Limits) and permit us to keep a record of such information according to our obligations under applicable laws. You will need to complete certain verification procedures before you are permitted to start using the Coinbase Services and to access specific Coinbase Services, including certain transfers of E-Money and Digital Currency, and the limits that apply to your use of the Coinbase Services may be altered as a result of information collected on an ongoing basis.
The information we request may include (but is not limited to) personal information such as your name, residential address, telephone number, email address, date of birth, taxpayer identification number, information regarding your bank account (such as the name of the bank, the account type, routing number, and account number) network status, customer type, customer role, billing type, mobile device identifiers (e.g. international mobile subscriber identity and international mobile equipment identity) and other subscriber status details, and any such information that Coinbase is required to collect from time to time under applicable law. Coinbase will request such information only to the extent necessary to enable Coinbase to meet its legal or contractual obligations.
You may also be required to undergo “Enhanced Due Diligence” (see Section 6.2 below) pursuant to the Anti Money Laundering Act (Geldwäschegesetz), where Coinbase may request that you submit additional information about yourself or your business, provide relevant records, and arrange for meetings with Coinbase staff so that Coinbase may, among other things, establish the source of your wealth and source of funds for any transactions carried out in the course of your use of Coinbase Services.
In providing us with this or any other information that may be required, you confirm that the information is true, accurate and complete, and you have not withheld any information that can reasonably be expected to influence Coinbase’s evaluation of you for the purposes of your registration for a Coinbase Account or the provision of Coinbase Services to you. You undertake to promptly notify in writing and provide Coinbase with information regarding any changes in circumstances that may cause any such information provided to become false, inaccurate or incomplete and also undertake to provide any other additional documents, records and information as may be required by Coinbase and/or applicable law. Records of such information are kept pursuant to applicable law. We will treat this information in accordance with Section 11 (Data Protection).
4. E-MONEY SERVICES
4.1. Loading. You can load funds into your E-Money Wallet using bank transfer (or other payment methods available on the Site for your location), and your E-Money Wallet will show loaded funds once we have received them. Loading of funds may be done manually, or as part of a recurring transaction that you set up on your Coinbase Account (see Section 5.12 below for more details). You may only load your own funds, from your own account, and not from any joint, pooled or third party account. When funds are loaded into the E-Money Wallet you will be issued with E-Money by Coinbase Ireland that represents the funds you have loaded. The E-Money Wallet is not a deposit or investment account which means that your E-Money will not be protected by any deposit guarantee scheme or any investor compensation scheme. Coinbase Ireland will only hold funds received from users in a designated safekeeping account with a regulated financial institution. E-Money held in an E-Money Wallet will not earn any interest. Your E-Money Wallet may hold E-Money denominated in different currencies and we will show the E-Money balance for each currency that you hold.
4.2. Purchase or Sale of Digital Currency. You may purchase supported Digital Currency by using E-Money credited to your E-Money Wallet. To carry out a Digital Currency Transaction using E-Money, you must follow the relevant instructions on the Site. A Digital Currency Transaction using E-money should normally be settled no later than one business day after we receive your instructions. You authorise us to debit E-Money from your E-Money Wallet. Although we will attempt to deliver Digital Currency to you as promptly as possible, E-Money may be debited from your E-Money Wallet before Digital Currency is delivered to your Digital Currency Wallet held with Coinbase Germany.
You may sell Digital Currency in exchange for E-Money. You authorise us to debit your Digital Currency Wallet (held with Coinbase Germany) and credit your E-Money Wallet (held with Coinbase Ireland) with the relevant amount of E-Money.
4.3. Receipt of Instructions. If we receive instructions from you to purchase Digital Currency using E-Money on a non-business day or after 4:30 pm (Dublin time) on a business day, we may treat those instructions as if they were received by us on the following business day.
4.4. Revocation. When you give us instructions to carry out a Digital Currency Transaction using E-Money, you cannot withdraw your consent to that Digital Currency Transaction unless the Digital Currency Transaction is not due to occur until an agreed date in the future e.g. if you have set up Future Transactions (see Section 5.12 below for more details). In the case of a Future Transaction, you may withdraw your consent up until the end of the business day before the date that the Future Transaction is due to take place. To withdraw your consent to a Future Transaction, follow the instructions on the Site.
4.5. Unsuccessful Payments. If a payment to load funds into your E-Money Wallet is not successful, you authorise Coinbase Ireland, in its sole discretion, either to cancel any related Digital Currency Transactions or to debit your other payment methods, including Coinbase balances or other linked accounts, in any amount necessary to complete the Digital Currency Transactions in question. You are responsible for maintaining an adequate balance and/or sufficient credit limits in order to avoid overdraft, or similar fees charged by your payment provider.
4.6. Account Information. You will be able to see your E-Money Wallet balance and your transaction history using the Site, including (i) the amount (and currency) of each Digital Currency Purchase, (ii) a reference to identify the payer and / or payee (as appropriate), (iii) any fees charged (including a breakdown of the fees), (iv) where there has been a currency exchange, the rate of exchange, and the amount (in the new currency) after exchange (where you are the payer) or the amount (in the original currency) before the exchange (where you are the payee), and (v) the debit or credit date of each Digital Currency Purchase (as appropriate).
4.7. Redeeming E-Money. You may redeem all or part of any E-Money held in your E-Money Wallet at any time by selecting the relevant option in the Site and following the instructions. Unless agreed otherwise, funds will be transferred to the bank account you have registered with us. If this Agreement is terminated, we will redeem any E-Money remaining in your E-Money Wallet and attempt to transfer funds to the bank account you have registered with us. Prior to redeeming E-Money from your E-Money Wallet, we may conduct checks for the purposes of preventing fraud, money laundering, terrorist financing and other financial crimes, and as required by applicable law. This may mean you are prevented or delayed from withdrawing E-Money until those checks are completed to our reasonable satisfaction in order to comply with our regulatory requirements.
4.8. Unauthorised and Incorrect Transactions. Where a purchase of Digital Currency and / or redemption of E-Money is initiated from your E-Money Wallet using your credentials, we will assume that you authorised such transaction, unless you notify us otherwise.
If you believe that a transaction using your E-Money Wallet has been carried out that you did not authorise (an “Unauthorised Transaction”), or if you have reason to believe that a transaction using your E-Money Wallet has been incorrectly carried out or is not complete (an “Incorrect Transaction”), you must contact us as soon as possible, and in any case no later than 13 months after the Unauthorised Transaction or Incorrect Transaction occurred.
It is important that you regularly check your E-Money Wallet balance and your transaction history to ensure any Unauthorised Transactions or Incorrect Transactions are identified and notified to us at the earliest possible opportunity.
We are not responsible for any claim for Unauthorised Transactions or Incorrect Transactions unless you have notified us in accordance with this Section 4.8, in which case Section 4.9 below sets out our respective responsibilities. As further described in Section 4.9 below, we are not responsible for any claim for Unauthorised Transactionsor Incorrect Transactions if you have acted fraudulently, intentionally or with gross negligence and this has resulted in the Unauthorised Transactions or Incorrect Transactions.
During any investigation of any actual or potential Unauthorised Transactions or Incorrect Transactions, we reserve the right to suspend your Coinbase Account to avoid further losses.
4.9. Refund Rights.
(A) Unauthorised Transactions - E-Money Wallet.
If an Unauthorised Transaction occurs in your E-Money Wallet as a result of our failure, we will refund you the amount of that transaction by no later than the end of the next business day after becoming aware of the Unauthorised Transaction and restore your E-Money Wallet to the state it would have been in had the Unauthorised Transaction not taken place. Generally, you will not be liable for losses incurred after you have notified us of the Unauthorised Transaction or if we have failed at any time to provide you with the means for notifying us.
Subject to Section 675v para. (2) and (4) of the German Civil Code (“BGB”), you will be liable for the first EUR 50 of any losses you incur in respect of an Unauthorised Transaction in your E-Money Wallet which arises from the use of lost or stolen credentials (for example when you have failed to keep the login details for your Coinbase Account secure), and if you are fraudulent, or you intentionally or negligently fail to carry out your obligations under this Agreement and this results in Unauthorised Transactions in your E-Money Wallet (for example, if you deliberately share your email and password with a third party, or are grossly negligent in keeping your email and password secure, in both cases other than in accordance with Sections 3.2 and/or 4.10), you will - subject to Section 675 para. (5) BGB - be liable for all resultant losses incurred as a result of any such Unauthorised Transactions, not just the first EUR 50.
Where there is a dispute between us and you regarding whether or not a transaction is an Unauthorised Transaction, we may (but are not obliged to) temporarily credit your E-Money Wallet whilst we settle the dispute. Where we determine that the transaction was authorised, we may reverse that credit and correct errors made in any statement of E-Money Wallet without prior notice to you, although please note that during this period your E-Money Wallet may be temporarily locked to avoid further Unauthorised Transactions. You will also be liable to us (as a debt) for any E-Money you have transferred which was temporarily credited to your E-Money Wallet.
(B) Incorrect Transactions - E-Money Wallet.
Where an Incorrect Transaction is made in your E-Money Wallet as a result of our action or error we shall refund to you the amount of that transaction without undue delay and restore your E-Money Wallet to the state in which it would have been had the Incorrect Transaction not taken place. We will also endeavour to provide you with reasonable notice where possible. We will also pay any charges for which we are responsible, and for any interest which you can show that you have had to pay as a consequence of any Incorrect Transaction. Irrespective of our liability, on your request, we shall try to trace any Incorrect Transaction initiated by you free of charge. However, we cannot guarantee that we will be able to trace such transactions.
4.10. Appointment of Regulated Third Parties. You may, as set out in Section 3.2, appoint appropriately licensed third parties to access your E-Money Wallet (“Regulated Third Parties”). If you do, you should be aware that by virtue of such access, that Regulated Third Party may access your transactional and other data, and / or may initiate transfers from your E-Money Wallet. You will be liable for any actions that any Regulated Third Parties take on your Coinbase Account, as further set out in Section 3.2 above. We reserve the right to refuse access to any Regulated Third Parties, as set out in Section 4.11 below.
4.11. Refusing to deal with Regulated Third Parties. We may refuse access to Regulated Third Parties for objectively justified and duly evidenced reasons relating to unauthorised or fraudulent access to your E-Money Wallet, money laundering, terrorist financing, fraud, or any other financial crime, and as required by applicable law. In such cases, unless we are prohibited by applicable law, we will inform you that that Regulated Third Party's access has been denied and the reasons why. We will permit access again once we are satisfied that the reasons for refusing access no longer exist.
4.12. Consent. By opening a Coinbase Account you provide your explicit consent to us providing payment services (i.e. the E-Money Services) to you. You can withdraw this consent at any time by closing your Coinbase Account.
4.12. Complaint Process. If you have a complaint relating to the E-Money Services provided to you by Coinbase Ireland, we encourage you to first file a complaint though the dispute process set out in Section 10.2. Following that, you may be able to take unresolved complaints to the Financial Services and Pensions Ombudsman ("FSPO"). You agree that you will not raise a complaint with the FSPO until the dispute process set out in Section 10.2 has been completed. You can find further information about the FSPO and the types of complainants eligible to submit matters to the FSPO using the following details:
Address: Financial Services and Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, D02 VH29, Ireland.
Telephone: +353 1567 7000.
5. DIGITAL CURRENCY SERVICES
5.1. In General. Your Digital Currency Wallet enables you to send Digital Currency to, and request, receive, and store Digital Currency from, other users or third parties outside the Coinbase Platform, by giving instructions through the Site (each such transaction is a "Digital Currency Transaction").
The Digital Currency Exchange Service enables you to buy Digital Currency using:
(A) E-Money from your E-Money Wallet held with Coinbase Ireland;
(B) Central bank issued currency (such as GBP or EUR) supported by Coinbase; and/or
(C) Other types of Digital Currency in your Digital Currency Wallet.
Conversely, when you sell on the Coinbase Platform, Digital Currency you may elect to receive:
(A) E-Money into your E-Money Wallet held with Coinbase Ireland;
(B) Central bank issued currency (such as GBP or EUR) supported by Coinbase; and/or
(C) Other types of Digital Currency in your Digital Currency Wallet.
Coinbase facilitates and enables the purchase and sale of Digital Currency between its customers on the Coinbase Platform.
5.2. Fiat Currency Transactions (not using your E-Money Wallet). You may purchase supported Digital Currency by linking a valid payment method to your Digital Currency Wallet. You authorise us to debit funds using your selected payment method(s) to complete your purchase.
Although we will attempt to deliver Digital Currency to you as promptly as possible, funds may be debited from your selected payment method before the status of your Digital Currency transaction is shown as complete, and the Digital Currency is delivered to your Digital Currency Wallet. You may sell Digital Currency in exchange for fiat currency (such as GBP or EUR) supported by Coinbase. In such circumstances, you authorise us to debit your Digital Currency Wallet and to send instructions to credit your selected payment method(s) in settlement of sell transactions. We will send these instructions as soon as reasonably possible. Any fiat currency should be credited to your selected payment method(s) by the end of the business day after we send such instructions.
5.3. Transaction Fulfilment. We will make reasonable efforts to fulfil all purchases of Digital Currency, but in some circumstances, we may be unable to. If this is the case, we will notify you and seek your approval to re-attempt the purchase at the current Exchange Rate (as defined below).
5.4. Availability of Payment Methods. The availability of a method of payment depends on a number of factors including, for example, where you are located, the identification information you have provided to us, and limitations imposed by third party payment processors.
5.5. Conversion Fees. Each purchase or sale of Digital Currency is subject to a fee (a "Conversion Fee"). The applicable Conversion Fee will be displayed to you on the Site prior to each transaction and is stated in each receipt we issue to you. We may adjust our Conversion Fees at any time. We will not process a transaction if the Conversion Fee and any other associated fees would, together, exceed the value of your transaction. A full list of Coinbase Germany's fees can be found on our Pricing and Fees Disclosures page.
5.6. Exchange Rates. Each purchase or sale of Digital Currency is also subject to the Exchange Rate for the given transaction. The "Exchange Rate" means the price of a given supported Digital Currency in fiat currency as quoted on the Site. The Exchange Rate is stated either as a "Buy Price" or as a "Sell Price", which is the price at which you may buy or sell Digital Currency, respectively.
You acknowledge that the Buy Price Exchange Rate may not be the same as the Sell Price Exchange Rate at any given time, and that we may add a margin or ‘spread’ to the quoted Exchange Rate. You accept the Exchange Rate when you authorise a transaction. You can learn more about Coinbase Germany's Exchange Rates on our ‘Pricing and Fees Disclosures’ page on the Site. We do not guarantee the availability of any Exchange Rate. We do not guarantee that you will be able to buy and / or sell your Digital Currency on the open market at any particular price or time.
5.7. Authorisations; Reversals; Cancellations. By clicking the ‘Buy’ or ‘Sell’ button on the Site, you are authorising Coinbase to initiate the transaction at the quoted Buy Price or Sell Price and agree to any associated Conversion Fees and Exchange Fees.
You cannot cancel, reverse, or change any transaction marked as complete or pending. If your payment is not successful or if your payment method has insufficient funds, you authorise us, in our sole discretion, either to cancel the transaction or to debit your other payment methods, including balances on your E-Money Wallet and/or Digital Currency Wallets, in any amount necessary to complete the transaction. You are responsible for maintaining an adequate balance and/or sufficient credit limits in order to avoid overdraft, insufficient funds, or similar fees charged by your payment provider. Coinbase reserves the right to suspend access to Coinbase Services (including Coinbase Consumer, Coinbase Pro) until such insufficient payment is addressed.
5.8. Digital Currency Transactions. We will process Digital Currency Transactions in accordance with the instructions we receive from you. You should verify all transaction information prior to submitting instructions to us. We do not guarantee the identity of any user, receiver, requestee or other third party and we will have no liability or responsibility for ensuring that the information you provide is accurate and complete.
Digital Currency Transactions cannot be reversed once they have been broadcast to the relevant Digital Currency network. If you initiate a Digital Currency Transaction by entering the recipient's email address and the recipient does not have an existing Coinbase Account, we will invite the recipient to open a Coinbase Account. If the recipient does not open a Coinbase Account within 30 days, we will return the relevant Digital Currency to your Digital Currency Wallet.
We may charge network fees (“miner fees”) to process a Digital Currency Transaction on your behalf. We will calculate the miner fees at our discretion, although we will always notify you of the miner fees at (or before) the time you authorise the Digital Currency Transaction. A full list of Coinbase Germany's miner fees can be found on our ‘Pricing and Fees Disclosures’ page on the Site. Miner fees for each individual transaction will be disclosed to you at the time of purchase on the checkout page. When you or a third party sends Digital Currency to a Coinbase Digital Currency Wallet from an external wallet not hosted on Coinbase, the person initiating the transaction is solely responsible for executing the transaction properly, which may include, among other things, payment of miner’s fees in order for the transaction to be completed successfully. Non-payment of miner fees may cause your transaction to remain in a pending state outside of Coinbase Germany’s control and we are not responsible for delays or loss incurred as a result of an error in the initiation of the transaction and have no obligation to assist in the remediation of such transactions.
Once submitted to a Digital Currency network, a Digital Currency Transaction will be unconfirmed for a period of time pending sufficient confirmation of the transaction by the Digital Currency network. A Digital Currency Transaction is not complete while it is in a pending state. Digital Currency associated with Digital Currency Transactions that are in a pending state will be designated accordingly and will not be included in your Digital Currency Wallet balance or be available to conduct Digital Currency Transactions until confirmed by the network.
We may also refuse to process or cancel any pending Digital Currency Transaction as required by law, regulation or any court or other authority to which Coinbase is subject in any jurisdiction, for instance, if there is suspicion of money laundering, terrorist financing, fraud, or any other financial crime.
5.9. Supported Digital Currencies. Our Digital Currency Services are available only in connection with those digital currencies that Coinbase supports (“Supported Digital Currencies”), and this may change from time to time.
Under no circumstances should you attempt to use your Digital Currency Wallet to store, send, request, or receive digital currencies in any form that we do not support. Subject to the provisions in section 8.2, we assume no responsibility or liability in connection with any attempt to use your Digital Currency Wallet for digital currencies that we do not support. Subject to the provisions in section 8.2, Coinbase bears no responsibility and is not liable for any unsupported asset that is sent to a wallet associated with your Coinbase account.
If you have any questions about which Digital Currencies we currently support, please visit https://help.coinbase.com.
5.10. Ending support of a Digital Currency. Coinbase may in its sole discretion terminate support for any Digital Currency. Coinbase will provide you no less than 10 days notice (unless a shorter period is required by applicable law or a regulatory authority) via email to the email address associated with your Coinbase account to announce the end of such support. If you do not sell or send such Digital Currency off platform during this time, Coinbase reserves the right to withdraw such Digital Currencies from your account and credit your Coinbase account with the market value of a supported Digital Currency or a fiat currency (which denomination will be selected in our reasonable discretion).
5.11. USDC Wallets. Where available, you may also elect to buy USD Coin through Coinbase, a Digital Currency fully collateralized by the US Dollar, which is issued by Circle Internet Financial (“Circle”) and supported by Coinbase (“USDC”). You are the owner of the balance of your “USDC Wallet” (i.e. the Digital Currency Wallet provided to you by Coinbase Germany to hold USDC and through which Digital Currency Transactions in USDC can be carried out). Coinbase is not the issuer of USDC, does not hold U.S. Dollars (“USD”) on reserve for USDC holders, and has no obligation to repurchase your USDC for USD. You can redeem your USDC with Circle, and Coinbase may also elect to repurchase your USDC in exchange for USD. You are bound by the terms of the Circle USDC Agreement (located at https://support.usdc.circle.com/hc/en-us/articles/360001233386-Circle-USDC-User-Agreement), which provides additional obligations, undertakings, and limitations with respect to USDC.
5.12. Recurring Digital Currency Transactions. If you set up a recurring purchase of Digital Currency (a "Future Transaction"), you authorise us to initiate recurring electronic payments in accordance with your selected Digital Currency Transaction and any corresponding payment accounts, such as direct debits from, or credits to, your linked bank account. Your Future Transactions will occur in identical, periodic instalments, based on your period selection (e.g., daily, weekly, monthly), until either you or Coinbase cancels the recurring order.
If you select a bank account as your payment method for a Future Transaction, and such transaction falls on a weekend or holiday in the location in which the relevant bank is located, or after the relevant bank’s business hours, the credit or debit will be executed on the next business day, although the Digital Currency fees at the time of the regularly-scheduled transaction will apply. If your bank is unable to process any payment to Coinbase, we will notify you of cancellation of the transaction and may avail ourselves of remedies set forth in this Agreement to recover any amount owed to Coinbase. This authorisation will remain in full force and effect until you change your Future Transaction settings or until you provide us with written notice via https://help.coinbase.com. You are obliged to notify Coinbase in writing of any changes in your linked bank account information prior to a Future Transaction.
Coinbase may, at any time, terminate Future Transactions by providing notice to you.
5.13. Supplemental Protocols Excluded. Unless specifically announced on the Site or via an official public statement of Coinbase or as set forth in this Agreement, Supported Digital Currencies excludes all other protocols and/or functionality which supplement or interact with the Supported Digital Currency. This exclusion includes but is not limited to: metacoins, colored coins, side chains, or other derivative, enhanced, or forked protocols, tokens, or coins or other functionality, such as staking, protocol governance, and/or any smart contract functionality, which may supplement or interact with a Supported Digital Currency (collectively, “Supplemental Protocols”). Do not use your Coinbase Account to attempt to receive, request, send, store, or engage in any other type of transaction or functionality involving any such Supplemental Protocols, as the Coinbase Platform is not configured to detect, secure, or process these transactions and functionality. Any attempted transactions in such items will result in loss of the item.
Other than as set forth in this Agreement, Supplemental Protocols are excluded from Supported Digital Currency and Coinbase has no liability for any losses related to Supplemental Protocols.
5.14. Fungibility of Certain Digital Currencies. Supported Digital Currencies may be made available to users across multiple blockchain protocols (including, but not limited to, layer two networks or alternative layer one networks or sidechains). You agree that all forms of the same Supported Digital Currency that are made available across multiple blockchain protocols will be treated as fungible and the equivalent of each other, without regard to (a) whether any form of such Supported Digital Currency is wrapped or (b) the blockchain protocol on which any form of such Supported Digital Currency is stored.
5.15. Operation of Digital Currency Protocols. We do not own or control the underlying software protocols which govern the operation of Digital Currencies supported on our platform. Generally, the underlying protocols are ‘open source’ and anyone can use, copy, modify, and distribute them.
We assume no responsibility for the operation of the underlying protocols and we are not able to guarantee the functionality or security of network operations. You acknowledge and accept the risk that underlying software protocols relating to any Digital Currency you store in your Digital Currency Wallet may change.
In particular, the underlying protocols are likely to be subject to sudden changes in operating rules (including “forks”). Any such material operating changes may materially affect the availability, value, functionality, and/or the name of the Digital Currency you store in your Digital Currency Wallet. Coinbase does not control the timing and features of these material operating changes. It is your responsibility to make yourself aware of upcoming operating changes and you must carefully consider publicly available information and information that may be provided by Coinbase in determining whether to continue to transact in the affected Digital Currency using your Coinbase Account. In the event of any such operational change, Coinbase reserves the right to takes such steps as may be necessary to protect the security and safety of assets held on the Coinbase Platform, including temporarily suspending operations for the involved digital currency(ies), and other necessary steps; Coinbase will use its best efforts to provide you notice of its response to any material operating change; however, such changes are outside of Coinbase’s control and may occur without notice to Coinbase. Coinbase’s response to any material operating change is subject to its sole discretion and includes deciding not to support any new digital currency, fork, or other actions.
There are risks of operating changes to Digital Currency protocols and Coinbase is, subject to the provisions in section 8.2, not responsible for such operating changes and not liable for any loss of value you may experience as a result of such changes in operating rules. Coinbase has sole discretion to determine its response to any operating change and no responsibility to assist you with unsupported currencies or protocols.
5.16. Digital Currency Storage & Transmission Delays. The Coinbase Group securely stores Digital Currency private keys, in a combination of online and offline storage. Our security protocols may delay the initiation or crediting of a Digital Currency Transaction.
5.17. Third party Payments. We have no control over, or liability for, the delivery, quality, safety, legality or any other aspect of any goods or services that you may purchase or receive from, or sell or transfer to, any third party (including other users of the Digital Currency Services). We are not responsible for ensuring that a third party buyer or a seller you transact with will complete the transaction or is authorised to do so. If you experience a problem with any goods or services purchased from, or sold to, any third party using Digital Currency transferred using the Digital Currency Services, or if you have a dispute with such third party, you should resolve the dispute directly with that third party.
If you believe a third party has behaved in a fraudulent, misleading, or inappropriate manner, or if you cannot adequately resolve a dispute with a third party, you may notify Coinbase Support at: email@example.com so that we may consider what action to take, if any.
5.18. Coinbase Vaults. Coinbase does not support the use of multisig vaults. You may elect to use other services, such as the Coinbase Vault, which allow you to set withdrawal time-delays and create other conditions around the custody and transfer of your Digital Currency. Additional rules associated with such product(s) and service(s) may apply. For more information on Coinbase Vaults, please visit: https://help.coinbase.com/customer/en/portal/articles/2877996-vaults-faq?b_id=13521.
5.19. Digital Currency Title. All Digital Currencies held in your Digital Currency Wallet are assets held by the Coinbase Group on your behalf on a custodial basis. Among other things, this means:
(A) Title to Digital Currency shall at all times remain with you and shall not transfer to any company in the Coinbase Group. As the owner of Digital Currency in your Digital Currency Wallet, you shall bear all risk of loss of such Digital Currency. No company within the Coinbase Group shall have any liability for fluctuations in the fiat currency value of Digital Currency held in your Digital Currency Wallet.
(B) None of the Digital Currencies in your Digital Currency Wallet are the property of, or shall or may be loaned to, Coinbase; Coinbase does not represent or treat assets in a user’s Digital Currency Wallets as belonging to Coinbase. Coinbase may not grant a security interest in the Digital Currency held in your Digital Currency Wallet. Except as required by a facially valid court order, or except as provided herein, Coinbase will not sell, transfer, loan, hypothecate, or otherwise alienate Digital Currency in your Digital Currency Wallet unless instructed by you or compelled by a court of competent jurisdiction to do so.
(C) You control the Digital Currencies held in your Digital Currency Wallet. At any time, subject to outages, downtime, and other applicable policies, you may withdraw your Digital Currency by sending it to a different blockchain address controlled by you or a third party.
(D) In order to more securely hold customer Digital Currency, the Coinbase Group may use shared blockchain addresses, controlled by a member of the Coinbase Group, to hold Digital Currencies held on behalf of customers and/or held on behalf of Coinbase Germany. Customers’ Digital Currency is segregated from the Coinbase Group’s (including Coinbase Germany’s) own Digital Currency or funds by way of separate ledger accounting entries for customer and Coinbase Group accounts. Notwithstanding the foregoing, the Coinbase Group shall not have any obligation to use different blockchain addresses to store Digital Currencies owned by you and Digital Currencies owned by other customers or by the Coinbase Group. Additionally, subject to Sections 5.14, 5.19(A), 5.19(B) and 5.19(C) above, certain Digital Currencies held by Coinbase on behalf of customers may be transferred off of the primary blockchain protocol and held on shared blockchain addresses, controlled by Coinbase, on alternative blockchain protocols (including, but not limited to, layer two networks or alternative layer one networks or sidechains) in forms compatible with such protocols.
Coinbase is under no obligation to issue any replacement Digital Currency in the event that any Digital Currency, password or private key is lost, stolen, malfunctioning, destroyed or otherwise inaccessible.
5.20. Complaint process. If you have a complaint relating to the Digital Currency Services provided to you by Coinbase Germany, we encourage you to first file a complaint through the dispute process set out in Section 10.2.
5.21. Advanced Trading. Coinbase offers, and eligible users may access, an order book for various Digital Currency and Fiat Currency trading pairs (each an “Order Book”) on https://www.coinbase.com/ (“Advanced Trading”). See your Coinbase Account to see what Order Books are available within Advanced Trading. By accessing Advanced Trading or the Coinbase API for Advanced Trading, you accept and agree to be bound by the Trading Rules.
(A)Trading Fees. By placing an order on Advanced Trading, you agree to pay all applicable fees and authorise Coinbase to automatically deduct fees directly from your account. Trading Fees are set forth in the Trading Rules.
(B) Withdrawal Fees. Coinbase may charge a fee on certain Fiat Currency deposit or withdrawal methods (e.g. bank wire). DEPOSITS AND WITHDRAWALS MAY BE SUBJECT TO LIMITS.
(C) Trading Account Use. You may not sell, lease, furnish, or otherwise permit or provide access to your Trading Account to any other entity or to any individual that is not your employee or agent. You accept full responsibility for your employees' or agents' use of Advanced Trading, whether such use is directly through Coinbase or by other means, such as those facilitated through API keys, and/or applications which you may authorise. You understand and agree that you are responsible for any and all orders, trades, and other instructions entered into Advanced Trading including identifiers, permissions, passwords, and security codes associated with your Account.
(D) Suspension and Cancellation. In the event that your Account is suspended or terminated, we will immediately cancel all open orders associated with your Account, block all withdrawals and bar the placing of further orders until resolution or Account cancellation.
6. TRANSACTIONS LIMITS AND ENHANCED DUE DILIGENCE
6.1. Transactions Limits. The use of all Coinbase Services is subject to a limit on the volume, stated in EUR, GBP or other fiat currency or Digital Currency, you may transact or transfer in a given period (e.g. daily). Please see Appendix 2 (Verification Procedures and Limits) for further details. To view your limits, login to your Coinbase Account and visit https://www.coinbase.com/verifications. Your transaction limits may vary depending on your payment method, verification steps you have completed, and other factors. We reserve the right to change applicable limits as we deem necessary. If you wish to raise your limits beyond the posted amounts, you may submit a request at https://help.coinbase.com.
6.2. Enhanced Due Diligence. Pursuant to the German Anti Money Laundering Act (Geldwäschegesetz), we may require you to submit additional information about yourself or your business, provide records, and arrange for meetings with Coinbase staff if you wish to raise your limits ("Enhanced Due Diligence"). We reserve the right to charge you costs and fees associated with such Enhanced Due Diligence although if we intend to do so, we will notify you in advance so that you can decide whether you wish to proceed with the request. In our discretion, we may refuse to raise your limits.
7. SUSPENSION, TERMINATION, AND CANCELLATION
7.1. Suspension, Termination and Cancellation. We may: (a) refuse to complete, or place on hold, block, cancel or reverse a transaction you have authorised (even after funds have been debited from your Coinbase Account), (b) suspend, restrict, or terminate your access to any or all of the Coinbase Services, and/or (c) deactivate or cancel your Coinbase Account with immediate effect for cause, including but not limited to where:
(A) we need to do so in order to protect our reputation, if this reputation would be compromised by you holding a Coinbase Account, or by your activities in your Coinbase Account;
(B) we are required to do so by applicable law, regulation or any court or other authority to which we are subject in any jurisdiction;
(C) you act in breach of this Agreement;
(D) you have breached our ‘Behaviour Policy’ or our ‘Policy on Prohibited Use, Prohibited Businesses and Conditional Use’ (as set out in Appendix 1);
(E) we have concerns that a transaction is erroneous or about the security of your Coinbase Account or we suspect that the Coinbase Services are being used in a fraudulent or unauthorised manner;
(F) we suspect money laundering, terrorist financing, fraud, or any other financial crime;
(G) use of your Coinbase Account is subject to any pending litigation, investigation, or government proceeding and / or we perceive a heightened risk of legal or regulatory non-compliance associated with your Coinbase Account activity; and / or
(H) you take any action that may circumvent our controls such as opening multiple Coinbase Accounts or abusing promotions which we may offer from time to time.
We may also refuse to complete or block, cancel or reverse a transaction you have authorised where there is insufficient E-Money in your E-Money Wallet and / or insufficient Digital Currency in your Digital Currency Wallet to cover the transaction and (where applicable) associated fees at the time that we receive notification of the transaction or if your credit or debit card or any other valid payment method linked to your Coinbase Account or Digital Currency Wallet is declined.
7.2. If we refuse to complete a transaction and / or suspend, restrict or close your Coinbase Account, and / or terminate your use of Coinbase Services, we will (unless it would be unlawful for us to do so) provide you with notice of our actions and the reasons for refusal, suspension or closure, and where appropriate, with the procedure for correcting any factual errors that led to the refusal, suspension or closure of your Coinbase Account. In the event that we refuse to complete a transaction and / or suspend your Coinbase Account we 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, we are under no obligation to allow you to reinstate a transaction at the same price or on the same terms as the suspended, reversed or cancelled transaction.
We may terminate the agreement and suspend, restrict, or terminate your access to any or all of the Coinbase Services and/or deactivate or cancel your Coinbase Account, without reason by giving you two months’ notice. You acknowledge that our decision to take certain actions, including limiting access to, suspending, or closing your Coinbase Account, may be based on confidential criteria that are essential for the purposes of our risk management and security protocols. Coinbase is under no obligation to disclose the details of its risk management and security procedures to you.
7.3. Consequences of Termination or Suspension. On termination of this Agreement for any reason, unless prohibited by applicable law or by any court or other order to which Coinbase is subject in any jurisdiction, you are permitted to access your Coinbase Account:
(A) or ninety (90) days thereafter for the purposes of transferring Digital Currency out of your Digital Currency Wallet(s) and/or out of the Coinbase Platform; and/or
(B) at any point in the six-year period commencing with the date of the termination of this Agreement for the purposes of transferring E-Money out of your E-Money Wallet and/or out of the Coinbase Platform.
You are not permitted to use the Coinbase Services or your Coinbase Account for any other purposes during these periods and we may, at our discretion, limit the functionality of the Coinbase Platform or access to the Site for you accordingly.
If we suspend or close your Coinbase Account or terminate your use of Coinbase Services for any reason, we reserve the right to require you to re-complete the procedures outlined at Section 3.3 (Identity Verification) before permitting you to transfer or withdraw Digital Currency or E-Money. You may cancel your Coinbase Account at any time by withdrawing all balances in your E-Money Wallet(s) and Digital Currency Wallet(s) and visiting: https://www.coinbase.com/settings/cancel. You will not be charged for cancelling your Coinbase Account, although you will be required to pay any outstanding amounts owed to us. You authorise us to cancel or suspend any pending transactions at the time of cancellation.
7.4. Termination for cause according to sec. 314 German Civil Code(Bürgerliches Gesetzbuch, BGB). Both Parties’ right to terminate the Agreement for cause according to Section 314 of the German Civil Code remains unaffected.
8.1. Indemnification. You indemnify us, our affiliates and service providers, and each of our, or their, respective officers, directors, agents, employees and representatives, in respect of any costs (including attorneys' fees and any fines, fees or penalties imposed by any regulatory authority) that have been reasonably incurred in connection with any claims, demands or damages arising out of or related to your culpable breach and / or our enforcement of this Agreement (including without limitation your breach of our ‘Behaviour Policy’ or our ‘Policy on Prohibited Use, Prohibited Businesses and Conditional Use’ (as set out in Appendix 1)) or your violation of any law, rule or regulation, or the rights of any third party.
8.2. Limitations of Liability. Subject to the provisions in this section 8.2, Coinbase’s total aggregate liability to you for any individual claim or series of connected claims for losses, costs, liabilities or expenses which you may suffer arising out of, or in connection with, any breach by Coinbase of this Agreement shall be limited to a maximum aggregate value of the combined value of the Digital Currency and E-Money on deposit in your E-Money Wallet and your Digital Currency Wallet at the time of the relevant breach by Coinbase. Where we are considering a specific claim relating to a specific transaction this sum shall be further limited to the purchase / sale amount (as relevant) of the transaction in dispute.
Coinbase shall, however, be liable without limitation for intent and gross negligence. With regard to slight negligence, Coinbase's liability shall be limited and restricted to the foreseeable damage that might typically occur under the contract if an obligation is violated, the fulfilment of which is essential for the proper performance of the contract and on the compliance with which you may regularly rely (cardinal duty).
Coinbase shall be liable for cases of initial impossibility only if it had knowledge of the hindrance to performance or if its lack of knowledge is due to gross negligence.
The foregoing liability limitations or exclusions shall not apply to claims resulting from fraudulent concealment of a defect, acceptance of a guarantee and claims pursuant to the German Product Liability Act (Produkthaftungsgesetz, ProdHaftG) and to damage arising from injuries to life, body or health.
Insofar as Coinbase's liability is excluded or limited, such exclusion or limitation shall also apply to the personal liability of its employees, representatives and vicarious agents.
8.3. No Warranties. The Coinbase Services, the Coinbase Platform and the Site are provided on an "as is" and "as available" basis, with no further promises made by us around availability of the Coinbase Services. Specifically, we do not give any implied warranties of title, merchantability, fitness for a particular purpose and/or non-infringement. We do not make any promises that access to the Site, any of the Coinbase Services, or any of the materials contained therein, will be continuous, uninterrupted, timely, or error-free.
We make no representations about the accuracy, order, timeliness or completeness of historical Digital Currency price data available on the Site. Any materials, information, view, opinion, projection or estimate presented via the Site is made available by Coinbase for informational purposes only, and is subject to change without notice. You must make your own assessment of the relevance, timeliness, accuracy, adequacy, commercial value, completeness and reliability of the materials, information, view opinion, projection or estimate provided on the Site and/or the Site. Accordingly, no warranty whatsoever is given by Coinbase and subject to the provisions in Section 8.2, no liability whatsoever is accepted by Coinbase for any loss arising whether directly or indirectly as a result of you acting on any materials, information, view, opinion, projection or estimate provided in or made available through the Site and/or the Site.
The Coinbase Services, Coinbase Platform and Site are not intended to provide specific investment, tax or legal advice or to make any recommendations about the suitability of any investments or products for any particular investor. You should seek your own independent financial, legal, regulatory, tax or other advice before making an investment in the investments or products. In the event that you choose not to seek advice from a relevant adviser, you should consider whether the investment or product is suitable for you.
We will make reasonable efforts to ensure that Digital Currency Transactions, requests for debits and credits involving Digital Currency Wallets, E-Money Wallets, bank accounts, credit and debit cards are processed in a timely manner but Coinbase makes no representations or warranties regarding the amount of time needed to complete processing which is dependent upon many factors outside of our control. We will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards, and cheque issuances are processed in a timely manner, but we make no representations or warranties regarding the amount of time needed to complete processing which is dependent upon many factors outside of our control.
Except for the express statements set forth in this Agreement, you hereby acknowledge and agree that you have not relied upon any other statement or understanding, whether written or oral, with respect to your use and access of the Coinbase Services and Site.
8.4. No Liability for Breach. We are not liable for any breach of the Agreement, including delays, failure in performance or interruption of service, where they arise directly or indirectly from abnormal and unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite all effects to the contrary, nor are we liable where the breach is due to the application of mandatory legal rules.
9. SITE AVAILABILITY AND ACCURACY
9.1. Access & Availability. Access to Coinbase Services may become degraded or unavailable during times of significant volatility or volume. This could result in limitations on access to your Coinbase Account or the Coinbase Services, including the inability to initiate or complete transactions and may also lead to support response time delays.
(A) although we strive to provide you with excellent service, we do not guarantee that the Site or other Coinbase Services will be available without interruption and we do not guarantee that any order will be executed, accepted, recorded, or remain open or that your Coinbase Account will be accessible; and
(B) please note that our customer support response times may be delayed, including during times of significant volatility or volume, especially for non-trust and safety issues.
Under no circumstances shall Coinbase be liable for any alleged damages arising from service interruptions, delays in processing transactions, or lack of timely response from Coinbase customer support.
9.2. Website Accuracy. Although we intend to provide accurate and timely information on the Site, the Site (including, without limitation, the Content (as defined below)) may not always be entirely accurate, complete or current and may also include technical inaccuracies or typographical errors.
In an effort to continue to provide you with as complete and accurate information as possible, information may, to the extent permitted by applicable law, be changed or updated from time to time without notice, including without limitation information regarding our policies, products and services. Accordingly, you should verify all information before relying on it, and all decisions based on information contained on the Site are your sole responsibility and we shall have no liability for such decisions.
Links to third party materials (including without limitation any websites) may be provided as a convenience but are not controlled by us. You acknowledge and agree that we are not responsible for any aspect of the information, content, or services contained in any such third party materials accessible or linked to from the Site.
10. CUSTOMER FEEDBACK, QUERIES, COMPLAINTS, AND DISPUTE RESOLUTION
10.1. Contact Coinbase. If you have any feedback, questions, or complaints, contact us via our ‘Customer Support’ webpage at https://help.coinbase.com or using the App.
When you contact us please provide us with your name, email address, and any other information that we may need to identify you, your Coinbase Account, and the transaction on which you have feedback, questions, or complaints.
10.2. Complaints. If you have an issue with Coinbase, we encourage you to contact our support team in the first instance to attempt to resolve it, as doing so is the most efficient way of resolving your issue.
In the event of a complaint which has not been resolved through your contact with Coinbase Support, please use our complaint form to set out the cause of your complaint, how you would like us to resolve the complaint and any other information you believe to be relevant. The complaint form can be found on the Coinbase support pages, help.coinbase.com or can be requested from Coinbase Customer Support. We will acknowledge receipt of your complaint form after you submit it. A customer complaints officer (an "Officer") will consider your complaint. The Officer will consider your complaint without prejudice based on the information you have provided, and any information provided by Coinbase.
Within 15 business days of our receipt of your complaint the Officer will address all points raised in your complaint by sending you an email ("Resolution Notice") in which the Officer will: (i) offer to resolve your complaint in the way your requested; (ii) make a determination rejecting your complaint and set out the reasons for the rejection; or (iii) offer to resolve your complaint with an alternative solution. In certain circumstances, if the Officer is unable to respond to your complaint within 15 business days, the Officer will (unless prohibited by applicable law) send you a holding reply indicating the reasons for a delay in answering your complaint and specifying the deadline by which the Officer will respond to your complaint (which will be no later than 35 business days from our receipt of your complaint).
Any offer of resolution made to you will only become binding on us if accepted by you. An offer of resolution will not constitute any admission by us of any wrongdoing or liability regarding the subject matter of the complaint.
10.3. You may escalate your complaint via the following dispute processes:
(A) Coinbase Services. If your complaint relates to any of the Coinbase Services which are provided to you under this Agreement, the following applies:
In the event of possible disputes according to § 14 Sec. 1 No. 1-5 German Injunctions Act (Unterlassungsklagengesetz – “UKlaG”), including such arising out of the application of the provisions of the German Civil Code (Bürgerliches Gesetzbuch “BGB”) regarding distance contracts for financial services, you may submit a complaint at any time to the conciliation body of the Deutsche Bundesbank (Schlichtungsstelle der Deutschen Bundesbank), Postfach 11 12 36, 60047 Frankfurt am Main.
In the event of possible disputes according to § 14 Sec. 1 No. 6-7 German Injunctions Act (Unterlassungsklagengesetz, UKlaG), including such concerning other regulations in connection with contracts relating to banking businesses pursuant to section 1 para. 1 sentence 2 of the German Banking Act or financial services pursuant to section 1 para. 1a sentence 2 of the German Banking Act, you may submit a complaint at any time to the conciliation body of Federal Financial Supervisory Authority (Schlichtungsstelle der Bundesanstalt für Finanzdienstleistungsaufsicht), Graurheindorfer Str. 108, 53117 Bonn, fax: 0228 41 08 15 50, e-mail: poststelle@ bafin.de or by means of a form at www.bafin.de.
Additionally, the European Commission provides a platform for online dispute resolution, which can be found at
This platform can be used by you for the extrajudicial dispute arising from an online contract with Coinbase.
(B) E-Money Services. In addition, if your complaint relates to E-Money Services provided by Coinbase Ireland, you may be entitled to take that complaint to the FSPO as further described in Section 4.13.
10.4. In addition, for any complaints or disputes arising out of or in connection with this Agreement or the provision of Coinbase Services, the Coinbase Platform or the Site, you submit to the non-exclusive jurisdiction of the courts of Berlin, Germany. This jurisdiction shall be exclusive if you are a businessperson in the meaning of the German Commercial Code (Handelsgesetzbuch, HGB), a legal person under public law or a public law special asset or if you do not have any registered offices or usual place of residence (permanent address) in the Federal Republic of Germany.
10.5. Coinbase does not participate in dispute resolution proceedings before a consumer conciliation body.
11. DATA PROTECTION
(A) your disclosure to us of any personal data relating to individuals other than yourself was or will be made in accordance with all applicable data protection and data privacy laws, and those data are accurate, up to date and relevant when disclosed;
12.1. Password Security. In order to access Coinbase Services you will be required to create or will be given security details, including a username and password. You are responsible for keeping the electronic device through which you access Coinbase Services safe and maintaining adequate security and control of any and all security details that you use to access the Coinbase Services. This includes taking all reasonable steps to avoid the loss, theft or misuse of such electronic device and ensuring that such electronic device is both encrypted and password protected.
Any loss or compromise of your electronic device or your security details may result in unauthorised access to your Coinbase Account by third-parties and the loss or theft of any E-Money, Digital Currency and/or funds held in your Coinbase Account and any associated accounts, including your linked bank account(s) and credit card(s). You must keep your security details safe at all times. For example, you should not write them down or otherwise make them visible to others.
You should never allow remote access or share your computer and/or computer screen with someone else when you are logged on to your Coinbase Account. Coinbase will never under any circumstances ask you for your IDs, passwords, or 2-factor authentication codes or to screen share or otherwise seek to access your computer or account. You should not provide your details to any third party for the purposes of remotely accessing your account unless specifically authorised in accordance with Sections 3.2 and 4.10. Always log into your Coinbase Account through the Site to review any transactions or required actions if you have any uncertainty regarding the authenticity of any communication or notice.
We assume no responsibility for any loss that you may sustain due to compromise of account login credentials due to no fault of Coinbase and/or failure to follow the requirements set out in this Section 12.1, or follow or act on any notices or alerts that we may send to you.
12.2. Authentication and Verification. In order to access Coinbase Services users are required to provide an email address and create a password. Coinbase offers two-factor authentication via a user’s mobile device (Short Message Service (“SMS”) or a supported Time-based One Time Password application). A verified phone number is required to enable two-factor authentication via SMS. Users are responsible for keeping electronic devices through which Coinbase Services are accessed safe and maintaining adequate security and control of any and all security details that are used to access the Coinbase Services. This includes taking all reasonable steps to avoid the loss, theft or misuse of said electronic devices and ensuring that said electronic devices are password protected. Any loss or compromise of personal electronic devices or security details may result in unauthorised access of a user’s Coinbase Account by third-parties and the loss or theft of any E-Money, Digital Currency and/or funds held in your Coinbase Account and the misuse of any associated accounts, including linked bank account(s) and credit/debit card(s).
12.3. Security Breach. If you suspect that your Coinbase Account or any of your security details have been compromised or if you become aware of any fraud or attempted fraud or any other security incident (including a cyber-security attack) affecting you and / or Coinbase (together a “Security Breach”), you must:
(A) notify Coinbase Support as soon as possible by email free of charge at: firstname.lastname@example.org, or by calling us on: +1 (888) 908 7930 (international charges may apply);
(B) continue to provide accurate and up to date information throughout the duration of the Security Breach; and
(C) you must take any steps that we reasonably require to reduce, manage or report any Security Breach.
Failure to provide prompt notification of any Security Breach may be taken into account in our determination of the appropriate resolution of the matter.
12.4. Safety and Security of Your Computer and Devices. Subject to the provisions in Section 8.2, Coinbase is not liable for any damage or interruptions caused by any computer viruses or other malicious code that may affect your computer or other equipment, or any phishing, spoofing or other attack. We advise the regular use of a reputable and readily available virus screening and prevention software. You should also be aware that SMS and email services are vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from us.
13. CONSUMER INFORMATION
13.1. Contractual partner of the customer/Identity of the entrepreneur.
Coinbase Ireland Limited, 70 Sir John Rogerson's Quay, Dublin D02 R296, Ireland.
Coinbase Germany GmbH c/o Eversheds Sutherland (Germany) LLP, Kurfürstendamm 22, 10719 Berlin, Germany.
13.2. Withdrawal policy (Right to withdraw).
According to statutory law on distance selling contracts, we are obliged to inform you about your right to withdraw, which generally applies to distance selling contracts. However, please note that there is an exception to this right, which applies to your transactional measures under this Agreement, as further set out in Section 13.2.(E).
(A) Section 1
Right to withdraw. You may withdraw your contractual declaration within 14 days without stating reasons by means of a clear declaration. The period begins after the conclusion of the contract and after you have received the contractual provisions including the General Terms and Conditions and all information listed below under section 2 on a durable medium (e.g. letter, fax, e-mail). To comply with the withdrawal period, it is sufficient to send the withdrawal in due time if the declaration is made on a durable data carrier. The withdrawal is to be sent to:
Coinbase Germany GmbH c/o Eversheds Sutherland (Germany) LLP, Kurfürstendamm 22, 10719 Berlin, Germany.
Tel: +49 800 0010726 (toll-free) from 9:00 to 18:00 CET (GMT+1), daily.
(B) Section 2
Information required for the start of the withdrawal period. The information within the meaning of the second sentence of Section 1 shall include the following:
1. the identity of the entrepreneur; the public business register in which the legal entity is registered and the associated register number or equivalent identifier shall also be provided;
2. the main business activity of the entrepreneur and the supervisory authority responsible for its licensing;
3. the identity of the trader's representative in the Member State of the European Union where the consumer is domiciled, if there is such a representative, or of a professional other than the trader, if the consumer has business dealings with that person, and the capacity in which that person acts vis-à-vis the consumer;
4. for the address
a. the summonable address of the entrepreneur and any other address relevant to the business relationship between the entrepreneur and the consumer, in the case of legal persons, associations of persons or groups of persons also the name of the authorized representative;
b. any other address relevant to the business relationship between the consumer and a representative of the entrepreneur or a person acting in a commercial capacity other than the entrepreneur, if the consumer has business dealings with that person, in the case of legal persons, associations of persons or groups of persons also the name of the person authorized to represent the consumer;
5. the essential characteristics of the financial service as well as information on how the contract is concluded;
6. the total price of the financial service, including all related price components, as well as all taxes paid via the entrepreneur or, if no exact price can be stated, its basis of calculation, which enables the consumer to check the price;
7. additional costs, if any, as well as an indication of possible additional taxes or costs that are not paid through or charged by the entrepreneur;
8. an indication that the financial service relates to financial instruments which, due to their specific characteristics or the operations to be carried out, are subject to specific risks or whose price is subject to fluctuations on the financial market over which the entrepreneur has no control, and that returns generated in the past are not an indicator of future returns;
9. a time limit on the period of validity of the information provided, for example, the period of validity of time-limited offers, especially with regard to the price;
10. details regarding payment and performance;
11. the existence or non-existence of a right of withdrawal, as well as the conditions, details of exercise, in particular the name and address of the person to whom the withdrawal is to be declared, and the legal consequences of the withdrawal, including information on the amount which the consumer must pay for the service provided in the event of withdrawal, insofar as the consumer is obliged to pay compensation for lost value (underlying provision: Section 357a of the German Civil Code);
12. the minimum term of the contract if the contract concerns a permanent or regularly recurring service;
13. the contractual terms of termination, including any contractual penalties;
14. the Member States of the European Union whose law the entrepreneur uses as a basis for establishing relations with the consumer before concluding the contract;
15. a contractual clause on the law applicable to the contract or on the competent court;
16. the languages in which the contractual terms and conditions and the prior information referred to in this withdrawal notice will be communicated, as well as the languages in which the trader undertakes to communicate, with the consumer's consent, during the term of this contract;
17. the indication whether the consumer can use an out-of-court complaint and redress procedure to which the entrepreneur is subject and, if so, its access requirements;
18. the existence of a guarantee fund or other compensation schemes that are not covered by the guarantee schemes established pursuant to Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit-guarantee schemes (OJ L 173, 12.6.2014, p. 149; L 212, 18.7.2014, p. 47; L 309, 30. 10.2014, p. 37) nor fall under investor compensation schemes established pursuant to Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor compensation schemes (OJ L 84, 26.3.1997, p. 22).
(C) Section 3
Effects of withdrawal. In the event of an effective withdrawal, the services received by both parties shall be returned. You shall be obligated to pay compensation for the value of the service provided up to the time of withdrawal if you were made aware of this legal consequence prior to submitting your contractual declaration and expressly agreed that the performance of the service in return could be commenced before the end of the withdrawal period. If there is an obligation to pay compensation for lost value, this may mean that you still have to fulfill the contractual payment obligations for the period until the withdrawal. Your right of withdrawal shall expire prematurely if the contract has been completely fulfilled by both parties at your express request before you have exercised your right of withdrawal. Obligations to refund payments must be fulfilled within 30 days. This period begins for you with the dispatch of your withdrawal, for us with its receipt.
End of the withdrawal policy
(D) Model withdrawal form. (If you wish to cancel the contract, please excerpt, complete, and return the following template).
Coinbase Germany GmbH c/o Eversheds Sutherland (Germany) LLP, Kurfürstendamm 22, 10719 Berlin, Germany.
I/We (*) hereby give notice that I/We (*) cancel my/our (*) contract of sale of the following goods/for the provision of the following service:
- Ordered on (*) / Received on (*)
- Name of consumer(s):
- Address of consumer(s)
- Signature of consumer(s) (only if this form is notified on paper)
(*) Delete as appropriate
(E) Exceptions of the right to cancel. The right to cancel does not apply for contracts for the supply of goods or the provision of services including the provision of financial services, whose price is dependent on fluctuations on the financial market which cannot be controlled by the trader and which may occur within the withdrawal period, including in particular services in connection with stock, with shares in open-ended investment assets within the meaning of section 1 (4) of the German Capital Investment Code (Kapitalanlagegesetzbuch), and with other tradeable securities, foreign currency, derivatives or money market instruments.
13.3. Information on the ordering process. The steps you can take to place an order on https://www.coinbase.com/ are explained in detail in the Sections 3 (ACCOUNT SETUP), 4 (E-MONEY SERVICES) and 5 (DIGITAL CURRENCY SERVICES) above.
13.4. Storage of the contract text. The text of the contract will be stored by Coinbase in digital form for the purpose of processing the contract and kept for 3 years. The text of the contract will also be sent to the customer by e-mail immediately after the conclusion of the contract, including all terms and conditions of the contract.
13.5. Available payment methods. For European Customers we offer the following payment methods:
3D Secure Card
Instant Card Withdrawals
Ideal / Sofort
Please visit the following website for further information regarding the payment methods: https://help.coinbase.com/en/coinbase/getting-started/add-a-payment-method/payment-methods-for-european-customers.
13.6. Reference to your legal warranty rights. The legal warranty shall be determined without limitation in accordance with the statutory provisions.
13.7. Customer service. You can contact our customer service at the following times using the means of communication:
Telephone number: +49 800 0010726 (toll-free) or +49 221 68943025 (local) from 9:00 to 18:00 CET (GMT+1), daily
E-mail address: email@example.com
14.1. Your Compliance with Applicable Law. You must comply with all applicable laws, regulations, licensing requirements and third party rights (including, without limitation, data privacy laws and anti-money laundering and countering the financing of terrorism laws) in your use of the Coinbase Services, the Coinbase Platform and the Site.
14.2. Limited Licence. We grant you a limited, non-exclusive, non-transferable licence, subject to the terms of this Agreement, to access and use the Site, and related content, materials, information (collectively, the "Content") solely for approved purposes as permitted by us from time to time. Any other use of the Site or Content is expressly prohibited and all other right, title, and interest in the Site or Content is exclusively the property of Coinbase and its licensors. You may not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the Content, in whole or in part.
"Coinbase.com", "Coinbase", "Coinbase Pro", “Pro.coinbase.com” and all logos related to the Coinbase Services or displayed on the Site are trade marks or registered marks of Coinbase or its licensors. You may not copy, imitate or use them without our prior written consent.
14.3. Prohibited and Conditional Use. In connection with your use of the Coinbase Services, and your interactions with other users and third parties, you are obliged to comply with the ‘Policy on Prohibited Use, Prohibited Businesses and Conditional Use’ (as set out in Appendix 1). Nothing contained herein should be construed as granting, by implication, estoppel or otherwise, any licence or right for the E-Money or Digital Currency to be used for illegal, unlawful, fraudulent, unethical, or unauthorised purposes or to promote or facilitate any illegal, unlawful, fraudulent, unethical or unauthorised activities. We reserve the right at all times to monitor, review, retain and/or disclose any information as necessary to satisfy any applicable law, regulation, sanctions programs, legal process or governmental request.
14.4. Export Controls & Sanctions. Your use of the Coinbase Services and the Site is subject to international export controls and economic sanctions requirements. By sending, receiving, buying, selling, trading or storing Digital Currency through the Site or Coinbase Services, you are obliged to comply with those requirements. You are not permitted to acquire Digital Currency or use any of the Coinbase Services through the Site if:
(A) you are in, under the control of, or a national or resident of Cuba, Iran, North Korea, Sudan, or Syria or any other country subject to United States embargo, UN sanctions, the European Union or HM Treasury's financial sanctions regimes (each a "Sanctioned Country"), or if you are a person on the economic sanctions lists as published from time to time by applicable authorities (including, but not limited to the U.S. Treasury Department's Specially Designated Nationals List or the U.S. Commerce Department's Denied Persons List, Unverified List, Entity List, or the EU's financial sanctions regime) (a "Sanctioned Person"); or
(B) you intend to supply any acquired or stored Digital Currency or E-Money or Coinbase Services to a Sanctioned Country (or a national or resident of a Sanctioned Country) or Sanctioned Person.
14.5. Amendments. We will notify you of any change to the Agreement relating to E-Money Services by email at least two months in advance. In such circumstances, you will be deemed to have accepted the change if you do not notify us otherwise prior to the date the change takes effect and continue to use the Coinbase Services. If you do not accept the change you should let us know, and the Agreement will terminate at the end of the two-month notice. You may also end the Agreement immediately and free of charge with effect at any time before the expiry of the two-month notice.
We may make all other amendments to the Agreement (including in relation to any other Coinbase Services) by posting the revised Agreement on the Site or by emailing it to you, indicating when the revised Agreement becomes effective. Although we will endeavour to provide you with advance notice where possible, where lawful we may indicate that the revised Agreement shall be effective immediately and if you do not agree with any such modification, you should close your Coinbase Account and cease using the Coinbase Services. Any notification of amendments in the manner as aforesaid shall be sufficient notice to you, and your continued access and/or use of Coinbase Services and/or the Site shall constitute an affirmative acknowledgement by you of the amendments and shall be deemed to be your acceptance of the revised Agreement.
Copies of the most up-to-date version of the Agreement will be made available in the Site at all times.
14.6. Relationship of the Parties. Nothing in this Agreement shall be deemed or is intended to be deemed, nor shall it cause, either you or Coinbase to be treated as partners or joint ventures, or either you or Coinbase to be treated as the agent of the other.
14.7. Privacy of Others. If you receive information about another user through the Coinbase Services, you must keep the information confidential and only use it in connection with the Coinbase Services. You may not disclose or distribute a user’s information to a third party or use the information except as reasonably necessary to carry out a transaction and other functions reasonably incidental thereto such as support, reconciliation and accounting unless you receive the user’s express consent to do so. You may not send unsolicited communications to another user through the Coinbase Services.
14.8. Contact Information. You are responsible for keeping your contact details (including your email address and telephone number) up to date in your Coinbase Account profile in order to receive any notices or alerts that we may send to you (including notices or alerts of actual or suspected Security Breaches). Please see Appendix 3 for more detail in relation to how we will communicate with you.
14.9. Taxes. It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct through the Coinbase Services, and to withhold, collect, report and remit the correct amount of tax to the appropriate tax authorities. Your transaction history is available through your Coinbase Account.
14.10. Unclaimed Property. If we hold E-Money or Digital Currency on your behalf, and we are unable to contact you and have no record of your use of the Coinbase Services for at least 5 years, applicable law may require us to report the E-Money or Digital Currency as unclaimed property to the authorities in certain jurisdictions. We will try to locate you at the address shown in our records, but if we are unable to, we may be required to deliver any such E-Money or Digital Currency to the authorities in certain jurisdictions as unclaimed property. We reserve the right to deduct administrative charges from such unclaimed funds, as permitted by applicable law.
14.11. Death of Account Holder. For security reasons, if we receive legal documentation confirming your death or other information leading us to believe you have died, we will freeze your Coinbase Account and during this time, no transactions may be completed until: (i) your designated executor / trustee has opened a new Coinbase Account or informed Coinbase about another existing, Coinbase Account in their name, as further described below, and the entirety of your Coinbase Account has been transferred to such new account, or (ii) we have received proof in a form satisfactory to us that you have not died. If we have reason to believe you may have died but we do not have proof of your death in a form satisfactory to us, you authorize us to make inquiries, whether directly or through third parties, that we consider necessary to ascertain whether you have died. Upon receipt by us of proof satisfactory to us that you have died, the executor / trustee you have designated in a valid Will or similar testamentary document will be required to open a new Coinbase Account or inform Coinbase about another, existing, Coinbase Account in their name to which the entirety of the funds in your Coinbase Account shall be transferred. If you have not designated an executor / trustee, then we reserve the right to (i) treat as your executor / trustee any person entitled to inherit your Coinbase Account, as determined by us upon receipt and review of the documentation we, in our sole and absolute discretion, deem necessary or appropriate, including (but not limited to) a Will or similar document, or (ii) require an order designating an executor / trustee from a court having competent jurisdiction over your estate. In the event we determine, in our sole and absolute discretion, that there is uncertainty regarding the validity of the executor / trustee designation, we reserve the right to require an order resolving such issue from a court of competent jurisdiction before taking any action relating to your Coinbase Account. Pursuant to the above, unless your designated executor / trustee already holds a Coinbase Account (in which case they may still be required to undergo additional identity verification procedures), the opening of a new Coinbase Account by a designated executor / trustee is mandatory following the death of a Coinbase Account owner, and you hereby agree that your executor / trustee will be required to open a new Coinbase Account and provide the information required under Section 3 of this Agreement in order to gain access to the contents of your Coinbase Account.
14.12. Entire Agreement. This Agreement (including documents incorporated by reference herein) comprise the entire understanding and agreement between you and Coinbase as to the subject matter hereof, and it supersedes any and all prior discussions, agreements and understandings of any kind (including without limitation any prior versions of this Agreement), and every nature between and among you and Coinbase.
14.13. Interpretation. Section headings in this Agreement are for convenience only and shall not govern the meaning or interpretation of any provision of this Agreement.
14.14. Transfer and Assignment. This Agreement is personal to you and you cannot transfer or assign your rights, licenses, interests and/or obligations to anyone else. We may transfer or assign our rights licenses, interests and / or our obligations at any time, including as part of a merger, acquisition or other corporate reorganisation involving Coinbase, provided that this transfer or assignment does not materially impact the quality of the Coinbase Services you receive. Subject to the foregoing, this Agreement will bind and inure to the benefit of the parties, their successors and permitted assigns. You reserve the right to terminate the agreement with immediate effect in the event we transfer and/or assign the Agreement.
14.15. Security Interests. You must not create security over your E-Money or Digital Currency unless we say you can in writing.
14.16. Invalidity. If any provision of this Agreement is determined to be invalid or unenforceable under any applicable law, this will not affect the validity of any other provision. If any provision is found unenforceable, the unenforceable provision will be severed, and the remaining provisions will be enforced.
14.17. Enforcement of Our Rights. We may not always strictly enforce our rights under this Agreement. If we do choose not to enforce our rights at any time, this is a temporary measure and we may enforce our rights strictly again at any time.
14.18. Contractual Language. This Agreement is provided in German and English. The English language translation of this Agreement (or any translations of other documents or information) is provided for your convenience only and may not accurately represent the information in the original German. In the event of any inconsistency, the German language version of this Agreement shall prevail.Any amendment to this Agreement or any information about amendments will be provided in German. Any other information or notifications that you or we are to provide, which do not relate to this Agreement, should be in English.
14.19. Change of Control. In the event that Coinbase is acquired by or merged with a third party entity, we reserve the right, in any of these circumstances, in accordance with applicable data protection laws, to transfer or assign the information we have collected from you and our relationship with you (including this Agreement) as part of such merger, acquisition, sale, or other change of control.
14.20. Survival. All provisions of this Agreement which by their nature extend beyond the expiration or termination of this Agreement, including, without limitation, the Sections relating to suspension or termination, Coinbase Account cancellation, debts owed to Coinbase, general use of the Coinbase Platform or Site, disputes with Coinbase, and general provisions will continue to be binding and operate after the termination or expiration of this Agreement.
14.21. Governing Law. This Agreement and the relationship between us shall be governed by the laws of Germany, subject to any local mandatory rights available to Consumers. The provisions of the UN Convention on the International Sale of Goods shall be excluded.
Appendix 1: PROHIBITED USE, PROHIBITED BUSINESSES AND CONDITIONAL USE
1. ProhibitedUse. You may not use your Coinbase Account to engage in the following categories of activity ("Prohibited Uses"). The specific types of use listed below are representative, but not exhaustive. If you are uncertain as to whether or not your use of Coinbase Services or the Coinbase Platform involves a Prohibited Use or have questions about how these requirements apply to you, please submit a support request at: https://help.coinbase.com.
By opening a Coinbase Account, you represent and warrant that you will not use your Coinbase Account, any Coinbase Services and/or the Coinbase Platform to do any of the following:
(A) Unlawful Activity: Activity which would violate, or assist in violation of, any law, statute, ordinance, or regulation or sanctions programs administered in the countries where Coinbase conducts business, including but not limited to regulatory regimes administered by the U.S. Department of Treasury's Office of Foreign Assets Control ("OFAC"), or which would involve proceeds of any unlawful activity; publish, distribute or disseminate any unlawful material or information.
(B) Abusive Activity: Actions which impose an unreasonable or disproportionately large load on our infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information; transmit or upload any material to the Site that contains viruses, trojan horses, worms, or any other harmful or deleterious programs; attempt to gain unauthorised access to the Site, other Coinbase Accounts, computer systems or networks connected to the Site, through password mining or any other means; use Coinbase Account information of another party to access or use the Site, except in the case of specific merchants and / or applications which are specifically authorised by a user to access such user's Coinbase Account and information; or transfer your account access or rights to your account to a third party, unless by operation of law or with the express permission of Coinbase.
(C) Abuse Other Users: Interfere with another individual's or entity's access to or use of any Coinbase Services; defame, abuse, extort, harass, stalk, threaten or otherwise violate or infringe the legal rights (such as, but not limited to, rights of privacy, publicity and intellectual property) of others; incite, threaten, facilitate, promote, or encourage hate, racial intolerance, or violent acts against others; harvest or otherwise collect information from the Site about others, including without limitation email addresses, without proper consent.
(D) Fraud: Activity which operates to defraud Coinbase, Coinbase users, or any other person; provide any false, inaccurate, or misleading information to Coinbase.
(E) Gambling: Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy sports leagues with cash prizes; internet gaming; contests; sweepstakes; games of chance.
(F) Intellectual Property Infringement: Engage in transactions involving items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the law, including but not limited to sales, distribution, or access to counterfeit music, movies, software, or other licensed materials without the appropriate authorisation from the rights holder; use of Coinbase intellectual property, name, or logo, including use of Coinbase trade or service marks, without express consent from Coinbase or in a manner that otherwise harms Coinbase or the Coinbase brand; any action that implies an untrue endorsement by or affiliation with Coinbase.
2. Prohibited Businesses. In addition to the Prohibited Uses described above, the following categories of businesses, business practices, and sale items are barred from being carried out using Coinbase Services or the Coinbase Platform ("Prohibited Businesses"). Most Prohibited Businesses categories are imposed by card network rules or the requirements of our banking providers or processors. The specific types of use listed below are representative, but not exhaustive. If you are uncertain as to whether or not your use of Coinbase Services or the Coinbase Platform involves a Prohibited Business, or have questions about how these requirements apply to you, please contact us at: https://help.coinbase.com.
By opening a Coinbase Account, you represent and warrant that you will not use Coinbase Services or the Coinbase Platform in connection with any of the following businesses, activities, practices, or items:
(A) Investment and Credit Services: securities brokers; mortgage consulting or debt reduction services; credit counselling or repair; real estate opportunities; investment schemes;
(B) Restricted Financial Services: check cashing, bail bonds; collections agencies;
(C) Intellectual Property or Proprietary Rights Infringement: sales, distribution, or access to counterfeit music, movies, software, or other licensed materials without the appropriate authorisation from the rights holder;
(D) Counterfeit or Unauthorised Goods: unauthorised sale or resale of brand name or designer products or services; sale of goods or services that are illegally imported or exported or which are stolen;
(E) Regulated Products and Services: marijuana dispensaries and related businesses; sale of tobacco, e-cigarettes, and e-liquid; online prescription or pharmaceutical services; age restricted goods or services; weapons and munitions; gunpowder and other explosives; fireworks and related goods; toxic, flammable, and radioactive materials;
(F) Drugs and Drug Paraphernalia: sale of narcotics, controlled substances, and any equipment designed for making or using drugs, such as bongs, vaporisers, and hookahs;
(G) Pseudo-Pharmaceuticals: pharmaceuticals and other products that make health claims that have not been approved or verified by the applicable local and/or national regulatory body;
(H) Substances designed to mimic illegal drugs: sale of a legal substance that provides the same effect as an illegal drug (e.g. salvia, kratom);
(I) Adult Content and Services: pornography and other obscene materials (including literature, imagery and other media); sites offering any sexually-related services such as prostitution, escorts, pay-per view, adult live chat features;
(J) Multi-level Marketing: pyramid schemes, network marketing, and referral marketing programs;
(K) Unfair, predatory or deceptive practices: investment opportunities or other services that promise high rewards; sale or resale of a service without added benefit to the buyer; resale of government offerings without authorisation or added value; sites that we determine in our sole discretion to be unfair, deceptive, or predatory towards consumers; and
(L) High-risk businesses: any businesses that we believe poses elevated financial risk, legal liability, or violates card network or bank policies.
3. Conditional Use. Express written consent and approval from Coinbase must be obtained prior to using Coinbase Services for the following categories of business and/or use ("Conditional Uses"). Consent may be requested by contacting us at: https://help.coinbase.com.
Coinbase may also require you to agree to additional conditions, make supplemental representations and warranties, complete enhanced on-boarding procedures, and operate subject to restrictions if you use Coinbase Services in connection with any of following businesses, activities, or practices:
(A) Money Services: Money transmitters, Digital Currency transmitters; currency or Digital Currency exchanges or dealers; gift cards; prepaid cards; sale of in-game currency unless the merchant is the operator of the virtual world; act as a payment intermediary or aggregator or otherwise resell any of the Coinbase Services;
(B) Charities: Acceptance of donations for non-profit enterprise;
(C) Games of Skill: Games which are not defined as gambling under this Agreement or by law, but which require an entry fee and award a prize; and
(D) Religious/Spiritual Organisations: Operation of a for-profit religious or spiritual organisation.
Appendix 2: VERIFICATION PROCEDURES AND LIMITS
Coinbase uses multi-level systems and procedures to collect and verify information about you in order to protect Coinbase and the community from fraudulent users, and to keep appropriate records of Coinbase's customers. Your access to one or more Coinbase Services or the Coinbase Platform, and limits imposed on your use of Coinbase Services (including but not limited to daily or weekly conversion limits, Coinbase Pro deposit, withdrawal and trading limits, instant buy limits, Digital Currency Wallet transfer limits, and limits on transactions from a linked payment method), and any changes to such limits from time to time, may be based on the identifying information and/or proof of identity you provide to Coinbase.
Coinbase may require you to provide or verify additional information, or to wait some amount of time after completion of a transaction, before permitting you to use any Coinbase Services and/or before permitting you to engage in transactions beyond certain volume limits. You may determine the volume limits associated with your level of identity verification by visiting your account's ‘Limits’ page on the Site.
You may submit a request at https://help.coinbase.com to request larger limits. Coinbase will require you to submit to Enhanced Due Diligence. Additional fees and costs may apply, and Coinbase does not guarantee that we will raise your limits.
Appendix 3: COMMUNICATIONS
1. Electronic Delivery of Communications. You will receive electronically all communications, agreements, documents, notices and disclosures (collectively, "Communications") that we provide in connection with your Coinbase Account and your use of Coinbase Services. Communications include:
(B) account details, history, transaction receipts, confirmations, and any other account or transaction information;
(C) legal, regulatory, and tax disclosures or statements we may be required to make available to you; and
(D) responses to claims or customer support inquiries filed in connection with your Coinbase Account.
Unless otherwise specified in this Agreement, we will provide these Communications to you by posting them on the Site, emailing them to you at the primary email address listed in your Coinbase Account, communicating to you via instant chat, and/or through other electronic communication such as text message or mobile push notification, and you agree that such Communications will constitute sufficient notice of the subject matter therein.
2. How to Withdraw Your Consent. You may withdraw your consent to receive Communications electronically by contacting us at: https://help.coinbase.com. If you fail to provide or if you withdraw your consent to receive Communications in the specified manner, Coinbase reserves the right to immediately close your Coinbase Account or charge you additional fees for paper copies of the Communications.
3. Updating your Information. It is your responsibility to provide us with a true, accurate and complete email address and your contact information, and to keep such information up to date. You understand and agree that if Coinbase sends you an electronic Communication but you do not receive it because your primary email address you have provided is incorrect, out-of-date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, Coinbase will be deemed to have provided the Communication to you.
You may update your information by logging into your Coinbase Account and visiting settings or by contacting our support team at: https://help.coinbase.com.
Appendix 4: COINBASE PRO SERVICES
1. General. Eligible users may establish an account at: https://pro.coinbase.com (a “Coinbase Pro Account”), an order book exchange platform for Digital Currencies. The provisions of this Appendix 4 (Coinbase Pro Services) apply to your use of such Coinbase Pro Account in addition to the other applicable provisions of this Agreement, including without limitation the releases, indemnities, disclaimers, limitations of liability, prohibited use, dispute resolution, and cancellation policies set forth above. Coinbase does not offer Coinbase Pro to customers in all jurisdictions.
Access and use of the Coinbase API and the Developer’s Tools are governed by Appendix 5 (Developer’s Tools).
1.1. Order Books. Coinbase Pro offers an order book for various Digital Currency and central bank issued currency trading pairs (each an “Order Book”). Refer to your Coinbase Pro Account to determine which Order Books are available to you.
1.2. Coinbase Pro Account. Your Coinbase Pro Account consists of the following:
(A) a dedicated Digital Currency Wallet for each Digital Currency offered on Coinbase Pro;
(B) a dedicated E-Money Wallet enabling you to store E-Money; and
(C) associated user tools, accessible at: https://pro.coinbase.com and through the Coinbase API.
You understand and agree that you are responsible for any and all orders, trades, and other instructions entered into Coinbase Pro including identifiers, permissions, passwords, and security codes associated with your Coinbase Pro Account.
1.3. Deposits. You may fund your Coinbase Pro Account by depositing Digital Currency and/or E-Money from your basic Coinbase Account, bank account or an external Digital Currency address into your Coinbase Pro Account. The Digital Currency and E-Money deposited in your Coinbase Pro Account can be used only to buy and sell Digital Currency using Coinbase Pro.
1.4. Withdrawals. You may withdraw Digital Currency from your Coinbase Pro Account by transfer to your basic Coinbase Account or to an external Digital Currency address. You may withdraw central bank issued currency from your Coinbase Pro Account to your Coinbase Account or directly to your bank account.
ALL DEPOSITS AND WITHDRAWALS MAY BE SUBJECT TO LIMITS. ALL LIMITS WILL BE DISPLAYED IN YOUR COINBASE PRO ACCOUNT.
1.5. Withdrawal Fees. Coinbase may also charge a fee on certain central bank issued currency deposit or withdrawal methods (e.g. bank wire). All such fees will be clearly displayed in your Coinbase Pro Account.
2. Trading Rules and Trading Fees.
2.1. Trading Rules. By accessing Coinbase Pro through: https://pro.coinbase.com or the Coinbase API, you accept and agree to be bound by the trading rules set out at https://www.coinbase.com/legal/trading_rules (the “Trading Rules”).
2.2. Trading Fees. By placing an order on Coinbase Pro, you agree to pay all applicable fees and you authorise Coinbase to automatically deduct fees directly from your Coinbase Pro Account. Trading fees are set forth in the Trading Rules and at: https://pro.coinbase.com/fees.
2.3. Trading Account Use. By using a Coinbase Pro Account you agree and represent that you will use Coinbase Pro only for yourself as the account owner, and not on behalf of any third party, unless you have obtained prior approval from Coinbase. You may not sell, lease, furnish or otherwise permit or provide access to your Coinbase Pro Account to any other entity or to any individual that is not your employee or agent. You accept full responsibility for your employees' or agents' use of Coinbase Pro, whether such use is directly through Coinbase Pro website or by other means, such as those facilitated through API keys, and/or applications which you may authorise. You understand and agree that you are responsible for any and all orders, trades, and other instructions entered into Coinbase Pro including identifiers, permissions, passwords, and security codes associated with your Coinbase Pro Account.
2.4. Suspension and Cancellation. We may suspend your Coinbase Pro Account or your access to any one or more Order Books in accordance with the suspension and termination provisions set out in this Agreement.
Suspension or termination of your Coinbase Pro Account shall not affect the payment of fees or other amounts you owe to Coinbase. In the event that your Coinbase Account is suspended or terminated, we will immediately cancel all open orders associated with your Coinbase Pro Account, block all withdrawals and bar the placing of further orders until resolution or we cancel your Coinbase Account.
2.5. No Warranty. We do not represent that Coinbase Pro and/or its constituent Coinbase Pro Accounts, APIs, and related services, will be available without interruption.
Although we will strive to provide you with continuous operations, we do not guarantee continuous access or that there will be no delays, failures, errors, omissions or loss of transmitted information, nor do we guarantee that any order will be executed, accepted, recorded, or remain open. Coinbase reserves the right to cancel any open trades and/or suspend Coinbase Pro activity in accordance with the Trading Rules.
2.6. No Investment Advice or Brokerage. For the avoidance of doubt, Coinbase does not provide investment, tax, or legal advice, nor does Coinbase broker trades on your behalf. All trades are executed automatically, based on the parameters of your order instructions and in accordance with posted trade execution procedures, and you are solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation.
Coinbase may provide educational information about supported Digital Currency, as well as Digital Currency not supported by Coinbase, in order to assist users in learning more about such Digital Currency. Information may include, but is not limited to, blog posts, articles, links to third party content, news feeds, tutorials, and videos. Coinbase will not be held responsible for the decisions you make to buy, sell, or hold Digital Currency based on the information provided by Coinbase.
2.7. Debts. In the event that there are outstanding amounts owed to us hereunder, including in your (standard) Coinbase Account, Coinbase reserves the right to debit your Coinbase Pro Account accordingly and/or to withhold amounts from funds you may transfer from your Coinbase Pro Account to your Coinbase Account.
Appendix 5: DEVELOPER’S TOOLS LICENSE
Developer’s Tools. Eligible users may establish an account for the use of the Coinbase application programming interface and any accompanying or related documentation, source code, executable applications and other materials (the "Coinbase API"), the ‘Coinbase Sandbox’, available at https://sandbox.coinbase.com/, and any other resources or services available at https://developers.coinbase.com/, (collectively, the "Developer’s Tools").
The Coinbase Developer Agreement, which shall form part of this Agreement and is set out at https://developers.coinbase.com/docs/wallet/terms/2 (which may be amended from time to time), shall apply to your use of the Developer’s Tools in addition to the other provisions of this Agreement including without limitation the releases, indemnities, disclaimers, limitations of liability, prohibited use, dispute resolution, and cancellation policies set forth above. Coinbase does not offer the Developer’s Tools to customers in all jurisdictions.
Appendix 6: STAKING SERVICES
1. General. When you hold Digital Currencies with Coinbase Germany (“we” or “us”) we give you the option to use these Digital Currencies for staking purposes. This option is, however, limited to Digital Currencies which are transferred in a “proof of stake” network.
In a proof of stake network, transaction validators are not chosen based on computing power (i.e., proof of work). Instead, the network uses a formula based on the amount of the underlying Digital Currency that is allocated to the operator of the relevant validation node (i.e., proof of stake). Please visit our staking information page for further details on how proof of stake works.
We will stake Digital Currencies only via a Coinbase entity but not via validators outside the Coinbase group. Staking services are not available for Digital Currencies held on Coinbase Pro.
When using the staking services of Coinbase Germany you accept the terms as set out in this Appendix 6.
2. Staking Service is Optional.
YOU HEREBY CONSENT THAT WE USE YOUR DIGITAL CURRENCIES FOR STAKING PURPOSES IF THEY ARE ELIGIBLE FOR STAKING. HOWEVER, YOU ARE NOT REQUIRED TO USE THE COINBASE GERMANY STAKING SERVICES, AND, UNLESS OTHERWISE SPECIFIED IN SECTION 6. (b) OF THIS APPENDIX 6, YOU CAN REVOKE YOUR CONSENT FOR THE FUTURE AT ANY TIME BY OPTING OUT OF STAKING SERVICES THROUGH THE SETTINGS PAGE IN YOUR ACCOUNT. YOU MAY SELECT TO OPT-OUT FOR SPECIFIC DIGITAL CURRENCIES ONLY.
COINBASE GERMANY IS NOT REQUIRED TO USE YOUR DIGITAL CURRENCIES FOR STAKING. YOU MAY NOT INSTRUCT US IN ANY WAY WITH REGARD TO STAKING.
Digital Currencies which are covered by your unrevoked consent may also be referred to as “Eligible Currencies” in this Appendix 6.
Unless otherwise specified, if you opt-out of the staking services, you can opt back in at any time.
3. The Service; Rewards; Commission. If you stake Digital Currencies with us, another Coinbase entity will act as a transaction validator on the applicable network for the Digital Currency you stake (the “Network”) If the transaction validator successfully validates a block of transactions in that Digital Currency, you may earn a reward (the “Staking Reward”) granted by the Network. The Staking Reward will be determined by the protocols of the applicable Network. After the Staking Rewards have been received by the transaction validator, we will distribute this Staking Reward to you on a pro-rata basis (your Eligible Currencies in relation to the total amount of Eligible Currencies) minus a fee of 25% (the “Validation Fee”).
4. No Guarantee of Rewards. Staking Rewards cannot be guaranteed since neither we nor any transaction validator has influence over which validator will be selected by the relevant Network to validate a specific transaction. Therefore, you have no right to a reward until it is received by us from the transaction validator your Eligible Currencies are allocated to. Subject to the deduction of the Validation Fee, Staking Rewards will be distributed to your account promptly after we have received them from the transaction validator. Unless stated otherwise, Coinbase Germany will use reasonable efforts to stake any Eligible Currencies. Unless otherwise specified, the “staking rewards rate” disclosed by Coinbase Germany for a particular Digital Currency is an annualized historical rate based on the staking rewards generated by Coinbase entities over the last 90 days. This rate changes over time. It is based on historical data and is not an indication or prediction of future Staking Rewards.
COINBASE GERMANY DOES NOT GUARANTEE THAT YOU WILL RECEIVE STAKING REWARDS, ANY SPECIFIC STAKING REWARD, OR ANY STAKING RETURN OVER TIME.
5. Lockup of Digital Currencies. Some digital currency networks require that a certain amount of staked Digital Currencies be locked (restricted from sale or transfer) for a certain period of time (the “Lockup Period”) while staking. Coinbase Germany has neither control over whether a network uses Lockup Periods, nor over the extent or duration of such periods. During a Lockup Period you might not be able to transfer or withdraw Eligible Currencies staked by us.
Coinbase Germany intends to take measures to enable you to trade staked Eligible Currencies even during a Lockup Period, e.g. by limiting the amount of each Digital Currency that will be used for staking. However, Coinbase Germany is not required to take such measures. Therefore,
COINBASE GERMANY IS ENTITLED TO REFUSE (IN TOTAL OR IN PARTS) ORDERS OR INSTRUCTIONS TO SELL OR TRANSFER ELIGIBLE CURRENCIES DURING A LOCKUP PERIOD.
PLEASE ENSURE YOU ARE FAMILIAR WITH ANY LOCKUP PERIODS APPLICABLE TO STAKED ELIGIBLE CURRENCIES.
6. Ethereum Staking. Supplemental to the terms outlined above, the following terms apply to staking your ETH through the Coinbase Germany staking services.
(A) Background. The Ethereum blockchain is currently in a transition phase. Due to that ETH-staking has some particularities which we explain in more detail below.
Validation of transactions on the Ethereum blockchain is currently based on computer power (i.e., proof of work). Staking is not possible. However, the Ethereum blockchain is currently in a transition phase. It is expected that a new blockchain (“Ethereum 2.0”) will have been established after the finalization of the transition phase. Ethereum 2.0 is expected to be a network under which transactions are validated via proof of stake. The currently existing ETH is expected to be replaced by a new currency (“ETH2”) that is used on Ethereum 2.0. It is expected that the current Ethereum blockchain will terminate operation at a certain point in time during the transition phase.
It is unknown how long the transition phase will last, which steps will be taken in order to complete the transition and what features Ethereum 2.0 will have. It can also not be excluded that the transition is stopped or fails at a certain point in time before Ethereum 2.0 is finally established. The transition process is completely outside the control and influence of Coinbase Germany or any other Coinbase entity.
(B) ETH Lockup Period. If you choose to stake your ETH, your ETH will be converted to ETH2 and will be locked on the Ethereum protocol probably at least until the transition phase has reached a level where ETH2 can be used on Ethereum 2.0 (the “ETH Lockup Period”). Unlike other staking services provided through Coinbase Germany, you will be unable to “Opt Out” of ETH staking during the Lockup Period once and to the extent you’ve staked your ETH.
(C) Ethereum Staking Rewards. Any rewards earned while staking ETH will, unless otherwise stated, remain locked onchain until the end of the Lockup Period. These rewards are in the following referred to as the “Locked Rewards”. Rewards displayed in your account prior to the end of the Lockup Period only reflect the amount of Locked Rewards. No Ethereum Staking Rewards will be credited to your account until the end of the Lockup Period. Unless otherwise stated, you will not be able to trade, transfer, or otherwise access Ethereum Staking Rewards during the Lockup Period.
(D) Access to staked ETH. Accessing your staked ETH may result in a loss of any rewards accrued until that point.
(E) No trade, transfer or access. UNLESS OTHERWISE STATED ON THE COINBASE GERMANY WEBSITE, YOU WILL NOT BE ABLE TO TRADE, TRANSFER OR OTHERWISE ACCESS YOUR STAKED ETH OR LOCKED REWARDS DURING THE LOCKUP PERIOD.
(F) No Guarantee of Success of Transition. COINBASE GERMANY HAS NO CONTROL OVER THE DURATION OF OR END DATE FOR THE LOCKUP PERIOD, WHICH WILL ULTIMATELY BE DETERMINED BY THE SUCCESS OF THE TRANSITION OF THE ETHEREUM NETWORK. COINBASE GERMANY MAKES NO GUARANTEES THAT THE TRANSITION TO ETHEREUM 2.0 WILL BE SUCCESSFUL, AND YOU UNDERSTAND THAT IF THE NETWORK TRANSITION ULTIMATELY FAILS OR IS STOPPED FOR ANY REASON, YOU MAY LOSE ALL, OR A PORTION OF, YOUR STAKED ETH AND / OR OF REWARDS THAT MAY HAVE BEEN EARNED AT THAT POINT IN TIME. COINBASE GERMANY WILL NOT BE OBLIGED TO TRANSFER TO YOU ANY AMOUNT OF ETH WHICH MIGHT GET LOST DUE TO A NETWORK TRANSITION FAILURE.
(G) Liquidity. Coinbase Germany may, but is not obliged to, offer you the ability to exchange or sell your staked ETH prior to the end of the Lock Up Period. The option will not be offered to Locked Rewards. Coinbase Germany does not guarantee that the offering of any such option will result in a successful exchange or sale, and Coinbase Germany will not backstop or otherwise intervene to guarantee that there will be sufficient demand in the market to execute your order. In the event that you take advantage of any offered ability to exchange or sell your staked ETH, you agree to bear any risk of loss associated with taking advantage of such an offering, and Coinbase Germany does not guarantee the value of your ETH principal or related rewards. Coinbase Germany is not responsible for any decrease in the value of your staked ETH principal or any rewards associated with allowing you the ability to exchange or sell your staked ETH.
(H) Tax. The tax treatment of certain Digital Currency transactions is uncertain, including your voluntary election to convert your ETH to ETH2, and it is your responsibility to determine what taxes, if any, arise from these transactions. Users are solely responsible for reporting and paying any applicable taxes arising from staking through Coinbase Germany staking services and all related transactions (e.g., any exchange or sale of your staked ETH), and acknowledge that Coinbase Germany does not provide investment, legal, or tax advice to you in connection with such election to participate. You should conduct your own due diligence and consult your advisors before making any decision including whether to participate in ETH staking and related transactions.
7. No limitation of statutory liability. For the avoidance of doubt it is hereby clarified that nothing in this Appendix 6 is intended to limit our liability with regard to damages based on an intentional or grossly negligent breach of duty by us or our legal representatives or vicarious agents, as well as for injury to life, limb or health, for a defect following the assumption of a guarantee for the quality of a product and for fraudulently concealed defects. Furthermore, we remain liable for the slightly negligent breach of material obligations. Material obligations are obligations whose breach jeopardizes the achievement of the purpose of the contract or whose fulfilment makes the proper performance of the contract possible in the first place and on whose compliance you regularly rely. In this case, however, we shall only be liable for the foreseeable damage typical for this type of contract. We shall not be liable for the slightly negligent breach of obligations other than those specified in the preceding sentences.
Appendix 7: INSTRUCTION TO PARTICIPATE IN DEFI YIELD
1. DeFi Yield. If you are eligible (see link below), you can opt-into earning yield by giving us your instruction (the “Instruction”) to move Eligible Digital Currencies (definition see below) to certain supported DeFi protocols which you may chose (“DeFi Yield”).
Coinbase may modify or suspend this program at any time upon notice.
When participating in DeFi Yield, you can select Eligible Digital Currencies in your account that you request us to move into a smart contract of the DeFi protocol that is chosen by you. BY SELECTING AN ELIGIBLE DIGITAL CURRENCY AND CHOOSING A DEFI PROTOCOL YOU GIVE US THE INSTRUCTION TO MOVE THE SELECTED ELIGIBLE DIGITAL CURRENCY TO THE DEFI PROTOCOL YOU CHOSE.
BEFORE GIVING YOUR INSTRUCTION, PLEASE MAKE SURE THAT YOU UNDERSTAND THE DEFI PROTOCOL YOU CHOOSE.
Coinbase is not obligated to offer you DeFi Yield. Coinbase is also not obligated to offer you the option to select more than one currency or to choose more than one DeFi Protocol. Each DeFi Protocol that is offered to you for your choice is in this Appendix 7 referred to as a “Participating DeFi Protocol”. Each digital currency that Coinbase offers for your selection is in this Appendix 7 referred to as “Eligible Digital Currency”. Digital currencies held on Coinbase Pro are NOT eligible for DeFi Yield.
YOU ARE NOT OBLIGATED to participate in DeFi Yield, and YOU MAY REVOKE YOUR INSTRUCTION AT ANY TIME here. You may again give your Instruction at any time.
Coinbase may suspend or modify DeFi Yield with future effect at any time upon notice.
Once and as long as you have given your Instruction, you will automatically earn yield on the Eligible Digital Currencies which you select to be moved into the DeFi Protocol you chose (each a “DeFi Asset”). The amount of yield that you will earn is described below in the “Calculation of Yield” section (such amounts, “Yield”). If you are currently earning rewards or yield on an Eligible Digital Currency under another Coinbase program (such as Dai Rewards), the Eligible Digital Currency you selected will be disenrolled from that program and used for DeFi Yield (you will receive the rewards you have accrued until that point in time to the extent that they are not yet distributed for the respective current calendar month).
If at any time you are deemed ineligible, your enrollment in DeFi Yield will be paused.
If you opt-out of DeFi Yield or close your Coinbase.com account, you will receive Yield to the amount that is shown in your account.
2. Calculation of Yield. Yield is earned on a daily basis in the form of the DeFi Asset at the then-current Annual Percentage Yield Rate (“DeFi Yield Rate”). The current DeFi Yield Rate, which can be seen by following the link below, is set by the Participating DeFi Protocols and is NOT controlled by Coinbase and can NOT be influenced by Coinbase. Yield distributed to you is rounded-down to the nearest sixth decimal place. The rate used to determine Yield earned for a particular day is the then current DeFi Yield Rate divided by 365. Additional benefits that may be provided by the relevant DeFi Protocol to holders of the digital currencies which are deposited in that Protocol will not be part of the Yield you may earn.
3. Changes to Yield. The Participating DeFi Protocols may change their DeFi Yield Rates at any time without prior notice.
4. Instruction to participate in DeFi Yield, Return Request. You will have to choose an Eligible Digital Currency and a DeFi Protocol in which the Eligible Digital Currency will be deposited. You acknowledge that your Eligible Digital Currency will be moved directly into the respective smart contract of the relevant DeFi Protocol which is not controlled by Coinbase. You understand and agree that (i) your DeFi Assets which are deposited in the respective smart contracts of the relevant DeFi Protocols will no longer be held in custody by Coinbase; Coinbase will, therefore, not act anymore as custodian for such DeFi Assets until they are returned to Coinbase; and (ii) your Instruction means that Coinbase has the authority to move your DeFi Assets from the Coinbase omnibus wallets on chain to the respective smart contracts operated by the relevant DeFi Protocols.
You understand that while you may request the return of your DeFi Assets at any time (each a “Return Request”), which we will endeavour to process as expeditiously as reasonably possible, the return of DeFi Assets may take a number of days. The exact timing depends on the DeFi Protocol you chose and is outside of Coinbase's control.
Coinbase expressly disclaims any loss, liability or damage, whether direct or indirect, which you may suffer as a result of your DeFi Assets being unavailable to sell or otherwise transfer while they are deposited in the smart contract of a DeFi Protocol and during the processing of a Return Request unless Coinbase itself is at fault for such loss, liability or damage.
5. Acknowledgement of Risk. YOU ACKNOWLEDGE THAT YOU WILL NOT BE ABLE TO SELL OR OTHERWISE TRANSFER ANY DEFI ASSETS WHICH HAVE BEEN MOVED INTO THE SMART CONTRACT OF A DEFI PROTOCOL UNTIL THEY ARE ACTUALLY RECEIVED IN YOUR COINBASE ACCOUNT UPON YOUR RETURN REQUEST.
YOU ACKNOWLEDGE THAT COINBASE HAS NO CONTROL OVER THE DEFI PROTOCOL YOU CHOSE WHEN GIVING YOUR INSTRUCTION. AS LONG AS YOUR DEFI ASSETS ARE DEPOSITED IN THE SMART CONTACT OF THE RELEVANT PROTOCOL THEY ARE NOT HELD IN CUSTODY BY COINBASE. YOUR DEFI ASSETS MAY BE SUBJECT TO A TOTAL LOSS IF AN EVENT OCCURS AT THE PROTOCOL LEVEL, WHICH IS OUTSIDE OF COINBASE’S CONTROL AND WHICH MAKES IT TEMPORARILY OR FINALLY IMPOSSIBLE FOR COINBASE TO REMOVE YOUR ELIGIBLE DIGITAL CURRENCIES FROM THE DEFI PROTOCOL YOU CHOSE (AN “EVENT OF IMPOSSIBILITY”). YOU UNDERSTAND AND AGREE THAT NOTWITHSTANDING ANYTHING ELSE CONTAINED IN THIS AGREEMENT, COINBASE WILL NOT PAY TO YOU THE BALANCE STANDING TO YOUR ACCOUNT WITH REGARD TO THE AFFECTED ELIGIBLE DIGITAL CURRENCY IN CASE AND TO THE EXTENT AN EVENT OF IMPOSSIBILITY OCCURS AND AS LONG AS THE EVENT OF IMPOSSIBILITY CONTINUES.
6. Tax and compliance with laws. The tax treatment of DeFi Assets is uncertain, and users should consult their tax advisors regarding their particular circumstances. It is your responsibility to determine what taxes, if any, arise due to your participation in DeFi Yield, and to collect, report, and/or remit the correct tax to the appropriate tax authority. Coinbase will withhold and/or make any tax filings required by any law applicable to Coinbase, but Coinbase is not responsible for determining whether taxes apply to your participation in DeFi Yield, or for collecting, reporting, or remitting any taxes that arise from your participation. You are responsible for complying with all tax and other laws that may apply to you and you agree that Coinbase is not responsible for determining which laws (tax or otherwise) may apply to your transactions. You are solely responsible for reporting and paying any applicable taxes arising from your participation in DeFi Yield, and acknowledge that Coinbase does not provide investment, legal, or tax advice to you in connection with such participation.
7. Monitoring of DeFi Assets. You can monitor your DeFi Assets by accessing your account on the Coinbase Site.