Terms and Conditions

1. Scope of the General Terms and Conditions

1.1 General

These General Terms and Conditions ("T&Cs") govern the entire business relationship between FIOR Digital GmbH, based in 5020 Salzburg ("FIOR"), and its Clients. The business relationship encompasses all individual business relationships between the Client and FIOR, i.e., both contracts for repeated or ongoing services with a fixed or indefinite term and contracts that the Client occasionally concludes with FIOR for individual transactions.

1.2 Competent authority

FIOR is a crypto-asset service provider in accordance with Article 60 of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets ("MiCAR"). The national competent authority responsible for supervising FIOR is the Austrian Financial Market Authority ("FMA").

1.3 Commercial name

FIOR offers its products and services via the 21bitcoin app and the associated systems ("platform", "21bitcoin app").

1.4 Definitions

In these T&Cs, defined terms have the following meanings:

2 Risks and important information for Clients

The use of the services offered by FIOR involves risks that, in the worst case, can lead to the total loss of investments. These risks are beyond FIOR's control, and FIOR accepts no liability for them. These risks include, but are not limited to, the following:

2.1 Risk of impairment, liquidity and extreme volatility

The value of the cryptocurrency Bitcoin ("BTC") is determined by the current market price and may therefore be subject to extreme volatility and/or lose value, up to and including a complete loss of value. Past performance is no guarantee of future results. This type of investment is only suitable for Clients who can afford to lose their entire invested capital and should not be considered a source of income. Each Client must carefully consider whether FIOR's products are consistent with their risk tolerance, investment objectives, financial and tax situation, personal and legal circumstances, and other relevant considerations.

2.2 No advice on crypto-assets or crypto-asset services

The fact that FIOR provides the Client with BTC or a service does not constitute a recommendation to enter into a specific transaction, nor is it a guarantee that a product described on the website is suitable or appropriate for the Client. FIOR does not make any recommendations regarding crypto-assets or crypto-asset services. Each Client is responsible for deciding whether to enter into a transaction. A transaction should only be entered into if the Client has fully understood all the risks and has independently determined that such a product is suitable for them. The risk disclosures in these T&Cs do not constitute a comprehensive disclosure of all risks. None of the information contained herein should be construed as any kind of advice, in particular, this information does not constitute financial, investment, trading, legal, tax or accounting advice.

2.3 Risk of technical vulnerabilities

BTC and the technology for storing, managing, transferring or exchanging BTC are still in an early stage of development and cannot be controlled or influenced by FIOR. There is an inherent risk of vulnerabilities, security breaches or errors. These could, for example, lead to the complete loss of BTC, even if the software used by FIOR and the systems controlled by FIOR are functioning correctly.

2.4 Risk of incomplete transaction processing

FIOR uses so-called "nodes" on the blockchain, which check each block for transactions. As soon as a transaction is detected, it is entered into the FIOR system so that the Client concerned either receives a credit note or the amount of BTC held by them is reduced. It is possible that a node may not record a transaction and therefore not submit it to the FIOR system. In this case, the databases in the FIOR system will not be updated accordingly. The Client bears this risk.

2.5 Regulatory and legal risks

BTC is not legal tender and cannot be compared to fiat money, securities or other regulated financial products. BTC is not issued by any central authority, so there is no liable person or institution available for any defects.
Legal or regulatory changes could have a significant impact on the current structure of the platform, which could lead to significant changes in the crypto-asset services provided by FIOR (or the characteristics of the crypto-asset BTC).

2.6 Risk of weakening the benefits of multi-factor authentication (MFA)

FIOR strongly recommends the use of MFA. However, it should be noted that the security advantage of MFA is effectively negated if both factors are accessible with the same login credentials.

2.7 Risk of weak and lost login credentials

The password chosen when creating an account (including subsequent changes) could be vulnerable to attack, even if it is unique and known only to the Client. The risk is greater if the password is weak (in length and/or complexity) and/or contains personal details (e.g., the Client's name, date of birth or place of residence) or words that appear in a dictionary. Although stronger passwords are statistically less likely to be successfully obtained by attackers, no password is completely secure.

2.8 Risk of phishing and/or spoofing

SMS and email services are vulnerable to spoofing and phishing attacks. If you are unsure about the authenticity of a message or notification, you should always log in to your Client account to check transactions or necessary actions.

2.9 Risk of IT attacks

IT systems may be subject to attacks or hacks that compromise the integrity or availability of the systems. Crypto-assets and private keys may be vulnerable to attacks, including but not limited to double-spend attacks, majority mining power attacks, selfish mining attacks, race condition attacks, or other mining or non-mining attacks that are beyond FIOR's control.

2.10 Risks from soft and hard forks

The protocol underlying BTC may be subject to forks that change the underlying blockchain protocol rules. These forks can significantly alter the value, function or name of the crypto-asset. FIOR does not support forks of BTC. For more information, please refer to section 19 of these T&Cs.

2.11 Tax risks

The purchase, sale, exchange, holding and/or transfer of BTC may have tax consequences for the Client.

3 Client restrictions

3.1 Annahme als Kunde

FIOR does not enter into any legal transactions with the following persons, does not accept them as Clients, and none of these persons are entitled to register a Client account or use the platform:
‍
3.1.1 Persons who are either younger than 18 years of age or have not yet reached the legal minimum age (if higher) to become a Client and/or use the platform in accordance with the laws applicable to them;
‍
3.1.2 Persons who do not have full legal capacity;

3.1.3 Persons who are resident in the United States of America or a country subject to economic sanctions by the United Nations, the European Union, the United States of America or the United Kingdom, or who are citizens of such a country; or

3.1.4 Persons whose Client account has been terminated for cause at an earlier date.

3.2 Right of exclusion

FIOR reserves the right, at its sole discretion, to exclude any person or jurisdiction from using its services at any time.

4 Registration and verification

4.1 Registration

In order to use the platform and the associated services, interested persons must create a user account ("Client account"). In the course of creation, interested persons must disclose their personal data and provide further information (the query includes name, email, mobile phone number, address, citizenship, date of birth, tax identification number, tax residency, source of funds, etc.).

4.2 Verification

In order to use FIOR's services, the Client must prove their identity and disclose the source of their funds.

4.3 Establishment of the business relationship

A person who has successfully completed this process and made an initial deposit is referred to as a "Client".

4.4 Contract duration

The contract between FIOR and the Client is concluded for an indefinite period.

4.5 Licence to use

In accordance with and subject to compliance with all provisions applicable to the Client, FIOR grants the Client a free, limited, revocable, non-exclusive, non-transferable and non-sublicensable right to access and use the platform.

5 Client account, acting in one's own name

5.1 Trading in own name

The Client shall trade exclusively in its own name and on its own account. The Client may only use their Client account for themselves and may not act as an agent, broker or trustee for any other person (including co-ownership or shared beneficial ownership/power of disposal of the Client account or the BTC or fiat money ("assets") assigned to the account or grant a third party access (in any form whatsoever) to their Client account (e.g., by passing on password details or remote access software). 

5.2 Prohibition of duplicate Client accounts

The platform allows only one Client account per Client. If another Client account is opened in addition to the first Client account, the following applies: FIOR is entitled to block one of the Client accounts and keep it locked. BTC or fiat money deposited in the closed Client account will be transferred to the other Client account, provided that the Client can prove (e.g., via the identification service used by FIOR) that they are both the creator and the owner of the first Client account and the second Client account. 

5.3 Prohibition of joint accounts

Joint accounts are not permitted on the platform. 

5.4 No transfer of accounts

The Client is not entitled to transfer their Client account to another person, either by sale, gift or in any other way.

5.5 No transfer of rights

The Client may not assign or transfer any rights arising from the T&Cs or relating to the assets deposited on the platform to third parties without the prior express consent of FIOR. Exceptions to this are a) monetary claims of the Client against FIOR, b) claims of the Client, provided that FIOR has no legitimate interests in prohibiting assignment, or c) cases in which the legitimate interests of the Client in the transfer outweigh the legitimate interests of FIOR.

5.6 Enforcement of a Client's assets

If a Client's assets are seized or enforced, FIOR may be compelled, in accordance with the instructions of the court, the administrator or the authorised person, to dispose of the Client's assets and/or restrict access to the Client's account.

6 Ordinary termination

6.1 Client's termination rights

The Client may terminate the business relationship with FIOR at any time with two weeks' notice. The Client's right to terminate free of charge due to a change in the T&Cs remains unaffected. In addition, FIOR may, at its own discretion, accept ordinary termination even without observing a notice period (e.g. if all BTC are withdrawn and the Client account is deleted by the Client). 

6.2 FIOR's right of termination

FIOR may terminate the business relationship with the Client at any time with two months' notice. Notice of termination must be given to the Client in paper form or on another durable medium. 

7 Extraordinary termination / blocking and suspension of transactions

7.1 Termination for good cause

FIOR or the Client may terminate the entire business relationship or individual parts thereof at any time without observing a notice period.

7.2 Verification of the existence of a reason

If the existence of one of the reasons listed in this point is suspected, FIOR shall carry out an objective and factual examination to determine whether the suspicions are justified. In the meantime, the Client account or one of its functions may be temporarily or permanently blocked, frozen or suspended. If the suspicion proves to be justified, FIOR is entitled to terminate the business relationship with the Client with immediate effect and to close the Client account.

7.3 Reasons

FIOR is entitled to terminate the business relationship with immediate effect if there are reasons that make it unreasonable to continue the business relationship. These reasons include, but are not limited to, the following:
‍
7.3.1 The Client is or has been convicted or charged with a violation of criminal, administrative or tax laws (including appropriately documented media reports or market rumours).

7.3.2 Official investigations (by a competent authority, in particular public prosecutors or financial or tax authorities) have been initiated or threatened against the Client for a violation of relevant criminal, administrative or tax laws.

7.3.3 FIOR undertakes to do so in order to comply with (i) applicable laws or regulations (in particular those relating to anti-money laundering and counter-terrorist financing), (ii) internal policies based on such laws or regulations, (iii) orders or requests from a court or other authority, or (iv) applicable sanctions lists.

7.3.4 A Client has breached one of its obligations under the T&Cs that is not otherwise mentioned in this section and has not remedied this breach within 10 working days of notification by FIOR.

7.3.5 A Client harasses or behaves in an obscene, offensive or abusive manner towards an employee, representative or affiliate of FIOR.

7.3.6 A Client uses a Client account without being legally entitled to use such a Client account.

7.3.7 A Client conceals their correct identity or the origin of funds by providing FIOR or a banking partner with false, incomplete, outdated or misleading information.

7.3.8 A Client manipulates the platform. Such manipulation includes, in particular, the use of an automated system (e.g., a bot) or any other tool or method that deviates from the normal and typical trading behaviour of retail investors and indicates the use of specific technology, software and/or a system for automating trading.

7.3.9 A Client uses the platform in a manner that results in debit or credit card chargebacks.

7.3.10 A Client conducts transactions or uses the platform in such a way that FIOR suffers damage, disadvantage or loss and/or a service is impaired.

7.3.11 A Client loses full legal capacity. The Client account and all transactions may be suspended until it is clarified who is entitled to dispose of the assets in accordance with applicable law.

7.3.12 A Client dies. Upon receipt of notification of a death, the Client account in question will be blocked immediately and will be subject to increased due diligence requirements from that point onwards. Verification of the death shall be provided by presenting a death certificate, an official notification or by a person appointed by an authority (e.g. a court commissioner).
Dispositions are only possible on the basis of a decision by the probate court, a decision on the transfer of ownership or a European Certificate of Succession.

7.4 Notification of extraordinary termination

In the event of extraordinary termination by FIOR, the Client will be notified of such termination by email, unless such notification would be unlawful. FIOR is not obliged to disclose to the Client any findings or information obtained in the course of FIOR's security and risk management procedures.

8 Temporary measures

8.1 Service restrictions

FIOR may block the provision of certain services to the Client (e.g. block, freeze or suspend the Client account, restrict or not execute transactions and transfer services, etc.) if
‍
8.1.1 the data in the Client profile is incomplete, out of date or unverified;

8.1.2 FIOR requests additional information due to enhanced due diligence requirements to prevent money laundering and terrorist financing;

8.1.3 the Client does not provide the additional information requested by FIOR within the set deadline; or

8.1.4 this is necessary for compelling legal reasons.

8.2 Cancellation/reversal

FIOR is entitled to reverse or cancel a transaction that has already been processed if, after completion of the transaction, a circumstance as described in Section 8.1 becomes known or a reason specified therein necessitates the reversal or cancellation.

8.3 Lifting of suspension

In the event that the Client account is blocked or access is suspended, FIOR will lift the block or freeze or execute the transaction as soon as the reasons mentioned no longer apply. However, FIOR is not obliged to allow the Client to carry out a transaction on the same terms as the suspended, reversed or cancelled transaction.

8.4 Processing fee

If a transaction cannot be executed or must be reversed for reasons solely attributable to the Client, FIOR shall be entitled to retain a processing fee of 5% of the amount transacted (up to a maximum of EUR 200) and a minimum amount of EUR 50 if the Client is at fault and to the extent that these compensation fees are necessary to cover FIOR's reasonable costs for processing the alleged defect. The Client is entitled to prove that no damage has been incurred and that therefore no or lower processing costs are to be charged.

9 Deduction, sale and judicial deposit of assets

9.1 Withdrawal of assets

After termination of the business relationship, all assets must be withdrawn by the end of the notice period at the latest. If the business relationship is terminated with immediate effect, the BTC must be sold immediately or transferred via a BTC withdrawal, unless these cannot be withdrawn due to applicable regulations (e.g. compliance with sanctions, court orders, etc.). The Client will be informed of this by email. Any withdrawal is subject to the prior full settlement of all outstanding claims.

9.2 Sale and judicial deposit

If there are still assets in the Client account after the expiry of the notice period, FIOR will request the Client to withdraw them within two months of the end of the notice period. After the expiry of the transition period and after prior written notification to the Client, FIOR may:

9.2.1 sell the remaining BTC on the platform at the prevailing market price and credit the proceeds of the sale (after deduction of all fees incurred in connection with the sale) to the Client account;

9.2.2 transfer the proceeds of the sale and/or existing fiat money to the Client's deposited bank account; and/or

9.2.3 deposit the remaining assets with the court at the Client's expense. The Client will be informed of such a deposit.
‍

9.3 Fee

FIOR may charge a processing fee of 5% of the fiat money held in custody, but not exceeding EUR 50 per month, if there are assets in your Client account within three months of the termination date.
The balance of the Client account cannot become negative. If the processing fee would result in less than EUR 0 remaining in the Client account, only the remaining amount of fiat money will be deducted.

10 Access and authentication

10.1 Access control and Client authentication

Clients can only use FIOR's services via their Client account on the platform after prior Client authentication.

10.2 Multi-factor authentication

As a preventive security measure, FIOR recommends that every Client use multi-factor authentication ("MFA") on the platform. This is done via a biometric authentication process, e.g., via Face ID or Touch ID or a TOTP.

10.3 No disclosure of passwords

The Client may not disclose their password to third parties.

10.4 Password

In the event of password theft, the Client shall inform FIOR immediately after becoming aware of this and follow FIOR's instructions.

10.5 Deposit and withdrawal limits

There are deposit and withdrawal limits for fiat money, which can be found here: https://21bitcoin.app/en/fees.

11 Obligations of the Client to act and cooperate

The Client must:

11.1 Reporting of defects

immediately report any defects or other problems with the platform or related transactions that the Client has either caused or is aware of, and assist FIOR in resolving the problem in accordance with FIOR's instructions and to the extent possible;

11.2 Update of personal data

immediately update their personal data (name, postal address, main residence, nationality, tax residency or email address) via the platform or notify FIOR by email at support@fior.digital whenever there is a change. The same applies if the Client notices that, for whatever reason, the personal data displayed on the platform does not match the documents and information they have provided to FIOR (e.g., different spellings of their name in their passport and on the platform). As long as the Client does not provide FIOR with a new email address or postal address, FIOR will continue to communicate with the Client at the previous email address or postal address. Statements sent to the previous address shall be deemed to have been received by the Client if FIOR was neither (i) aware of a change in the email address or postal address nor (ii) unaware of such a change due to gross negligence on the part of FIOR;

11.3 Password protection

take all reasonable precautions to protect the password from unauthorised access;

11.4 Provision of source of funds

provide FIOR with all necessary data and/or information serving as proof of the origin of funds (e.g., bank statements or other information from banks or financial institutions, purchase agreements or general contracts or other suitable data) that FIOR requires in order to provide services to the Client and whose provision is reasonable for the Client. The documents and data provided by the Client are subject to review by FIOR. FIOR will review the documents as soon as possible; and

11.5 Report of restriction of legal capacity

inform FIOR immediately of the loss or restriction of his legal capacity, insofar as this is possible and reasonable.

The Client may not:

11.6 Violation of laws and regulations

use the platform in a manner that violates applicable laws or regulations;

11.7 Misuse of the platform

use the platform in a manner that causes damage to FIOR or another Client; or

11.8 Upload of prohibited content

upload content to the platform that could be considered offensive, defamatory, threatening or otherwise harmful to others, or upload or transmit viruses or other types of malicious code.

12 Fiat transactions

12.1 Storage of fiat money

FIOR does not operate bank accounts, payment accounts or similar for Clients. However, Clients may hold amounts of legal tender ("fiat money") that they wish to use on the platform with a licensed cooperating third party ("credit institution"). The Client's fiat money is recorded in the off-chain database (as defined in section [13.1.6]) and can be viewed in the 21bitcoin app.

12.2 Requirement for a single payment service provider account

Each payment service provider account (e.g., a bank account) may only be linked to a single Client account and thus to a single Client.

12.3 Matching names

The name of the payment service provider account holder must match the name of the Client associated with the respective Client account.

12.4 Topping up the Client account

The Client's fiat money balance on the platform increases either by (i) depositing legal tender into their Client account with the cooperating third party or (ii) receiving proceeds for transactions (e.g. sales) on the platform.

13 Custody and administration of BTC / Custody agreement

13.1 Custody and administration services / Custody strategy

13.1.1 Custody services: FIOR, together with third-party partners, offers custody and administration services for crypto-assets for Clients ("custody and administration services").

13.1.2 Cold wallet sub-custody: The private cryptographic keys ("private keys") of the BTC held by FIOR on behalf of the Client are held exclusively by FIOR in relation to hot wallets (see 13.1.11.1). The technical storage of private keys in relation to cold wallets (see 13.1.11.2) is carried out by a third-party partner who is a sub-custodian for FIOR ("sub-custodian").

13.1.2.1 The sub-custodian is BitGo Europe GmbH, a MiCAR-licensed crypto-asset service provider based in Germany with its business address at 13-19, Neue Rothofstraße, 603131 Frankfurt am Main, Germany, registered in the license database of the German Federal Financial Supervisory Authority under 50095544.

13.1.2.2 The Client's sole contractual partner is FIOR. The sub-custodian is a vicarious agent of FIOR.

13.1.2.3 The Client hereby explicitly agrees to the partial custody of BTC by the sub-custodian.

13.1.2.4 FIOR shall inform Clients within a reasonable period of time should there be any changes regarding the sub-custodian. Changes may require Clients to re-agree to the T&Cs.

13.1.3 Client's power of disposal: The Client has no self-administration over the BTC held in custody and only FIOR or the sub-custodian has the corresponding private keys. FIOR manages the Client's BTC in accordance with their instructions. However, the Client can exercise power of disposal over the BTC held in custody via FIOR. The BTC held in custody by FIOR on behalf of the Client can be used on the platform or transferred to external wallets.

13.1.4 No discretion on the part of FIOR: FIOR provides custody and administration services only on the express instructions of its Clients.

13.1.5 No use of Clients' BTC held in custody: FIOR does not use Clients' BTC for its own account or for purposes other than those exclusively originating from the Clients.

13.1.6 Internal off-chain database: FIOR holds the BTC of several or all Clients in shared on-chain omnibus wallets. However, FIOR is still able to allocate the BTC to individual Clients at any time via an internal off-chain database ("Off-Chain Database"). The Off-Chain Database is an automated database system that records the current individual BTC held in omnibus wallets. The Off-Chain Database is connected to and integrated with FIOR's platform and underlying on-chain wallet infrastructure. All movements and transactions via the services on the platform are automatically and simultaneously displayed in the internal Off-Chain Database and recorded as changes in the positions of individual Clients.

13.1.7 Segregation: FIOR's BTC and Clients' BTC are strictly segregated and held in different on-chain wallets.

13.1.8 Display format: All BTC and monetary amounts recorded in the internal off-chain database in favour of the Client are displayed uniformly in the Client wallet on the platform. This display method is for informational purposes only and has no effect on the various underlying legal concepts defined and set out in these T&Cs.

13.1.9 Balance statement: At least once every three months and at the Client's request, FIOR shall provide the Client with an electronic statement of the BTC held in their name. This statement shall list the current amount of BTC, its current value (in a selected official currency) and the transfers of BTC made during the relevant period (including deposits, withdrawals and transactions on the platform).

13.1.10 Custodial Assets: Custodial assets consist of all BTC credited to the Client's account as a direct result of:

- a successful purchase of BTC processed via the platform; or
- a transfer of BTC to the platform, provided that all necessary evidence has been provided.

For clarification: All other BTC that, for whatever reason, are credited to the Client account (e.g., due to incorrect allocation to a Client account in the off-chain database) do not constitute Custodial Assets.

13.1.11 Wallets: The Client's crypto-assets are stored in a combination of hot and cold wallets to ensure protection and liquidity:

13.1.11.1 Hot wallets. Hot wallets are used for deposits and withdrawals. The hot wallet is separate from the cold wallet described below. Once the hot wallet reaches a certain threshold of BTC, BTC is automatically deposited into the cold wallet.

13.1.11.2 Cold wallets. Cold wallets are wallets for large amounts of BTC and are often referred to as "offline wallets". Cold wallets have restrictive access management mechanisms.

13.2 Return of crypto-assets

The Client may request the return of the BTC held on the platform for the Client at any time, and FIOR will execute the crypto withdrawal immediately, except in the cases described in clause 17.6.

13.3 Security systems

FIOR uses the security systems described in point 18 for the provision of custody and administration services.

13.4 Costs and fees

During the business relationship with FIOR, no costs or fees will be charged for the provision of custody and administration services.

13.5 Liability

As the beneficial owner of the BTC, the Client bears the entire risk of loss (in factual, legal or economic terms) of this BTC, in particular each of the risks mentioned in clause 2. Any liability of FIOR arising from or in connection with custody services is limited in accordance with clause 25 of these T&Cs.

13.6 Custody policy

A summary of FIOR's current custody policy can be found at the following link: https://21bitcoin.app/en/legal-compliance.

14 Exchange of BTC for funds

14.1 Purchase offer

When a Client submits an offer to purchase BTC on the platform, this is interpreted as an offer to enter into a transaction in which the Client purchases BTC in exchange for payment of a sum of funds at a price published on the platform ("Purchase offer"). Each purchase offer shall be interpreted and qualified exclusively as a binding offer by the Client to accept the receipt of BTC in exchange for payment of the displayed sum of funds.

14.2 Sell offer

When the Client submits an offer to sell BTC on the platform, this is interpreted as an offer to enter into a transaction in which the Client receives the amount of funds specified and determined by them in exchange for the sale of a certain amount of BTC ("sell offer"; purchase offers and sell offers are collectively referred to as "Client offers"). Each sell offer shall be interpreted and qualified exclusively as a binding offer by the Client to receive the displayed amount of money in exchange for the transfer of a specific amount of BTC.

14.3 Acceptance by actual fulfillment

A Client offer may be either accepted or rejected by FIOR uno actu by actual fulfillment of the offer within the offer period. The Client will be notified of the acceptance or non-acceptance of the Client offer. Actual fulfillment means the irrevocable crediting of the amount of money or BTC in the internal off-chain database.

14.4 Offer period

The Client is bound by a Client offer for a period of 12 hours after submitting a Client offer. Receipt of a Client offer will be confirmed immediately.

14.5 Minimum transaction volume

In general, each Client offer must have a countervalue (according to the rates used on the platform). The current minimum transaction volumes are shown here: https://21bitcoin.app/en/fees. The Client cannot make a Client offer that falls below the minimum transaction volume.

14.6 Client information after execution of the transaction

After a transaction has been completed, the Client will be informed of the completion or rejection of the transaction on the platform and on a durable medium (e.g., email).

14.7 No binding offers

The figures, values or exchange reference prices stated on the platform do not constitute binding offers, but rather an invitation to the Client to submit a Client offer via the platform (invitatio ad offerendum).

15 Savings plans / Auto-Invest

15.1 Creation of Savings plans / Auto-Invest Orders

As an alternative to making instant purchases of BTC, Clients can also make regular investments in BTC by setting up recurring purchase offers as part of a savings plan or an auto-invest order on the platform and confirming the offer.

15.2 Savings plan

The Client can set up a standing order in their bank account using a unique payment reference code ("Savings plan"). Each Savings plan shall be interpreted and qualified exclusively as a binding offer by the Client to submit a Purchase offer in accordance with Section 14.1 at the market prices applicable on the platform at the time the amount of fiat money is received.

15.3 Auto-Invest

The Client can specify an EUR amount to be used at regular intervals to submit a Purchase offer in accordance with Section 14.1 at the applicable offer price ("Auto-Invest Order"). The interval is determined by the Client and can be hourly, daily, weekly or monthly. The offer may be cancelled by the Client at any time or will be automatically cancelled by the system if the required amount of fiat money is not available in the Client's account.

15.4 Acceptance by actual fulfillment

The savings plan and auto-invest order may be accepted or rejected by FIOR. Upon acceptance, a savings plan or auto-invest order will be set up and executed by actual fulfillment. The Client will be notified of the acceptance or rejection.

15.5 Rejection of execution

Each individual, recurring execution of the Savings plan or Auto-Invest Order may be accepted or rejected by FIOR. Rejection has no effect on the BTC that the Client has previously received.

15.6 SEPA direct debit mandate

By selecting the SEPA direct debit mandate as the payment method for the Savings plan, the Client revocably grants FIOR a SEPA direct debit mandate to collect the amount from their specified bank account when due and in the amount of the payments to be made by the Client.

15.7 Payment collection and advance notification

The payment may be collected up to ten days before the specified recurring purchase date. The Client will be notified of the payment amount and the debit date by email after the payment has been successfully completed.

15.8 Failed execution

If the execution of a savings plan or auto-invest order is not possible for any reason, no BTC will be credited to the wallet. In such a case, the Client will be notified of the failed execution by email.

15.9 Revocation

The Client may revoke a Savings plan or Auto-Invest Order at any time. A revocation shall take effect no later than two working days after the Client has submitted the revocation. The Savings plan will continue to be executed even after revocation or interruption, provided that the revocation or interruption occurs between the date of collection from the bank account and the respective recurring purchase date.

15.10 Costs for failed payments

If the payment cannot be collected (e.g., refusal or rejection of the direct debit by the bank) or a direct debit is reversed and the Client is responsible for the delay or failure, the Client shall bear the resulting costs to the extent necessary to cover the reasonable administrative expenses. In addition, the Client authorises the payment to be made again at a later date.

15.11 Change of payment methods

The accepted payment methods may be changed, supplemented and/or discontinued for objectively justified reasons, provided that the Client is notified of such changes in advance.

16 Limit price order

16.1 Conditions for Limit price orders

FIOR offers the Client the option of triggering a BTC purchase from FIOR at a maximum price specified in advance by the Client ("Limit price order") under the following conditions:

16.2 Selection of purchase price and quantity of BTC

To create a Limit price order on the platform, the Client sets an individual purchase price that is below the current price for BTC and a specific amount of BTC to be purchased at the set price.

16.3 Purchase offer at a specified price

As soon as the specified price is reached on the platform, the Client submits a purchase offer in accordance with and subject to the conditions set out in clause [14.1].

16.4 Available funds

The Client can only create a Limit price order if they have the corresponding amount of fiat money available. If the Client creates a Limit price order, the corresponding amount of fiat money will be retained by FIOR until the Limit price order is (i) executed, (ii) cancelled or (iii) expired. During this period, the Client cannot dispose of the specified amount in any other way.

16.5 Execution of limit price orders

The purchase offer for the Limit price order is executed by purchasing BTC either (i) at the selected price or (ii) below the selected price. The Limit price order is executed in accordance with clause 14.

16.6 Partial fulfillment

Limit price orders are either filled in full or not at all ("fill-or-kill"). Partial fulfillment is not possible.

16.7 Expiry of limit price orders

When placing a Limit price order, the Client must specify a period after which the order expires if it has not been executed. A day always ends at 00:00 UTC, 24 (twenty-four) hours after the Client places the order. For example, if you set an expiry period of 7 (seven) days on Monday at 14:30 UTC, the Limit price order will expire on the following Monday at 23:59 UTC.

16.8 Cancellation of orders by Client

The Client has the option of cancelling the Limit price order they have placed at any time before it is executed on the platform. FIOR does not charge any fees for cancelled Limit price orders.

16.9 Cancellation of orders by FIOR

FIOR reserves the right to cancel outstanding Limit price orders if there is suspicion of a reason for termination in accordance with Section 7.3 of the T&Cs. To the extent permitted by law, the Client will receive a notification in their Client account and by email in such a case.

16.10 No price guarantee

The triggering of a Limit price order does not constitute a price guarantee and, due to market volatility, the order may not be executed at the price desired by the Client.

17 Transfer services / Transfer service agreement

17.1 Terms and conditions for external transfers

17.1.1 Transfers of BTC from the Client account to a wallet outside the platform ("BTC withdrawal") or transfers from a wallet outside the platform to the Client account ("BTC deposit") constitute "external BTC transfers" by FIOR.

17.1.2 Externe BTC Übertragungen werden on-chain auf der Bitcoin Blockchain abgewickelt. Die "Bitcoin Blockchain" bezeichnet eine dezentrale, öffentlich einsehbare, kryptographisch gesicherte Datenstruktur (Distributed Ledger), die sämtliche Transaktionen mit BTC dokumentiert.

17.1.3 BTC Einzahlung: Um eine Einzahlung auf das Kundenkonto vorzunehmen, muss der Kunde eine Walletadresse in seinem Kundenkonto generieren.
‍
17.1.4. Eine externe BTC Übertragung ist abgeschlossen und kann nicht mehr rückgängig gemacht werden, sobald die Transaktion auf der Bitcoin Blockchain mit ausreichenden Blockbestätigungen validiert wurde (siehe dazu Punkt 17.8).

17.2 Modalities of internal BTC transfers

Clients have the option of sending and receiving BTC to and from other FIOR Clients on the platform. These transfers are called "internal BTC transfers" and, together with external BTC transfers, constitute the "transfer services".

17.3 Procedure for initiating or consenting to transfer services

17.3.1 The Client can initiate a transfer service by entering the transfer details (e.g., amount of BTC, recipient or sender, wallet address (for external BTC transfers), etc.) on the platform and then confirming the summary of the transfer service. In the case of an external BTC transfer, the Client must provide further information in order to comply with the requirements of Directive (EU) 2023/1113 on the transmission of information on transfers of funds and transfers of certain crypto-assets ("Travel Rule") and other applicable regulations for the prevention of money laundering and terrorist financing ("AML/CFT").

17.3.2 The Client must use MFA to confirm a transfer service.

17.3.3 The Client can only initiate a transfer to wallet addresses that have been previously "whitelisted" by the Client. The Client must use MFA to confirm the whitelisting.

17.3.4 After successfully initiating a transfer service, FIOR deducts the transferred amount, including fees and any applicable blockchain fees, from the Client's BTC balance in the off-chain database. The updated account balance is then displayed in the Client's account on the platform.

17.4 Receipt of the transfer service

17.4.1 Any initiation of a transfer service received by FIOR before 23:59 (UTC) is considered to have been received on the same working day. There are no fixed cut-off times.

17.5 Execution of transfer services

17.5.1 Once the transfer service has been received by FIOR, FIOR carries out the necessary compliance steps and, in particular, checks compliance with the Travel Rule and other applicable AML/CFT regulations (e.g. comparison with sanctions list).

17.5.2 If these compliance checks are completed successfully, FIOR will execute the transfer service on the Bitcoin blockchain based on the data provided by the Client.

17.6 Reasons for rejecting or suspending a transfer service

17.6.1 FIOR may suspend the transfer service initiated by the Client for the following reasons:

17.6.1.1 If compelling legal reasons require it;

17.6.1.2 Frequent or unusual attempts to change the password or identification methods;

17.6.1.3 Change or deactivation of the stored email address or telephone number;

17.6.1.4 Attempt to change essential Client information

17.6.2 FIOR may refuse the transfer service initiated by the Client for the following reasons:

17.6.2.1 Insufficient BTC balance of the Client. In this case, the transfer service will be rejected in its entirety and no partial execution will take place;

17.6.2.2 The specified recipient address is not a Bitcoin blockchain address; Important note: There is no verification whether the specified Bitcoin blockchain address has been entered correctly or can be assigned to the "correct" recipient, especially since this would be technically difficult or impossible;

17.6.2.3 An applicable withdrawal limit is exceeded;

17.6.2.4 The minimum transfer amount is not reached;

17.6.2.5 The maximum execution time of the Bitcoin blockchain is exceeded;

17.6.2.6 The sender or recipient of a transfer service provides incomplete or inconsistent information that is required under the Travel Rule or other AML/CFT regulations;

17.6.2.7 In the case of a transfer service to or from a hosted wallet, if the due diligence required from an AML/CFT perspective cannot be successfully performed (e.g., due to lack of cooperation from the service provider or due to risks or insufficient standards of the recipient's service provider);

17.6.2.8 In the case of a transfer service to or from a self-hosted wallet, if the sender or recipient of the transfer service cannot verify ownership of the wallet address;

17.6.2.9 FIOR's internal compliance and AML/CFT policies require that the transfer service not be performed;

17.6.2.10 Rejection by the recipient's crypto-asset service provider of a BTC withdrawal;

17.6.2.11 FIOR must suspend (part of) its transfer services due to maintenance work, technical problems or DLT network upgrades.

17.7 Client information in the event of refusal or suspension of transfer services

17.7.1 If FIOR rejects or suspends a transfer service, FIOR shall inform the Client of such rejection or suspension and provide the Client with the following information:

17.7.1.1 The specific reason why the transfer service was rejected or suspended, provided that the disclosure of this information complies with all regulatory requirements;

17.7.1.2 Steps that the Client may take to remedy the refusal or suspension of the transfer service, if any; and

17.7.1.3 The amount of any fees or costs already incurred by the Client, including whether such fees are to be borne by the Client or reimbursed.

The above applies only if the Client information is appropriate and feasible from an AML and regulatory perspective.

17.8 Maximum execution time

17.8.1 The time taken to execute a transfer service via the relevant DLT network is beyond FIOR's control. This time is not calculated on the basis of traditional time measurements, but on the basis of new block confirmations (i.e. from completed transactions) added to the relevant DLT network from the time of transfer to the relevant DLT network. The rules of the respective DLT network define the maximum execution time until a transfer service must be included in a new block confirmation.

17.8.2 FIOR considers the transfer service to be completed once six block confirmations (and thus the amount required for block creation) have been made via the Bitcoin blockchain.

17.9 Client information after execution of the transaction

After successful completion of a transaction, the Client is provided with confirmation of the completed transaction on the platform and on a durable medium (e.g., email). The confirmation contains data on the name of the sender and recipient, wallet address, value and amount of the transferred BTC, and a list of costs and fees.

17.10 Fees

17.10.1 Each external BTC transfer executed incurs fees. The fees can be viewed here: https://21bitcoin.app/en/fees.

17.10.2 External fees. In addition, transaction or miner fees may apply, which are beyond FIOR's control and must be borne by the Client. The fee is influenced by factors that FIOR cannot determine (such as the transaction volume in the Bitcoin network). The Client will be informed of the applicable fee before confirming the purchase.

17.10.3 Any costs incurred by credit institutions (e.g., fees for transfers or booking lines) shall be borne by the Client.

17.11 Unauthorised or incorrectly initiated transfer services

17.11.1 If the Client has reason to believe that an unauthorised or incorrectly initiated transfer service has taken place, the Client must report this to FIOR as soon as possible.

17.11.2 In the event of an unauthorised or incorrectly initiated transfer service, FIOR shall be liable to the Client on the basis of the limitation of liability for damages set out in clause 25. FIOR shall not be liable for incidents that are not attributable to FIOR.

17.12 Security systems

FIOR uses the security systems described in point 18 for the provision of transfer services.

18 Security systems

18.1 Risk management framework

FIOR has established a risk management framework to handle IT security risks.

18.2 Risk reduction

FIOR implements measures to reduce the risk of (i) loss of BTC, (ii) loss of means of access to BTC, and (iii) other risks related to BTC.

18.3 Ongoing risk assessments

FIOR regularly conducts security audits, access management reviews and cryptographic assessments to identify, analyse and map potential threats to its crypto-asset services.

18.4 Monitoring and reconciliation

To ensure the operational integrity of all necessary systems, FIOR employs ongoing monitoring levels and regular compliance reviews. This also requires regular manual system checks and account reconciliation tests.

18.5 Client notification mechanism

Clients are notified as soon as possible in the event of a security incident affecting their BTC. FIOR provides Clients with rapid response mechanisms to deactivate compromised Client accounts. In addition, FIOR offers its Clients security measures such as 2F authentication to enhance account security.

18.6 Audit

Regular internal and external audits, as well as risk-based audits, are conducted to confirm the accuracy of all records of BTC held in custody and to verify the existence of all BTC within the platform.

19 Fork Policy

19.1 Definition

The Bitcoin blockchain is subject to possible changes in its technical structure, in particular through so-called "forks". A fork refers to the separation or modification of the underlying protocol structure of the blockchain, which may result in the creation of a new asset (e.g., "Bitcoin Cash") that is separate from the previous blockchain.

19.2 Support of forks

FIOR exclusively supports BTC in accordance with the technical specifications valid at the time of custody. In the event of a fork, FIOR shall decide at its own discretion whether a particular blockchain version will continue to be treated as BTC.

19.3 Client rights to forks

The Client shall have no claim to the obtainment, crediting, custody or transfer of crypto-assets arising from or derived from forks of the Bitcoin blockchain. This applies regardless of whether such assets acquire a market value or are considered economically relevant by third parties. In particular, the Client shall have no claim to access, transaction options or information regarding such fork-based assets.

19.4 Acquirement of rights to assets

The Client does not acquire any rights to assets created by forks. This provision is in accordance with Art. 75(4) subparagraph 2 MiCAR.

20 Right of withdrawal

The Client has no right of withdrawal for BTC purchased via distance selling, as the price of BTC is subject to fluctuations in the financial market over which FIOR has no influence and which may occur within the withdrawal period.

21 Offsetting

FIOR is entitled at any time to offset due and unpaid monetary claims that FIOR has against Clients with due and unpaid monetary claims that the Client has against FIOR. 

22 Right of lien

22.1 Scope and creation

22.1.1 The Client grants FIOR a lien on all BTC and fiat money that comes into FIOR's possession at the Client's request.

22.1.2 The lien secures all claims, including conditional, limited-term or not yet due claims, that FIOR has against the Client arising from the entire business relationship.

22.1.3 The lien arises at the time FIOR takes possession of the BTC or fiat money, provided that secured claims exist at that time. Otherwise, the lien arises when such claims arise at a later date.

22.2 Release of collateral

At the Client's request, FIOR shall release collateral unless there is a legitimate security interest in it.

22.3 Realisation of collateral

22.3.1 A prerequisite for realisation is that the secured claim is due and that the right to realise it exists in accordance with the contractual and statutory provisions. In addition, the Client must be given notice of the realisation, stating the amount of the secured claim, whereby at least one month must elapse between the notice and the realisation. The warning may be omitted if it is impracticable, for example because the Client's whereabouts are unknown. In such a case, the period shall commence on the due date of the claim. Earlier realisation is permissible if there is otherwise a risk of a significant and permanent loss of value that would jeopardise FIOR's satisfaction.

22.3.2 Sale: FIOR shall realise securities that have a market or stock exchange price in accordance with Sections 466a et seq. of the Austrian Civil Code (ABGB) by private sale on a trading platform or stock exchange (including the platform) at this price.

22.3.3 Enforcement and extrajudicial auction: FIOR is also entitled to enforce collateral or, if there is no market or exchange price, to have it publicly auctioned by an authorised entrepreneur. The place and time of the auction and a general description of the collateral must be announced publicly. In this case, the Client must be notified.

22.4 Right of retention

FIOR kann ihr obliegende Leistungen an den Kunden wegen aus der Geschäftsbeziehung entstandener Ansprüche zurückbehalten, auch wenn sie nicht auf demselben rechtlichen Verhältnis beruhen.

23 Data protection

23.1 Privacy statement

FIOR's services are provided in accordance with the data protection provisions of FIOR’s privacy statement. For detailed information on data protection, please refer to FIOR's privacy statement, which can be viewed at https://21bitcoin.app/en/privacy.

24 Warranty/liability for defects

24.1 Statutory warranty

The statutory warranty for defects under Austrian law applies to transactions on the platform.

24.2 Interruptions of the platform

Technology-based systems such as the platform require (planned and unplanned) interruptions for maintenance and development work. During such interruptions, use of the platform may be restricted or completely suspended, which may temporarily make it impossible to buy, sell or transfer BTC.

24.3 Interruptions are not considered defects under Austrian law if the interruptions are caused by:

24.3.1 Scheduled maintenance work, updates or upgrades that temporarily restrict the functionality of the 21bitcoin app or lead to a failure, provided that the Client is notified in an appropriate manner (e.g. by email) with reasonable advance notice. Such maintenance work will be completed as quickly as possible, but no later than within three (3) working days in Austria.
‍
24.3.2 Unplanned maintenance work that is necessary due to technical defects, regulatory requirements or unforeseen and uncontrollable events. FIOR will endeavour to carry out this work as quickly as possible. These interruptions may occur in the following cases, among others:

24.3.2.1 In the event of technical or infrastructural problems beyond FIOR's control, such as server failures, cybersecurity threats or network failures;

24.3.2.2 When FIOR's liquidity providers suspend trading;

24.3.2.3 In the event of unavailability of reliable market prices for BTC;

24.3.2.4 If the FMA or another competent authority requires the suspension of trading in BTC on the basis of its regulatory mandate; and/or

24.3.2.5 In the event of force majeure (e.g., events such as natural disasters), regulatory changes or other unforeseen circumstances that disrupt the normal operation of the platform.

25 Limitation of liability

25.1 Liability for damages

FIOR shall only be liable for damages caused intentionally or through gross negligence by FIOR or one of its vicarious agents. In cases where damages were caused by slight negligence, FIOR shall only be liable:

25.1.1 in cases of personal injury;

25.1.2 for damages due to the absence of guaranteed characteristics;

25.1.3 under the Product Liability Act; and

25.1.4 for damages due to the breach of an essential contractual obligation, if the damage was reasonably foreseeable for FIOR at the time the contract was concluded. An essential contractual obligation is an obligation that enables the proper fulfillment of the contract in the first place and on whose compliance the Client regularly relies and may rely on.

25.2 Liability for the safekeeping of BTC

FIOR is liable to its Clients for losses of BTC or the means of accessing such BTC suffered as a result of incidents attributable to FIOR. FIOR's liability is limited to the market value of the lost BTC at the time of the loss in accordance with Article 75(8) MiCAR.Incidents not attributable to FIOR include all events where FIOR can prove that they occurred independently of the provision of the service in question or the activities of FIOR, such as a problem associated with the operation of the distributed ledger over which FIOR has no control.

25.3 Exclusion of claims for damages under FM-GwG

Claims for damages cannot be asserted by a Client on the grounds that FIOR, in negligent ignorance of the fact that the suspicion of money laundering or terrorist financing or the suspicion of a violation of the obligations described in section 5.1 (acting in its own name) was incorrect, delayed or failed to execute a transaction, pursuant to section 19 of the Financial Market Money Laundering Act (FM-GwG).

26 Tax requirements

FIOR may be required to withhold and remit taxes on behalf of the Client from the income received or transactions carried out on the Client's account. The applicable tax rates and calculation method shall be determined in accordance with the laws, regulations and administrative practices in force at the time of the occurrence of a taxable event.

The Client should consult a tax advisor (i) to obtain information about the tax and economic consequences associated with using the platform and holding or transferring BTC, and (ii) to ensure that the Client is able to take all necessary steps to comply with all applicable tax laws.

The tax consequences often depend on the tax laws of the country in which the Client is resident for tax purposes. If we are not legally obliged to withhold tax and/or such withholding does not constitute final taxation under applicable tax laws, the Client is solely responsible for complying with all national and international tax laws. 

The Client is obliged to provide FIOR with all necessary information and documents in a timely and complete manner to facilitate the accurate calculation and withholding of taxes. This includes, but is not limited to, tax residence status or information about exit taxation.

27 Refer a Friend Programme

27.1 Programme definition

FIOR offers the Client the opportunity to participate in a "refer a friend programme" ("programme"). The programme is offered until further notice and may be terminated or modified at any time without notice. Any change or termination of the programme shall not affect benefits already received.

27.2 Subject matter and requirements of the programme

27.2.1 A Client can participate in the Programme by sending their personal referral code, which they receive from FIOR ("Referral Code"), to a person who is not yet a Client ("Invited Person"). The Client will only receive a Referral Code if they have unrestricted access to their active Client account.

27.2.2 The Client and the Invited Person must each be natural persons, have successfully completed the Client registration process, and have complied with all other provisions of these T&Cs.

27.2.3 Clients and Invited Persons residing in certain jurisdictions or countries may be excluded from participating in the programme (e.g., for legal and regulatory reasons).

27.2.4 The Invited Person must not have previously registered to open a FIOR Client account or have been a Client before.

27.2.5 Each invited person may only use one referral code. It is not possible to combine two or more referral codes.

27.2.6 Participation in the programme is voluntary and free of charge for both the Client and the invited person(s).

27.2.7 The Client and the invited person cannot be the same person.

27.2.8 The Client making the referral must ensure that the invitation is only sent to persons who agree to receive it.

27.3 Advantages and special conditions of the programme

27.3.1 The currently applicable conditions can be found at https://21bitcoin.app/en/feature/referral.

27.3.2 The invited person receives a reduction in trading fees on certain BTC Purchase orders.

27.3.3 The referring Client will receive a bonus if the invited person places certain BTC purchase orders via the 21bitcoin app. The bonus is a fixed percentage of the net income generated by FIOR when the invited person makes a purchase of BTC. The bonus is generally 10% of the net income that FIOR receives from the invited person ("bonus"). The provisions regarding the minimum and maximum amount of the bonus in section 27.4 apply.

27.3.4 The terms and conditions and discounts of the programme may be adjusted or terminated by FIOR at any time without prior notice.

27.4 Crediting of the bonus

27.4.1 The bonus or conditional bonus entitlement is denominated in EUR and is shown accordingly in the bonus account in EUR. However, any crediting of the bonus can only be made in BTC. Fees are charged for the exchange of EUR into BTC (see below).

27.4.2 Each (conditional) bonus is shown to the Client in a temporary and separate digital FIOR subaccount ("bonus account").

27.4.3 Conditions: The actual crediting of the premium is subject to the condition precedent of reaching the minimum amount. The actual crediting of the premium is also subject to the condition subsequent of not reaching the maximum amount. See below for the individual conditions.

27.4.4 Reaching a minimum amount (condition precedent): The bonus(es) will only be credited to the bonus account once a total bonus amount of EUR 15.00 (minimum amount) has been accumulated within a calendar year and will be credited in BTC at the latest in the following month in which the minimum credit amount was exceeded.

27.4.5 As part of the credit, the bonus is converted (exchanged) into BTC and credited to the Client's FIOR wallet as BTC. The EUR/BTC exchange rate and the FIOR base fee for the purchase of BTC at the time of the bonus credit apply.

27.4.6 If the credit is below the minimum amount of EUR 15.00, the Client has no unconditional claim against FIOR. If the bonus does not reach the minimum amount of EUR 15.00 within one calendar year the conditional claim to the bonus expires. The Client does not receive a bonus.

27.4.7 Maximum bonus amount (condition subsequent). The maximum bonus amount that a Client can achieve is EUR 450.00 in a calendar year. Clients shall not be entitled to any claims exceeding this amount.

27.4.8 The bonus will only be credited if the Client has an active Client account at the time of crediting and this account has not been blocked, suspended or closed.

27.4.9 Depending on tax laws, bonuses from the programme are taxable by the Client in the country in which the Client has their tax residence. The Client is responsible for implementing this themselves.

27.5 Prohibited behaviour

27.5.1 The Client may only use the referral code for private purposes and not for commercial activities, in particular not for paid advertising campaigns such as online advertising. In addition, the Client is not permitted to distribute the code publicly on websites, in particular on blogs and voucher websites that are primarily used to solicit rewards. The Client is prohibited from sending mass emails, text messages or messages to people they do not know, or from using automated systems or bots to distribute the referral code.

27.5.2 FIOR may refuse the participation of Clients and invited persons for objective reasons. FIOR reserves the right to refuse to pay out rewards or to reclaim them if FIOR discovers any action on the part of the Client that is abusive or violates these terms and conditions of participation or the T&Cs.

27.5.3 The Client participates in the programme exclusively in their own name and on their own account.

27.5.4 The Client is prohibited from acting on behalf of FIOR or for FIOR or in any way giving the impression that they are acting as a representative, agent or in any other representative capacity for FIOR.

27.5.5 The Client is prohibited from providing consulting services in relation to crypto-assets. In particular, they may not make any recommendations tailored to the personal circumstances of a third party in relation to the acquisition, sale or use of crypto-assets or crypto-asset services, or agree to make such recommendations at the request of a third party.

27.5.6 The Client is prohibited from using pay-per-click (PPC) or search engine marketing (SEM) methods.

28 Other provisions

28.1 Disclosure of data to authorities

FIOR may disclose all data relating to Clients and Client accounts (including all past transactions made in connection therewith) if required or requested by a competent court or government, tax or other regulatory authority or similar official body (e.g., in connection with criminal investigations). FIOR reserves the right to cooperate with such authorities to the fullest extent possible.

28.2 No waiver of rights

FIOR's failure to enforce or exercise any provision of the T&Cs or any right or remedy arising from the T&Cs at any time or for any period of time shall not constitute a waiver of such right or remedy and shall not be construed as such, and shall in no way affect FIOR's right to enforce or exercise it at a later date, provided that such right is not time-barred, expired or otherwise excluded.

28.3 Applicability of the T&Cs

The T&Cs shall continue to apply even after the termination of the business relationship until complete settlement.

28.4 Contract language

The T&Cs are created and published in several languages. In the event of a dispute or discrepancy, the German version of the T&Cs shall prevail. 

29 Changes to the T&Cs

29.1 Material changes

Material changes to these T&Cs, including this section, require the express consent of the Client.

29.2 Scope of material changes

Material changes are defined as any modifications or additions that (i) affect a primary obligation or (ii) fundamentally change the contractual relationship in such a way that it is equivalent to the conclusion of a new contract. Examples of this, without limitation, include any changes or additions to the Client's payment obligations, restrictions on the Client with regard to the purchase and sale of BTC, or restrictions on the obligation to store, manage or secure BTC or private keys for the Client.

29.3 Other changes

Amendments to the T&Cs that do not constitute material changes or are considered editorial changes may be made and implemented at any time at FIOR's reasonable discretion.

29.4 Entry into force

Unless a specific effective date is specified, these changes shall take effect on the earlier of the following two dates: (i) upon the Client's express acceptance of the amended T&Cs (e.g., via the platform) or (ii) two months after the T&Cs have been sent to the Client on a durable medium, provided that the Client has not objected. 

29.5 Entry into force on a specified date

If a specific effective date is specified that is after the publication date, the changes shall take effect on the later of the following two dates: (i) the specified effective date or (ii) the earlier of the following two dates: (a) the express acceptance of the amended T&Cs by the Client (e.g., via the platform) or (b) the expiry of two months after the T&Cs have been transmitted to a durable medium of the Client, provided that the Client has not objected.

29.6 Client consent

The Client's consent to changes shall be deemed to have been given if the Client does not object in writing or electronically (e.g., by email or via the Client account). The Client shall be informed in the amendment offer that (i) their silence by failing to object in writing or electronically (e.g., by email) within the periods specified in sections 28.4 and 28.5 shall be deemed to constitute consent to the amendments, and (ii) the FIOR consumer Client has the right to terminate their contract and the contractually agreed services without notice until the changes come into effect.

30 Applicable law

30.1 Law of the Republic of Austria

The T&Cs and any transaction covered by them are subject to the law of the Republic of Austria, excluding the provisions of the United Nations Convention on Contracts for the International Sale of Goods and excluding the conflict of law rules and/or referral rules of Austrian private international law.

30.2 Exceptions

This shall only apply insofar as the law of the Client's country of residence does not grant the Client a more favourable legal position vis-à-vis FIOR in individual cases.