General Business Terms and Conditions of International Coin Bank (ICB)

I. Scope of application and amendments to the general business terms and conditions and other conditions in the trade of bitcoins on Intercoinbank.com § 1.Scope of application

  1. These General Business Terms and Conditions apply to the entire business relationship between customer and ICB as operator of the internet platform www.intercoinbank.com, unless otherwise expressly agreed.
  2. The scope of application encompasses both the activities of ICB as the contractual intermediary for the FIDOR Bank AG (FIDOR) regarding the trade of bitcoins on the internet platform www.intercoinbank.com (see § 2 as well as § 12 section 1 of these general business terms and conditions) and the services provided by ICB in their own name (see § 12 sections 2, 3 and 5 of these general business terms and conditions).
  3. The general business terms and conditions concluded separately with FIDOR apply with regard to the business relationship to FIDOR. Should the following contractual obligations regarding FIDOR be concluded then these are to be subordinate to the general business terms and conditions of FIDOR.
  4. ICB is exclusively and solely responsible for the operation of the www.intercoinbank.com platform and internet site as well as its content.

§ 2 Activities of ICB as the contractual intermediary of the FIDOR Bank AG

ICB conducts business relating to the purchase and sale of financial instruments via the internet platform www.intercoinbank.com pursuant to § 1 sect. 1a sentence 2 Nr. 1 KWG (Banking Act). ICB operates exclusively as the contractual intermediary of FIDOR for settlement and assumes liability for FIDOR pursuant to § 2 para. 10 KWG.

§ 3 Remarks regarding other Business Conditions

  1. The following additional documentation is material to the business relationship between ICB and the customer available on the ICB websites (www.intercoinbank.com) for downloading and review:
    1. Product description of bitcoins and clarification of risk
    2. Customer information on the conduct of investment and settlement procedure as a contractual intermediary
    3. Customer information on the processing of complaints
    4. Schedule of prices and services of ICB
    5. Schedule of time limits required to ensure uninterrupted trade in bitcoins (settlement schedule)
    6. Criteria for the evaluation of customers regarding the trust level (Trust Level Criteria)
  2. (in summary described below as ‘supplementary conditions’).
  3. These general business terms and conditions take precedence in law over the above mentioned additional conditions.
  4. The customer is recommended to read all the information on www.intercoinbank.com relating to the characteristics of bitcoins, besides the reference to risk in § 9, as well as the trading process conducted by ICB on www.intercoinbank.com as well as the associated risks, in particular the ’Product description of bitcoins and clarification of risk’ and if necessary to obtain supplementary information.

§ 4 Changes to the general business terms and conditions and other regulations

  1. Changes to these business terms and conditions and other regulations pursuant to § 3 para. 1 page 1 Nr. 1 – 4 of these terms and conditions are provided to the customer at least eight weeks prior to the proposed effective date on www.intercoinbank.com and via the email address provided. Changes to the schedule of time limits and trust level criteria (§ 3 para. 1 page 1 Nr. 5 and 6) are provided to the customer at least four weeks prior to the proposed effective date on www.intercoinbank.com and via the email address provided.
  2. The customer is able to store or print changes in readable form. Changes submitted to the customer in the manner described in para. 1 are considered approved should the customer not have raised any objection per email within the time limit pursuant to para. 3. ICB particularly draws the attention of the customer to this approval procedure regarding announcement of changes.
  3. Should the customer not agree to the changes submitted then the customer is to notify ICB per email of any objections within six weeks of the changes notified by email regarding the general business terms and conditions as well as those relating to additional regulations pursuant to § 3 para. 1 page 1 Nr. 1 – 4 of these business terms and conditions. The customer is to notify ICB by email of any objections within two weeks of the changes notified by email regarding the schedule of time limits and trust level criteria (§ 3 para. 1 page 1 Nr. 5 and 6). Should no objection be received within the above mentioned time limits then the changes are considered accepted by the customer.

II. Trading in bitcoins on www.intercoinbank.com, trading risks on www.intercoinbank.com

§ 5 General structure

  1. ICB provides the www.intercoinbank.com portal as an internet marketplace (hereafter: ‘marketplace’) enabling the customer to purchase bitcoins from or to sell bitcoins to other customers.
  2. ‘Bitcoins’ are an electronic currency created on the basis of a digital signature then encoded and in a process laid out in a white paper by Satoshi Nakamoto, decentralized through a peer-to-peer network. Bitcoins is not a government sanctioned official means of payment for value (hereafter: ‘money’). The ownership of does not establish or prove any claim on the issuer in the meaning of § 1a of the law regarding the supervision of payment services (ZAG).
  3. Bitcoins can be sold or purchased in the marketplace in exchange for money. The Euro is the only authorized convertible currency.
  4. The ‘purchaser’ is the customer who purchases bitcoins and pays the counterpart in the convertible Euro currency.
  5. The ‘seller’ is the customer who sells bitcoins and is paid by the counterpart in the convertible Euro currency.
  6. It is not possible for technical reasons to transfer one or more individual or specific bitcoins to satisfy a specific obligation from the seller to the purchaser. It is however possible to transfer the bitcoin credit balance of the seller or a portion of this credit balance using a specific number of bitcoins to the purchaser as in the manner of a transfer between bank accounts. In so doing the seller owes only a specific item of the same category (§ 243 para. 1 BGB – German Civil Code).

§ 6 Technical requirements for trading on www.intercoinbank.com

  1. Access to trading bitcoins on www.intercoinbank.com is only possible via a web browser running on a computer or a mobile device with an internet connection. Other access procedures are not supported.
  2. On receiving authorization for trading in bitcoins on www.intercoinbank.com, meaning after setting up a customer account on www.intercoinbank.com, all communication between ICB and the customer relating to bitcoin trading through www.intercoinbank.come takes place only in electronic form through the online screen (being the www.intercoinbank.com user interface on the internet browser of the customer) and by email, unless otherwise not expressly stated in the general business terms and conditions or the additional conditions. Notifications are not additionally sent to the customer in paper form unless required by law.
  3. ICB notifies the customer by email on the authorization to participate on bitcom.de and information on access to www.intercoinbank.com is dispatched.
  4. The customer acknowledges that printouts of data shown on the online screen may deviate due to individual hardware or software configurations of the screen display. Should modified data of the online screen be circulated, then ICB assumes no liability.
  5. ICB has no influence on the functionality and configuration of the device used by the customer or on the availability and reliability of the internet connection to the www.intercoinbank.com server. ICB assumes no liability for damage that may occur as a consequence.

§ 7 Legal requirements for trading on www.intercoinbank.com

  1. Only natural persons may take part in trading on www.intercoinbank.com Furthermore participation in trading on www.intercoinbank.com requires:
  1. Being of legal age both in the meaning of § 2 BGB as well as the law of the country of the potential customer,
  2. permanent residence in the Federal Republic of Germany or in another country of the European Union or in Switzerland,
  3. German nationality or nationality of another country of the European Union or one of the following countries: Australia, Brasil, India, Japan, Canada, South Korea, Mexico, Switzerland, Singapore, South Africa.

Those not authorized for trading are – even when permanent residence is in one of the countries mentioned in sentence 2 lit. b) or also in possession of a nationality named in one of those countries in sentence 2 lit. c) – US citizens or other persons in the USA or in one of its federal states or protectorates subject to corporate or income tax regulations.

Those customers not authorized for trading are those whose place of residence is in a country where the trading of bitcoins is not authorized or requires approval not available to ICB.

he customer may trade only in their own name and on their own account when purchasing and selling bitcoins on the www.intercoinbank.com internet platform.

§ 8 Obligation of cooperation and care by the customer when trading on www.intercoinbank.com

  1. Customers may only place and accept offers on www.intercoinbank.com when the respective balance of bitcoins offered is available or are in a position to make immediate payment of the amount owed.
  2. Before a customer enters into a purchase agreement with a counterpart they are required to state the true account details necessary as well as the true residential address (storable address) (for registration and identification purposes see §§ 10 and 11). Each customer is obliged to treat the account details of other customers obtained through conducting trades confidentially.
  3. It is necessary for the proper processing of transactions that the customer notifies any change of name and address including email address immediately.
  4. The customer is obliged to regularly check for messages received on the online screen and by email (via the email address provided to www.intercoinbank.com). The customer is required to inform ICB immediately on any possible inconsistencies and irregularities contained in the messages from www.intercoinbank.com at the latest within two weeks after appearing on the online screen or received in the email account of the customer.
  5. The customer is furthermore obliged to have their own smart phone or other mobile telephone available in order to confirm particular transactions (such as the transfer of bitcoin balances) enabling ICB to send the customer a code by SMS or to enable the customer to generate a unique password as a TAN with the support of specific ‘apps’ (such as the Google Authenticator).
  6. Should the customer place a purchase order on www.intercoinbank.com or accept a sell order of another customer then the customer is obliged to regularly monitor incoming emails in such a way that the customer is able to react within the time limits stated in §§ 15 and 16 of these business terms and conditions as well as those in the settlement schedule and to ensure that the purchase price owed is transferred. The customer is obliged to maintain the necessary technical equipment and to make the necessary administrative arrangements. The customer is at all times required to conduct transfers without delay in order to fulfill the payment obligations arising from the purchase of bitcoins within the time limits. The customer is therefore obliged to make use of a payment account allowing online transfers to be conducted at any time.
  7. Should the customer place a sell order on www.intercoinbank.com or accept a purchase order of another customer then the customer is obliged to regularly monitor incoming emails in such a way that the customer is able to react within the time limits stated in §§ 15 and 16 of these business terms and conditions as well as those mentioned in the settlement schedule and to ensure that the receipt of the payment owed is confirmed. The customer is obliged to maintain the necessary technical equipment and to make the necessary administrative arrangements. The customer is at all times required to confirm receipt of payments in order to confirm the receipt of payment arising from the sale of bitcoins within the time limits. The customer is therefore obliged to make use of a payment account enabling online account balance enquiries at any time.
  8. Should a customer expect a message from ICB(such as details on the payment to be made as purchaser of bitcoins to the seller, see § 15 para. 5 of these general business terms and conditions) in connection with a purchase concluded on www.intercoinbank.com, and such a message fails to materialize against all expectations, then the customer is to inform ICB immediately or at the latest within 24 hours.
  9. The customer acknowledges that any person knowing their personal combination of user name and password is in a position to debit any account balances available and to conduct transactions via www.intercoinbank.com. ICBG strongly recommends customers to set up a 2-stage authentication for addtional protection of their account. The customer is personally responsible for storing their personal combination of user name and password securely. The customer is to exercise all possible care and take all precautionary measures applicable to ensure that unauthorized persons do not obtain any knowledge of their personal combination of user name and password. The customer is particularly not permitted to store or record in an electronic or other form their personal combination of user name and password together with their other documentation related to www.intercoinbank.com and the customer is to select their personal combination of user name and password in such a manner that does not allow it to be determined by unauthorized persons following a simple trial-and-error method.
  10. The customer is not permitted to leave the computer unattended after having logged in with their user name and password on www.intercoinbank.com in order to avoid any unauthorized use. The customer is liable for all associated risks and damage caused by an infringement of the above mentioned procedure guidelines.
  11. Should the customer determine that their personal combination of user name and password has become known to unauthorized persons or that their account on www.intercoinbank.com has been used without authorization then the customer is obliged to inform the operator (ICB) without delay and – as far as possible – to change their personal combination of user name and password on www.intercoinbank.com immediately. Should the latter not be possible ICB is to have the account blocked for access by the customer to the account on www.intercoinbank.com for the foreseeable future after receipt and knowledge of the respective notification during normal business hours.
  12. Access by the customer to www.intercoinbank.com may be blocked at any time by ICB should unauthorized use have been determined. ICB is to instruct the customer on the steps required to establish the unequivocal proof of rightful ownership necessary for the removal of the block. As a rule proof follows parallel to verification of the bank account pursuant to § 10 para. 3 by the dispatch of a code allowing transactions of minimal amounts from 0,01 to 0,25 Euro transferred to the bank account stated on registration by the customer to ICB or that are to be transferred from the customer to the bank account of ICB or to be transacted by using a procedure such as PostIdent.
  13. Should there be indications of unauthorized access in the meaning of para. 10, then ICB is justified in blocking bitcoins in the customer online wallet, thereby preventing any outflow of bitcoins.
  14. Reference is made at this point to the customer obligations regulated under §§ 15 and 16 of these business terms and conditions relating to the concluding and completion of bitcoin trading contracts. It should be noted in particular that the purchaser is obliged to transfer the purchase price in due time after conclusion of the purchase contract and the seller is obliged to confirm receipt of payment to ICB.
  15. Insulting, racist, defaming, pornographic or otherwise offensive or immoral expressions are forbidden in the marketplace.
  16. The exchange of contact data (telephone number, email address, Skype address, addresses from ‘social networks’ in the internet) is forbidden in the marketplace. This is intended to avoid customers using thewww.intercoinbank.com platform to arrange a trade outside the www.intercoinbank.com platform, as such trading can lead to high risks for the participating customers.
  17. Automated retrieval of information publicized on the website is not permitted (Spider, Crawler, etc.). All activities that prevent the trouble free operation of the website are not permitted.
  18. All kinds of applications whose content is publicized on the website is prohibited unless ICB has provided its approval in regard to the content in question.
  19. Customers infringing on their obligations are likely to generate negative evaluations by ICB within the scope of the evaluation system (§ 17 of these general business terms and conditions). Should there be serious or repetitive infringements of obligations then the account of the customer may be temporarily blocked and the customer temporarily excluded from trading. Reference is made the right of ICB to termination without notice (§ 24 of the general business terms and conditions).
  20. The registered customer bears responsibility for all their content placed on the website, especially for their publicized offers. The customer is responsible for any detrimental commercial effects resulting from the publication of their contents.

§ 9 References to risk concerning bitcoins, no investment consultation, no assessment as to appropriateness on www.intercoinbank.com

  1. The current value of a bitcoin depends on the volume of supply and demand for bitcoins in the market. The value of a bitcoin may furthermore particularly depend on whether and how many providers of goods or services accept bitcoins as a means of payment. The valueof a bitcoin is therefore subject to price fluctuations like the value of securities, derivatives or other financial instruments in the financial markets. Different to coins for example a bitcoin is unaffected by a practical value unconnected to the exchangeable value. Investment of money in bitcoins is highly speculative for the reasons listed and could lead to a risk of losses including total loss of the capital invested in bitcoins. Bitcoins are therefore only suitable for customers able to bear the loss of the invested capital.
  2. The acceptance of bitcoins as a means of payment (as opposed to money) is neither guaranteed by a state central bank nor (as opposed to e-money) by a private issuer. ICB is specifically not an issuer, publisher or producer of bitcoins and not otherwise responsible for the bitcoin ‘product’.
  3. Trading in bitcoins on www.intercoinbank.com is associated with further risks. The price for example may change between setting up a binding purchase or sale offer and the concluding of a contract or the concluding and completion of a contract to the detriment of the customer (or to the detriment of one of the parties to the contract). Trading on www.intercoinbank.com generates costs for he payment of commission to ICB which may lead to losses for the customer occurring on resale of the bitcoins purchased whether prices remain the same or rise.
  4. The customer acknowledges the risks listed in paragraphs 1 to 3 by accepting the general business terms and conditions. The customer uses the www.intercoinbank.com trading platform at their own risk.
  5. The customer acknowledges that ICB does not provide any investment consultation for the customer. Information provided by ICBon www.intercoinbank.com or any other manner on bitcoins and the trade with bitcoins does not constitute a personal recommendation to the customer relating to the trade of bitcoins or based on an assessment of the personal circumstances of the customer or presented as being a suitable investment. It is concerned with the provision of legally non-binding information or indicators of risk which ICB is obliged by law. Should ICB provide information to the customer which exceeds the legal requirements, e.g. in the form of market commentaries, charts or analyses, then this information in no way constitutes an investment consultation but only serves to support the independent investment decision of the customer.

III. Registration and identification

§ 10 Registration, account verification for ‘limited’ bitcoin trading

  1. Registration as a customer is a prerequisite for having the capacity to publish purchase or sell offers or to accept published offers in the marketplace as well as using other services offered by ICB.
  2. Registration to trade takes place in several stages by providing
  1. a randomly chosen user name, password and a valid email address (registration in a narrow sense),
  2. the complete name and the following personal details: Place of residence (complete storable address), date of birth, place of birth, nationality, mobile telephone number,
  3. banking details (an account at a bank located in Germany, in another country of the European Union or in Switzerland).

The customer initially transmits the data for the purpose of registration as required under sentence 1 lit. a) to the operator (ICB). The customer confirms the identity of their email address by calling up the link submitted in a confirmation email. The customer accepts these general business terms and conditions when confirming their registration. A license agreement is concluded between operator and customer on receipt of the confirmation by the operator. The trade in bitcoins and the full use of the services provided on the platform is however only possible when the customer fulfills the legal requirements pursuant to § 7 of these general business terms and conditions.

  1. 3. ICB is to verify the reference account provided by the customer on registration and which is to be used for trading in the marketplace in order to strengthen the trust of the market participants and to comply with the legal regulations. For this purpose ICBtransfers an amount of between 0,01 and 0,10 Euro onto the account provided by the customer. The transfer contains an unlock code in the reference field which the customer is required to input in the login field in order to verify the bank account. ICB reserves the right to introduce other appropriate procedures for the verification of reference accounts, such as the transfer by the customer of an amount between 0,01 and 0,25 Euro to the bank account of ICB.
  2. 4. The customer is obliged to use an email address for registration which is exclusively accessible by the customer.
  3. 5. The conclusion of the registration, verification of the bank account and verification of the mobile telephone number unlocks the customer account on www.intercoinbank.com for trading in bitcoins.
  4. 6. The following restrictions apply for customers that have not completed an authentication procedure pursuant to § 11 of these general business terms and conditions:
  1. The transaction volume may not exceed an amount of 2.500 EUR within a calendar year. Transaction volume is defined as the total amount received from sales of bitcoins and payments made for the purchase of bitcoins inclusive of the share of the commission due by the purchaser. Publication of an offer or the acceptance of an offer by a customer not authenticated pursuant to § 11 is not possible should the transaction volume authorized be exceeded on conclusion and completion of the commensurate trading contract.
  2. An individual customer contract may not exceed an amount of 1.000 EUR; meaning that a customer not authenticated pursuant to § 11 may not submit or accept a purchase or sale offer of more than 1.000 EUR.
  1. 7. A separate registration is required to use the forum on the website (www.intercoinbank.com/) Separate conditions of use apply for the forum; these general business terms and conditions are not applicable.

§ 11 Authentication

  1. A customer who wishes to conduct trades exceeding the limits stated in § 10 para. 6 of these general business terms and conditions, is required pursuant to § 10 to verify their identity beyond that provided on registration. ICB may demand verification in this regard. This is achieved e.g. by an authentication procedure using Post-Ident or a comparable procedure in other countries. ICB reserves the right to charge the customer for charges arising in connection with authentication; the customer is obliged to refund the charges in these circumstances.
  2. The current version of ‘Trust Level Criteria’ (see § 18 of these general business terms and conditions) also apply for customers authenticated pursuant to § 11. Authentication pursuant to ’Trust Level Criteria’ may actually have a favourable effect on the customer as the customer is subject to fewer limitations when trading. Authentication however does not automatically ensure the possibility of unlimited trading in bitcoins.
  3. Verification relating to the identification of the customer may be demanded irrespective of exceeding the limits stated in § 10 para. 6 as a result of legal regulations as well as in compliance with the internal guidelines of FIDOR and ICB relating to the prevention of money laundering. The customer is obliged to submit the verification requested and to cooperate with the authentication procedure. Should the customer not fulfill the obligations of cooperation then the customer may be barred from trading in bitcoins.

IV. Services of ICB

§ 12 Services of ICB

  1. ICB offers the customer the possibility to trade in bitcoins on the www.intercoinbank.com trading platform, enabling the customer to purchase bitcoins from or to sell bitcoins to other customers. ICB conducts the transactions and therefore as contractual intermediary for FIDOR.
  2. ICB depicts the value of bitcoins in Euro in the form of a price development on the website based on the total of the trade contracts concluded in the market as well as taking into account trade contracts in bitcoins concluded in other markets. The price development is also depicted in USD, the data originates from the MtGox trading platform (mtgox.com). ICB does not itself determine the value of a bitcoin in relation to the convertible currency and is also not responsible for the development of the value of the bitcoin in the marketplace. ICB does not itself trade in bitcoins in the marketplace.
  3. ICB offers the customer purchasing bitcoins on www.intercoinbank.com from another customer security, as ICB acts as trustee for the bitcoins traded during a bitcoin transaction. A customer is required to have paid in the respective number of bitcoins in advance to a bitcoin account at ICB in order to set up a sale offer or to accept a purchase offer. The bitcoins paid in by a customer to ICB and the bitcoins held by ICB are recorded on www.intercoinbank.com as the bitcoin balance of the seller. The bitcoins of the customer are blocked by ICB and are not available to the seller from the time of publication of a sell offer or the acceptance of a purchase offer by a customer. The bitcoins of a customer are once more available when the customer withdraws a sell offer before concluding a trade contract or when the purchaser does not pay the purchase price in due time or does not confirm the payment in due time (see § 15 para. 9 and 10; § 16 para. 9 and 10 of these general business terms and conditions). Should the purchaser however fulfill their obligation of payment of the purchase price in due time then the number of bitcoins agreed in the trade contract is transferred to the purchaser less the commission due pursuant to § 19 of these general business terms and conditions and recorded as a bitcoin balance of the purchaser.
  4. Payment of the bitcoins sold in the marketplace is not conducted by ICB but is solely the responsibility of the customer.
  5. ICB offers to hold the bitcoins in safe custody for the customer (‘online wallet’). This also applies to bitcoins (still) not for sale or after completion of a trade contract, which extends beyond the safe custody offered pursuant to para. 3. ICB utilizes various security measures to protect the bitcoins of the customers from loss (such as theft through hacking). ICB currently offers the use of the ‘online wallet’ without charge. ICB reserves the right to charge a fee for the safe custody of bitcoins in the future.
  6. ICB reserves the right to alter, discontinue or supplement the services offered.

V. Procedure for Trading on www.intercoinbank.com

§ 13 Offers concerning the purchase and sale of bitcoins in the marketplace

  1. A customer is allowed to publicize a binding offer to purchase or sell bitcoins in the marketplace. The offer is to contain the following information:
    1. the maximum number of bitcoins the customer wishes to purchase or sell,
    2. the minimum number of bitcoins the customer wishes to purchase or sell,
    3. the purchase price per bitcoin that the customer is willing to pay or the selling price per bitcoin at which the customer is willing to sell.
  2. Such an offer does not solely represent a non-binding order. Legally it does not solely concern an invitation to another customer to submit a binding offer (invitatio ad offerendum), but a binding offer to a specific group of persons (offerta ad incertas personas), which may however only be accepted by a maximum of one customer. This applies also when the customer publishing an offer allows the contracting partner a certain period of time to decide how many bitcoins they would like to purchase or sell. Offers published may however be withdrawn by the customer submitting the offer at any time provided no other customer has accepted the offer.

§ 14 Concluding a trade contract by the acceptance of an offer, obligation of the seller is a generic debt

  1. Should a customer accept an offer of another customer to purchase or sell bitcoins then a legally binding contract is concluded for both customers.
  2. The seller owes the purchaser only the transfer of a certain number of bitcoins and only a specific category of a type (see. § 5 para. 6 of these general business terms and conditions, § 243 para. 1 BGB).
  3. Details on the conclusion and completion of a trade contract between purchaser and seller are regulated in these general business terms and conditions in § 15 for selling offers and in § 16 for publicized purchase offers.

§ 15 Concluding and Completion of Contracts to Purchase

  1. Should the customer find an interesting offer from another customer for the sale of bitcoins, then the customer is able to examine the offer in more detail by clicking on the link ‘purchase’. Should the customer interested in the offer accept the sell offer, then the customer initially opens a separate window and selects the number of bitcoins they would like to purchase within the range offered by the potential seller.
  2. Provided the customer interested in the purchase is not pre-empted by another potential purchaser clicking on the button ‘purchase now’, then the customer may accept the sell offer by clicking on the button ‘purchase now’. By clicking on the button ‘purchase now’ the purchaser declares to ICB acting as the contractual intermediary of FIDOR and in so doing binding to FIDOR that they wish to accept the sell offer. ICB acts as recipient for the seller in respect of the notice of acceptance. A trade contract is concluded by the purchaser with the seller at the time of clicking the ‘purchase now’ button.
  3. The sell offer is removed from the marketplace at the time of clicking the ‘purchase now’ button so that the offer cannot be accepted by another customer.
  4. The seller is informed immediately by email of the acceptance of the offer and the conclusion of a trade contract by ICB.
  5. The purchaser receives a confirmation on conclusion of the trade contract on the screen immediately after concluding the trade contract. Furthermore the purchaser receives an email from ICB requesting the transfer of the amount owed to the seller. The purchaser is required to transfer the amount owed from their reference account to the reference account of the seller. The purchaser is to quote the trade ID generated by ICB as a reference. The trade ID as well as information on the method of payment and the accounts used are advised to the purchaser in the email mentioned in sentence 2 and on the details page of the purchase on www.intercoinbank.com.
  6. The purchaser is required to make the payment to the seller at the latest within the time limit designated in the schedule of time limits after acceptance of the sell offer (as described in para. 2) and to confirm that the payment to the seller is recorded on one of the internet pages advised by ICB (a detail page of the purchase only visible to the purchaser, seller and ICB).
  7. Should the purchaser not confirm that the amount owed has been transferred to the seller within the time limit designated in the schedule of time limits after acceptance of the sell offer (as described in para. 2) then the transaction is terminated for technical reasons in the marketplace. The bitcoins of the seller are once again made available and should the seller select this option on termination of the offer, then a new offer at the same conditions is automatically placed again in the marketplace. The obligation of the customer to complete a trade contract concluded in the marketplace remains unaffected by the late termination of the transaction.
  8. The seller is required to confirm receipt of payment to ICB. The confirmation is to take place within the time limit designated in the schedule of time limits after the purchaser has confirmed payment instructions to ICB.
  9. Should the seller not confirm or dispute the receipt of the payment then the purchaser may be required by ICB to transmit proof of payment in digital form e.g. by a screenshot of the account printout within 18 hours (using ‘upload’ on thewww.intercoinbank.com website, on the detail page of the respective trade contract). Should the purchaser not comply with this request in due time then the transaction is terminated for technical reasons in the marketplace. The bitcoins of the seller are once again made available.
  10. Should the purchaser send a digital proof of payment, then the seller is requested to confirm receipt of payment. The proof of payment by the purchaser can be transmitted to the seller together with the request. Should the seller not respond within 36 hours then the purchaser is required to send an account statement or other written confirmation from their bank by post to ICB showing that the transfer has been conducted within 5 bank working days (the date of the post office stamp is decisive). Should the seller dispute receipt of payment within 36 hours after transmission of the digital proof of payment by the purchaser and can proof this by providing the relevant account statement in digital form, then the purchaser may be required ICB to instruct their bank to conduct an audit inquiry in respect of the transfer within 5 bank working days. Should the purchaser not comply with the request for the transmission of an account statement or other written proof of payment or the request for an audit inquiry, then the transactions terminated for technical reasons in the marketplace should the seller in the meantime still not have confirmed receipt of payment. On termination of the transaction the bitcoins of the seller can once again be made available.
  11. Should the transaction be terminated pursuant to para. 7, para. 9 or para. 10 due to the purchaser not confirming or proving payment to the seller in due time, then a transfer of the bitcoins purchased to the purchaser by ICB is only possible when the purchaser and seller retrospectively agree that the purchaser has fulfilled the payment obligations and both parties agree to a transfer of the bitcoins purchased to the purchaser by ICB.
  12. Should the purchaser be able to prove by submitting an account statement or other written proof by the bank in the case of para. 10 sentence 2, or on the basis of the results of the audit inquiry in the case of para. 10 sentence 3 that the amount owed was transferred in due time to the account of the seller, then ICB is entitled to transfer the number of bitcoins owed to the purchaser. ICB reserves the right to conduct an authentication of the purchaser pursuant to § 11 before a transfer of the bitcoins. The customer expressly authorises ICB on registration to release the number of bitcoins owed to a purchaser in these circumstances.
  13. Neither FIDOR nor ICB are obliged to the seller to compensate for any damage occurring to the seller in the case of ICBreleasing bitcoins of the seller to the purchaser under the circumstances depicted in para. 12.
  14. Should bitcoins once again be made available to the seller then the efficacy of the trade contract remains unaffected. The seller has the choice of demanding completion of the trace contract or to withdraw from the contract in compliance with the legal regulations.
  15. Neither FIDOR nor ICB are obliged to the purchaser to compensate for any damage occurring to the purchaser should the purchaser not have confirmed or proven the transfer to the seller in due time and that ICB once again makes the bitcoins of the seller available pursuant to the conditions.

§ 16 Concluding and completion of contracts to purchase

  1. Should the customer find an interesting offer from another customer for the purchase of bitcoins, then the customer is able to examine the offer in more detail by clicking on the link ‘sell’. Should the customer interested in the offer accept the purchase offer, then the customer initially opens a separate window and selects the number of bitcoins they would like to sell within the range offered by the potential purchaser.
  2. Provided the customer interested in the purchase is not pre-empted by another potential purchaser clicking on the button ‘purchase now’, then the customer may accept the sell offer by clicking on the button ‘purchase now’. By clicking on the button ‘sell now’ the seller declares to ICB acting as the contractual intermediary of FIDOR and in so doing binding to FIDOR that they wish to accept the purchase offer. ICB acts as recipient for the purchaser in respect of the notice of acceptance. A trade contract is concluded by the seller with the purchaser at the time of clicking the ‘sell now’ button.
  3. The purchase offer is removed from the marketplace at the time of clicking the ‘sell now’ button so that the offer cannot be accepted by another customer.
  4. The seller receives a confirmation on conclusion of the trade contract on the screen immediately after concluding the trade contract.
  5. The purchaser is informed immediately by email of the acceptance of the offer and the conclusion of a trade contract by ICBFurthermore the purchaser receives an email from ICB requesting the transfer of the amount owed to the seller. The purchaser is required to use the agreed payment method for the transfer and to transfer the amount owed from their reference account to the reference account of the seller. The purchaser is to quote the trade ID generated by ICB as a reference. The trade ID as well as information on the method of payment and the accounts used are advised to the purchaser in the email mentioned in sentence 1 and on the details page of the purchase on www.intercoinbank.com.
  6. The purchaser is required to make the payment to the seller at the latest within the time limit designated in the schedule of time limits after dispatch of the email mentioned in para. 5 page 1 and to confirm that the payment to the seller is recorded on one of the internet pages advised by ICB (a detail page of the purchase only visible to the purchaser, seller and ICB).
  7. Should the purchaser not confirm that the amount owed has been transferred to the seller within the time limit designated in the schedule of time limits after dispatch of the email mentioned in para. 5 page 1 then the transaction is terminated for technical reasons in the marketplace. The bitcoins of the seller are once again made available. The obligation of the customer to complete a trade contract concluded in the marketplace remains unaffected by the late termination of the transaction.
  8. The seller is required to confirm receipt of payment to ICB. The confirmation is to take place within the time limit designated in the schedule of time limits after the purchaser has confirmed payment instructions to ICB.
  9. Should the seller not confirm or dispute the receipt of the payment then the purchaser may be required by ICB to transmit proof of payment in digital form e.g. by a screenshot of the account printout within 18 hours (using ‘upload’ on the www.intercoinbank.com website, on the detail page of the respective trade contract). Should the purchaser not comply with this request in due time then the transaction is terminated for technical reasons in the marketplace. The bitcoins of the seller are once again made available.
  10. Should the purchaser send a digital proof of payment, then the seller is requested to confirm receipt of payment. The proof of payment by the purchaser can be transmitted to the seller together with the request. Should the seller not respond within 36 hours then the purchaser is required to send an account statement or other written confirmation from their bank by post to ICB showing that the transfer has been conducted within 5 bank working days (the date of the post office stamp is decisive). Should the seller dispute receipt of payment within 36 hours after transmission of the digital proof of payment by the purchaser and can proof this by providing the relevant account statement in digital form, then the purchaser may be required ICB to instruct their bank to conduct an audit inquiry in respect of the transfer within 5 bank working days. Should the purchaser not comply with the request for the transmission of an account statement or other written proof of payment or the request for an audit inquiry, then the transactions terminated for technical reasons in the marketplace should the seller in the meantime still not have confirmed receipt of payment. On termination of the transaction the bitcoins of the seller can once again be made available.
  11. Should the transaction be terminated pursuant to para. 7, para. 9 or para. 10 due to the purchaser not confirming or proving payment to the seller in due time, then a transfer of the bitcoins purchased to the purchaser by ICB is only possible when the purchaser and seller retrospectively agree that the purchaser has fulfilled the payment obligations and both parties agree to a transfer of the bitcoins purchased to the purchaser by ICB.
  12. Should the purchaser be able to prove by submitting an account statement or other written proof by the bank in the case of para. 10 sentence 2, or on the basis of the results of the audit inquiry in the case of para. 10 sentence 3 that the amount owed was transferred in due time to the account of the seller, then ICB is entitled to transfer the number of bitcoins owed to the purchaser. ICB reserves the right to conduct an authentication of the purchaser pursuant to § 11 before a transfer of the bitcoins. The customer expressly authorises ICB on registration to release the number of bitcoins owed to a purchaser in these circumstances.
  13. Neither FIDOR nor ICB are obliged to the seller to compensate for any damage occurring to the seller in the case of ICB releasing bitcoins of the seller to the purchaser under the circumstances depicted in para 12.
  14. Should bitcoins once again be made available to the seller then the efficacy of the trade contract remains unaffected. The seller has the choice of demanding completion of the trace contract or to withdraw from the contract in compliance with the legal regulations.
  15. Neither FIDOR nor ICB are obliged to the purchaser to compensate for any damage occurring to the purchaser should the purchaser not have confirmed or proven the transfer to the seller in due time and that ICB once again makes the bitcoins of the seller available pursuant to the conditions.

VI. Customer evaluation system, trust level, block on payment after first purchase

§ 17 Evaluation of the customer by other customers and ICB

  1. In the interest of all customers in trouble-free and effective trading customers are evaluated by other customers and by ICB.
  2. The evaluation is completed by the contracting partners when a trade in bitcoins is concluded and implemented in the marketplace.

After the seller has received the payment from the purchaser, the seller is obliged to evaluate the purchaser on confirmation of receipt of payment. The seller can evaluate the purchaser as either positive, neutral or negative.

The purchaser can also evaluate the seller within two weeks of concluding the trade as either positive, neutral or negative. Should the purchaser not have undertaken an evaluation within this time period then the seller is automatically evaluated as positive ICB regarding the respective trade.

A negative evaluation by ICB occurs in respect of a bitcoin trade concluded and implemented in the marketplace only when a seller does not confirm receipt in spite of the payment having been completed successfully (§ 15 para. 9, § 16 para. 9 of the general business terms and conditions).

  1. 3. Should the procedure have been terminated after the conclusion of a trade contract (pursuant to § 15 para. 7, 9 or 10 or pursuant to § 16 para. 7, 9 or 10 of these general business terms and conditions), then the customer is evaluated exclusively by ICB. A customer who contrary to the general business terms and conditions does not transfer the amount owed receives a negative evaluation by ICB. A customer also receives a negative evaluation from ICB when contrary to the general business terms and conditions a payment received is not confirmed in due time.
  2. 4. The evaluation received by the customer is visible to ICB and to other customers.

§ 18 Trust Level – Block Period relating to the payment out of Bitcoins

  1. Depending on the number of successful evaluations, the volume of turnover of prior transactions and the proportion of positive evaluations every customer is assigned a ’trust level’ (gold, silver or bronze). Independently of the trust level such as whether the customer is authenticated pursuant to § 11 of these general business terms and conditions, customers are subject to various limitations relating to the payment of bitcoins out that may be conducted as well as the amount of bitcoins permitted to be purchased or sold per transaction. Details are available in the current version of the ‘Trust Level Criteria’ (available on www.intercoinbank.com).
  2. The first time purchase of bitcoins initiates the start of a security period where bitcoins purchased are not allowed to be paid out and the bank reference account may not be changed. A sale of bitcoins through the bank reference account is also possible during the security period. The duration of the security period is available from the current version of the Time Limit Schedule.

VII. Placement commission, costs, fees

§ 19 Placement commission

  1. A placement commission is due in the form of bitcoins when a trade contract is concluded. The amount of commission is contained in the current version of the Schedule of Prices and Services (available on www.intercoinbank.com. See also § 20 of these general business terms and conditions).
  2. The amount of commission depends on the number of bitcoins agreed between the purchaser and seller in the trade contract. The purchaser and seller each currently pay half of the commission. The purchaser transfers the purchase price less half of the commission to the seller (should the commission be 1 % of the bitcoins sold then the purchaser is only required to pay 99,5 % of the purchase price to the seller). ICB transfers to the purchaser the number of bitcoins agreed in the trade contract less the commission (should the commission be 1% of the bitcoins sold then the purchaser receives 99 % of the bitcoins purchased from Bitcoin ICB).
  3. ICB retains the commission on behalf of FIDOR. There is an internal agreement between FIDOR and ICB regulating how both parties are to be remunerated for their share of the services provided.

§ 20 Other Prices and Costs, Schedule of Prices and Services

  1. Should ICB be invoiced for fees from the Bitcoin network for a payment requested by the customer for bitcoins held in custody at ICB, then ICB may demand a refund of these fees from the customer.
  2. ICB reserves the right to demand a fee as remuneration for the provision of additional services provided by ICB at the express request of the customer (such as the safe custody of bitcoins in the online wallet, conclusion of insurance against loss of the bitcoins of the customer or the transmission of codes per SMS).
  3. The amount of all commission, fees, remuneration and expenditure is contained in the current version of the Schedule of Prices and Services(available on www.intercoinbank.com) . Changes to the Schedule of Prices and Services are possible pursuant to § 4 of these general business terms and conditions.

VIII. Data protection

§ 21 Data protection, Declaration of Consent by the Customer

  1. ICB collects, processes and uses personal data in the course of conducting its business relationship with the customer. This occurs for the sole purpose of conducting the business relationship with the customer. This information is stored and may be transferred to FIDOR. ICB observes the stipulations of the Federal Data Protection Law (BDSG), the Telemedia Law (TMG) as well as all other legal regulations applying to data protection.
  2. Messages sent by the customers during a transaction over the platform to other customers are automatically passed on to the beneficiary to their email address by the system and they are visible to both parties involved on the detail page of the purchase. The customer authorizes ICB to view the messages of the customers on the detail page in order to more efficiently assist with problems concerning the processing of the trade contract. Should such a message contain advertising or an invitation for fraud or to perpetrate other crimes or contact data pursuant to § 8 para 16 of these general business terms and conditions or should a customer infringe their contractual obligations to ICB (especially an infringement of these general business terms and conditions) in a message in such a way, then ICB is authorized to blank out the respective message.
  3. Should a customer allege to having claims against another customer in connection with the purchase or sale of bitcoins in the marketplace (such as claims in respect of the completion of a trade contract or claims for the repayment of payments made in cases where the contract is disputed or revoked or terminated), then ICB is to inform the other customer of the allegations and the value based on the messages transmitted between the customers and ICB and review the records of payment from the customers. Should ICBconsider the existence of the claims as probable, then ICB is entitled to inform the customer making the claim of the storable address of the other customer, enabling the dispute to be clarified in civil legal proceedings.
  4. ICBtransmits data to third parties (such as the operator of the bitcoincharts.com page) on the transactions concluded on www.intercoinbank.com for the public interest purposes and for the purpose of supporting a functioning price structure in the bitcoin market. Only information relating to the volume of the bitcoins purchased and the related purchase price agreed is transmitted. Personal data relating to customers (such as the place of residence of the purchaser or the seller) are not transmitted.
  5. Processing or other use of data by ICB or the transmission of data to third parties only takes place when ICB is in compliance with the Federal Data Protection Law (BDSG) or otherwise authorized by other laws or when obliged or when expressly regulated in these general business terms and conditions. Otherwise data is not transmitted without the express approval of the customer either to third parties or processed by ICBor used in any other manner.
  6. The customer expressly authorizes ICB to store, process, use and transmit to third parties the information referring to the cases mentioned in para 1, para 2 and para 3.
  7. The customer expressly authorizes ICBto continue to store, process and to use their data – until revocation – should ICBalso no longer act as the contractual intermediary for FIDOR.
  8. A customer has the right at any time after providing their consent to revoke the consent provided to ICB for compiling data or using data per email to ICB with future effect. The obligation of FIDOR and ICB in respect of the Money Laundering Act to store specific data beyond the end of a business relationship remains unaffected by a revocation of the customer.

IX. Liability of ICB

§ 22 Liability of ICB

  1. While ICB endeavours to ensure continual access to the website it is not possible however to guarantee constant availability of the website. This especially concerns cases of hacking attacks on the network infrastructure such as DDoS attacks that occur at varying degrees of intensity.
  2. Content placed on the website do not constitute any claim to completeness, correctness or of being the latest version. Use of the content is at your own risk.
  3. ICB assumes no liability of any kind for the obligations of customers towards other customers or third parties such as for the non-completion of contracts concluded in the marketplace.
  4. ICB is not liable for damage caused by the use of the services offered on www.intercoinbank.com or the content published there. This exemption from liability does not however apply in the case of premeditated or gross negligence by ICB or an agent. The exemption from liability does also not apply to damages arising from a loss of life, bodily injury or damage to health based on a breach of duty by ICBor an agent. Also unaffected is the liability of ICB for violations of obligations whose completion is essential for the due implementation of the contract allowing the customer to regularly rely on its adherence.

X. Termination

§ 23 Rights of termination by the customer towardsICB

  1. The customer is able to terminate the entire business relationship with ICB, provided no time period or divergent regulation regarding termination is agreed at any time without complying with a period of notice and provided all the bitcoin transactions of the customer on www.intercoinbank.com have been concluded.
  2. The customer is able to deactivate their account on www.intercoinbank.com at any time without providing reasons and thereby terminating the business relationship with ICB, provided all the bitcoin transactions of the customer on www.intercoinbank.com have been concluded.Termination is however not possible while there are still bitcoins of the customer in the online wallet. A customer wishing to deactivate their account although there are still bitcoins in their online wallet is allowed to irrevocably transfer the bitcoins to ICB. Deactivation of the account also requires that all of the offers placed by the customer to purchase or sell bitcoins be removed.
  3. The legal rights of the customer to termination remain unaffected.

§ 24 Rights of termination by ICB towards the customer

  1. ICB may terminate the business relationship with the customer at any time in compliance with an appropriate period of notice that takes into account the justifiable needs of the customer. ICB is not permitted to reduce the notice period below two weeks.
  2. ICB may make specific use of its right of termination should a customer object to changes in the general business terms and conditions provided by ICB or other conditions pursuant to § 4 para 3 of these general business terms and conditions. Should there be a reason for termination as listed in sentence 1 then ICB reserves the right to shorten the notice period on termination below the two week period mentioned in para 1 sentence 2, taking into account the justifiable needs of the customer.
  3. ICB may terminate the business relationship without complying with a period of notice should there be good cause for assuming that a continuation of the business relationship is unacceptable even after taking into account the justifiable needs of the customer. A good cause is especially evident should there be repeated infringements of these general business terms and conditions. A good cause may also be evident should there be an unprecedented serious infringement of these general business terms and conditions such as deception or willful deception of FIDOR, ICBG or another customer by intentionally providing incorrect details of a customer. A good cause may also be evident should a customer revoke their consent provided to ICB for compiling data or use of data, as ICB is no longer able to provide the services without storage and use of the customer data.
  4. A termination pursuant to para 1 or para 2 takes place by email to the email address provided by the customer.

XI. Final Provisions

§ 25 Applicable law, legal jurisdiction

  1. The contractual relationship between the customer and ICBis governed by German law with exclusion of the UN Convention on Purchasing Law.
  2. The general legal jurisdiction of ICB is designated by the business location (Herford). Should the purchaser conduct a business or conduct comparable commercial activities abroad and the business relationship is designated as a trading company then ICB may initiate legal proceedings against the customer at the court of general jurisdiction ofICB or at another court having jurisdiction. ICBmay itself be subject to legal proceedings from those customers named in sentence 2 only at the court of general jurisdiction.

§ 26 Severability Clause

Should a stipulation of these general conditions be wholly or partially ineffective then the efficacy of the remaining conditions are unaffected. The same applies should there prove to be gaps in this agreement. The parties are to replace the gaps or ineffective or void stipulation in these cases by a regulation that corresponds to the commercial purpose of the agreement and comes closest to the intentions of the parties.

§ 27 Written form requirement for changes or amendments

Changes and amendments to this agreement are required in writing to be valid. This also applies for the written form requirement itself.

As per: 7th August 2013

General terms and conditions of Fidor Bank AG regarding the offer of brokering Bitcoins on the platform www.intercoinbank.com

1 Scope of application

1.1 These terms and conditions shall be applicable to the entire business relationship between the customer and Fidor Bank AG, Munich, (hereinafter referred to as Fidor Bank) with regard to the brokering of Bitcoins on the platform www.intercoinbank.com.

ICB, Herford, (hereinafter referred to as Bitcoin Deutschland), shall be solely and exclusive responsible for operating the platform and the websitewww.intercoinbank.com, as well as for all the content presented there. ICB provides Bitcoins to end-customers as contractual intermediary (tied agent) of Fidor Bank.

The customers are advised to read all the information provided on the website of ICB regarding the concept and functioning of the offered Bitcoins, in particular the additional terms and conditions including the risk disclosure, as well as gather any other supplementary information related to Bitcoin trading.

1.2 All transaction data is automatically saved in the online archive for the statutory period of retention. Upon expiry of the statutory period of retention, Fidor Bank shall delete the data stored in the online archive without further notice to the customers.

1.3 Changes or amendments to these terms and conditions shall be communicated by ICB to the customer at the email address provided by the customer. The amendments can be saved or printed in readable form by the customer. These changes or amendments shall be deemed approved by the customer if he/she does not raise objection or convey disagreement via email. Bitcoin Deutschland, on behalf of Fidor Bank, shall specifically inform the customer of this consequence at the time of notification of the changes or amendments. The customer shall be required to inform the Bank of any objections or disagreements within four weeks after notification of the changes or amendments. Otherwise, all changes and amendments shall be considered as accepted by the customer.

1.4 The appropriate up-to-date version of the “General Terms and Conditions and Special Conditions of Fidor Bank AG”, as well as the current schedule of prices and premiums, all of which are available on the Fidor Bank website, shall apply to the relationship between customers holding an account in Fidor Bank and Fidor Bank.

2. Prerequisites for participating in Bitcoin trading

2.1 Participation in Bitcoin trading is restricted to the category of persons specified under §7 of the general terms and conditions of ICB.

2.2 The customer acknowledges and accepts that Fidor Bank may ask the customer to furnish further proof of his/her identity according to the law and based on internal guidelines and policies for preventing money laundering. This includes, among others, authentication through the identity verification process at Deutsche Post branch offices (Post-Ident Verfahren) or a comparable process in other countries. Should the customer not comply with the aforementioned obligation to cooperate or fail to fulfill the other prerequisites, Fidor Bank shall be entitled to exclude the customer from trading Bitcoins at its sole discretion.

3. Risk disclosure, no investment advice, no “best execution” policy

3.1 The customer acknowledges and accepts that Bitcoin trading is among the risk-involving trading forms on the financial market and is suitable only for experienced and savvy investors.

3.2 The customer acknowledges and accepts that he/she shall use the platform www.intercoinbank.com.de at his/her own risk and that Fidor Bank does not provide any consultation or advisory services related to the customer’s participation via the platform www.intercoinbank.com and the purchase of Bitcoins. Information provided on the internet or by any other means in connection with the platform www.intercoinbank.com does not constitute personal recommendation or advice to the customer. Rather, it involves legally binding information or risk disclosure by Bitcoin Deutschland. In this regard, the responsibility in terms of content lies solely with the operator of the ICB platform.

3.3 The customer acknowledges and accepts that all prices/exchange rates provided on the platform www.intercoinbank.com need not correspond to the prices/exchange rates otherwise available in the market, particularly in the individual reference markets consulted for Bitcoins. Therefore, the customer acknowledges and accepts that the order placed by him/her on the platform www.intercoinbank.com can be processed exclusively via Bitcoin Deutschland. The customer expressly acknowledges and accepts that, in the context of the business relationship, Fidor Bank shall not be subject to the principles of “best execution” of customer orders. The customer is aware that in accordance with the above provision Fidor Bank is NOT involved in the processing of orders. In addition, the customer explicitly accepts that Fidor Bank DOES NOT and CANNOT process a customer order for Bitcoins in a regulated market or a multi-lateral trading system.

3.4 The customer is aware that he/she shall bear the risk of order settlement; insofar as ICB organises the settlement of transactions, it shall act as an independent service provider for the customer. Fidor Bank shall, therefore, assume no liability towards order settlement in accordance with §4.

4. Order placement

Bitcoins shall be offered by the contractual intermediary (tied agent) Bitcoin Deutschland. The order placement shall be determined by the “General Terms and Conditions of ICB”, which have been provided by ICB on the platform www.intercoinbank.com. In accordance with the general terms and conditions of ICB, the responsibility of Fidor Bank shall relate to the brokering of Bitcoins between the seller and the buyer (investment brokerage). The responsibility of Fidor Bank shall end with the conclusion of a purchase agreement regarding Bitcoins between the buyer and the seller and shall not include the settlement of this transaction (post trade), in particular the delivery of Bitcoins and payment settlement, with the exception of the scenario mentioned under §8. Accordingly, Fidor Bank shall also assume no liability for the deposits held in trust by ICB for its customers.

5. Prices and costs

Fees, brokerage, remunerations and expenses related to Bitcoin trading are published in the up-to-date schedule of prices and services of ICB (available on the platform www.intercoinbank.com). The customer explicitly accepts that he/she has been provided with the schedule of prices and services as well as any changes to the schedule of prices and services on the internet on www.intercoinbank.com.

6. “Online wallets” not included in deposit protection scheme of Fidor Bank

To avoid misunderstanding or doubt, we would like to clarify explicitly that the Bitcoin deposits managed by ICB for its customers shall not be covered by the deposit protection schemes of the German banks. The provisions of the “General Terms and Conditions of ICBAG” shall exclusively apply to these deposits, including the deposits offered for sale on the platform www.intercoinbank.com.

7. Liability provisions

7.1 The liability of Fidor Bank vis-à-vis the trading of Bitcoins shall be limited to intent and gross negligence; in the event of breach of important contractual obligations, Fidor Bank shall assume liability also for minor negligence.

7.1.1 Insofar as Fidor Bank assumes liability for minor negligence, the liability shall be limited to damages that are foreseeable and typical for this type of contract.

7.1.2 Fidor Bank shall not assume liability for damages due to circumstances for which Fidor Bank is not responsible. Fidor Bank shall expressly disclaim any liability for activities, offers, services and other products outside the purview of investment brokerage of Bitcoins. This shall be applicable particularly to the offer of so-called “online wallet” for the safe custody of Bitcoins or the deposit of Bitcoins in trust associated with the settlement of purchase agreements through delivery and/or transfer of Bitcoins or with the handling of payments,with the exception of the scenario presented under §8. ICB shall be solely and exclusively responsible for these and other activities, offers, services and products that are offered outside the scope of investment brokerage of Bitcoins on the ICB platform.

7.1.3 Fidor Bank shall not assume liability for damages attributable to force majeure, riots or political unrest, war, terrorism or natural disasters, adverse market conditions or failure or malfunction of computer equipment or technical systems, on which Fidor Bank has no influence.

7.1.4 Fidor Bank shall assume no liability whatsoever for the correctness and/or completeness of the price data for Bitcoins provided by the market data providers.

7.2 The rights of the customer vis-à-vis Fidor Bank may not be assigned or pledged. Fidor Bank shall be authorised to assign or pledge its rights vis-à-vis the customer (including its rights to deposits and open transactions).

7.3 Force majeure is defined as follows: partial strikes or general strikes of company-internal or -external nature, lockouts, attack of any origin whatsoever, earthquake, fire, storm, flood, cloudburst, statutory or regulatory actions restricting trade, a defective or non-functioning telecommunications network, and all cases preventing normal performance of the contract, regardless of the will of both parties.

8 Payment guarantee associated with the option “quick processing” (“purchase now” and “sell now” function)

With the proviso that both the potential purchaser and the potential seller have an account with Fidor Bank, which they use as reference bank account for the Bitcoin trade on the platform www.intercoinbank.comand which they have also selected as the payment account for the concerned purchase or sale, as well as with the following additional provisos:

– that the purchaser and the seller have consented to the additional agreement on “quick processing” with ICB,

– that in the event of a sale offer the seller has selected an option which enables or requires the purchaser to carry out “quick processing”,

– that in the event of a purchase offer the purchaser has activated the “quick processing” functionality,

– that there is an effective agreement and understanding on the sale and transfer of the Bitcoins,

– that the purchaser has reserved an appropriate amount at least to the tune of the agreed purchase price in its account in Fidor Bank,

– that the seller has submitted the Bitcoins required for the sale to ICB,

Fidor Bank guarantees the seller that it shall issue the agreed purchase price from the purchaser’s account in Fidor Bank and remit the payment amount due to the seller to its bank account in Fidor Bank. In case the seller has a reference account in a bank other than Fidor Bank, a receipt of payment in accordance with the additional conditions (§9 para 3) cannot be guaranteed.

To avoid misunderstanding or doubt, we would like to clarify explicitly that within the context of this option Fidor Bank shall continue to disclaim any liability for the customer deposits held in trust by ICB or for the delivery of the Bitcoins sold to the purchaser.

9. Data privacy

Fidor Bank collects, processes and uses personal data within the context of the business relationship with its customers. This is done for the sole purpose of maintaining the business relationship with the customers. This is subject to the stipulations of the Federal Data Protection Law (BDSG) in particular. The customer, hereby, explicitly authorises Fidor Bank to store, process, use and forward this information to third parties (as mentioned above, for the sole purpose of maintaining the business relationship with the customers). The customer has taken due note that he/she can obtain this information and exercise his/her right of objection at any time. The communication shall take place via email to Fidor Bank.

10. No right of revocation with regard to the sale of Bitcoins

As the price of Bitcoins offered by Fidor Bank is subject to fluctuations in the financial market, on which Fidor Bank has no influence, the customer shall not be entitled to the right of revocation with respect to the conclusion of business transactions via Fidor Bank.

11. Other provisions

11.1 Should any provision of these terms and conditions be wholly or partially invalid, then the validity of the remaining provisions shall remain unaffected. The same shall apply in case there is a gap or loophole in this agreement. The parties shall undertake to replace the loophole or the invalid or void provision in this case with another clause, which appropriately meets the business purpose of the agreement and which comes as close as possible to the intended business purpose of the original provision.

11.2 The contractual relationship between the customer and Fidor Bank shall be governed by the German law, with exclusion of the United Nations Convention on Contracts for the International Sale of Goods [CISG].

11.3 The place of legal jurisdiction shall be Munich, insofar as another place of jurisdiction does not become mandatory due to statutory provisions.

11.4 Changes and additions to this agreement shall have to be made in writing in order to be effective, subject to the previous regulation regarding the written form. This shall also apply to the requirement of the written form itself.

 

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