Crypto trading terms and conditions

These crypto trading terms and conditions (the “Terms”) govern the relationship between the customer (“you”) and Lunar Block A/S. They apply when you use Lunar Block A/S to buy, sell and store cryptocurrency (the “Service”).

These Terms along with the Agreement regarding Crypto trading, the price price list and other relevant documents, form a legal agreement between you and Lunar Block A/S (“the Agreement”).

By entering into the Agreement, you are appointing us as your agent to provide our crypto Services (services that allow you to buy and sell crypto via our app).

1. Risks

Trading with cryptocurrencies carries significant risks. You should carefully consider if it is appropriate for you to buy or sell cryptocurrency.

The risks include amongst others the following:

Unlike traditional currencies, trading with cryptocurrencies relies on a technology which is solely digital. This means that, like any other digital system, cryptocurrencies are at risk of being hacked or affected by technical problems. This could result in you losing your cryptocurrency or delay your ability to sell it.

The regulation (or lack of regulation) of cryptocurrency or crypto exchanges can change at any time. Any change is likely to affect the value of any cryptocurrency we hold for you.

The value of cryptocurrency is considered far more volatile compared to traditional currencies which means that the value of cryptocurrency can decay very fast. This could happen if, for example:

• a new, better cryptocurrency is created,
• software developers make unexpected changes to how the cryptocurrency works, or
• there is a change in cryptocurrency regulations.

The price or value of cryptocurrencies can rapidly increase or decrease at any time. It may even fall to zero. Unlike traditional currencies, no bank or government can or will stabilize the value of cryptocurrency if it changes suddenly.

Cryptocurrencies are not a currency issued by a central bank, e-money or a regulated financial instrument, but are subject to supervision by the Financial Supervisory Agency (FSA) for the purposes of anti-money laundering and counter-terrorist financing.

When you buy cryptocurrency through the Lunar app, it will not be protected by the Danish Guarantee Fund.

Lunar Block A/S does not provide any investment advice relating to our Service. You should carefully consider whether your personal situation and the financial risks you are willing to take mean that you should not buy cryptocurrencies. You may want to speak to an independent financial adviser. When onboarding yourself as a customer to Lunar Block A/S, you have to sign a warning letter where you acknowledge the risk. We are not responsible if you suffer any losses as a result of trading in cryptocurrency.

2. Customer requirements

The Service is only available for private Lunar Bank A/S customers over the age of 18.

If you are a “politically exposed person” or included in the European Union’s sanction lists or the sanction list of any other country or national or international organization, you can not use our Service.

Lunar Bank A/S is the only bank that Lunar Block A/S collaborates with. If you do not have a bank account in Lunar Bank A/S, you will not be able to onboard yourself as a customer in Lunar Block A/S and you will not be able to use our Service.

Your Lunar Bank A/S account is used to make and receive payments to and from Lunar Block A/S via a payment solution (Lunar Checkout) when you use the Service.

To make sure you have safe access to our Service, download any updates for your device or the Lunar app as soon as they become available.

To reduce the risk of unauthorized use of our Service, you may not use the Services by using third party providers or by accepting support from any third party. Outsiders can pretend to be staff at Lunar Block’s customer support. You should therefore only use Lunar Block's customer support which can be reached here +4570711470. You may only use the Services via the app, acting solely for your own will and not for the benefit of anyone other than yourself. If you do not follow these Terms, you increase the risk of falling victim to third-party fraud.

3. Cryptocurrencies offered

The cryptocurrencies available through our Service are shown in the Lunar app and on our homepage.

We will let you know if we start offering new cryptocurrencies. We will also let you know in advance if we decide to stop offering a certain cryptocurrency.

If we stop offering a certain cryptocurrency the following can happen depending on the situation. We will contact you directly as soon as possible if it happens.

a) You will be able to keep your crypto holdings and sell it when you want to.

b) You will have one month to sell off your crypto holdings if you do not sell within the deadline. Lunar Block will sell your crypto holding in the specific currency.

Lunar Block is not responsible for any loss related to our change in the offering of different cryptocurrencies

4. External partners

Lunar Block A/S acts as an agent allowing you to trade crypto via our partners. Lunar Block A/S will never hold a deposit from you when you buy or sell crypto.

You can read about our partners on our homepage. Lunar Block A/S can change all partners in this setup without prior notice to you.

5. Buying and selling crypto

You can instruct us to buy or sell cryptocurrencies via the Lunar app. We have described how you buy and sell on our homepage. All trades are conducted in euro. Prior to every transaction you will be presented with a quote stating the total price of the transaction.

When you buy crypto, you pay with Lunar Checkout. You can read more about Lunar Checkout on our homepage.

You can only buy and sell crypto through our app. You cannot withdraw crypto from or transfer crypto to Lunar Block A/S. We offer a “money in/money out service”. This means that all buying and selling will be charged/credited on your Lunar Bank A/S account.

Lunar Block A/S reserves the right to refuse your instruction to buy or sell cryptocurrency. If we do, we will not be responsible for any losses you suffer as a result. We may refuse your instruction if:

• there is not enough cryptocurrency available in the market,
• the order does not meet/exceeds the order minimum/maximum,
• one of our partnered crypto exchanges is not available (for example, one of them could have a disrupted service),
• we have good reason to suspect that your instruction was for illegal purposes (for example, to commit fraud, money laundering),
• we have good reason to believe that your instruction could badly affect the reputation or goodwill of Lunar Block A/S, or
• your payment is refused by Lunar Checkout due to insufficient funds.

You cannot cancel your instruction to buy or sell cryptocurrency. Cryptocurrency transactions are irreversible. Lunar Block A/S is not liable for any losses you incur related to buying or selling cryptocurrency.

Recurring transfer

If you create a “recurring transfer”, it will happen the following way:

You choose which cryptocurrency you wish to purchase and the amount you want to purchase for. We will inform you, of the amount of cryptocurrency you can buy if the purchase happens today with the current price and the exchange rate. You inform us that the cryptocurrency is to be purchased and how often you want the purchase to repeat (e.g. weekly or monthly). If we accept your instruction, we will purchase the cryptocurrency in accordance with the said agreement from our partnered cryptocurrency exchanges now and in the future.

In special cases, for reasons beyond our control, we may not be able to complete the purchase at the agreed upon time. If this happens we will let you know. The purchase will then be attempted again as soon as possible. The purchase is carried out with the rates at the time of the purchase, and not at the time of the creation of the order. Lunar would not be liable for any losses realting to this scenario. 

If you do not have coverage on your account, you will receive a message about the lack of funds before the purchase is completed. If at the time of purchase there is not enough money for completion, the purchase will not be completed. The next purchase will be the next time a purchase is registered (e.g. a week or month after.)

Unsubscribe from “recurring purchases” You have the option to unsubscribe from “recurring purchases”. Unsubscribing must be done in the app. We encourage you to unsubscribe well in advance before the next order is set to be completed.

6. Crypto storage

You will own the rights to the financial value of any cryptocurrency Lunar Block A/S buys for you.

We will hold your cryptocurrencies on your behalf and you will have a beneficial right to them. This means you can tell us when to sell it (within the limits of these Terms). You have complete control of your cryptocurrencies, and we will only act upon instructions you give us. You will not be able to carry out transactions yourself.

The cryptocurrency we buy for you is held in Lunar Block’s name on a segregated account that also holds cryptocurrencies for other Lunar Block A/S customers. We will have a ledger of your cryptocurrency holdings, allowing us to seperate them from other customers’ holdings. You can use the Lunar app to see the amount of cryptocurrency we are holding for you.

There will not be any contractual relationship between you and our partnered cryptocurrency exchanges or our custodian.

7. The exchange rate

Our exchange rate for buying or selling cryptocurrency is set by us, based on the rate that the crypto exchanges offer us. It is a variable exchange rate, which means it is constantly changing. You can always see the current rate via the app. The exchange rate includes a variable fee to the crypto exchanges which, for the time being, may be up to 0,26 %. The exchange rate offered to you is the best possible rate including fees.

Our exchange rate does not include our fees. We charge you a fee on crypto exchanges as set out in our price list. We will show you the fee in the app before you make an exchange, as well as after you make an exchange in the transaction details.

The exchange rate may change between the time you told us you wanted to buy or sell cryptocurrency and the time where the asset is sold or bought on your behalf. This means that if you ask us to buy cryptocurrency, you may receive a little more or a little less cryptocurrency than what you had expected, and if you ask us to sell cryptocurrency, you may receive more or less payment than you expected.

As the trading takes place in euros you will have an FX risk between your local currency and euro in addition to the risk of crypto in general.

We are not responsible if you suffer any losses as a result of trading in cryptocurrency.

8. Fork

A fork is a sudden change in how a cryptocurrency works. A fork may seriously change the function, value or even the name of a cryptocurrency. If this happens, we will speak to our partnered cryptocurrency exchanges and work out the best approach for our customers.

A fork can also affect the exchange rate. We are not responsible if you suffer any losses as a result of a fork.

9. Taxes

You may have to pay taxes in connection with the use of the Service. Lunar Block A/S is not responsible for collecting these from you, for making any payments on your behalf, or for providing any reports relating to tax to the tax authorities.

Lunar Block A/S will send out yearly information in regards to taxes that will make it easier for you to report to the authorities.

10. Changes to the these conditions

We can change these Terms, for example if:

• we add new services or products or change the existing,
• we need to reflect legal or regulatory requirements that apply to us,
• we need to reflect changes in the cost of running our business, or
• we need to reflect technical changes.

Telling you about changes

We may amend these terms and conditions without notice when it is to your benefit. If we add a new product or service that does not change our existing Terms, we may add it immediately and let you know before you use it.

Otherwise we will give you one month’s notice through the Lunar app or via email before the change takes effect.

When we change the Terms, you must inform us – before the changes take effect – if you do not want to be bound by the new Terms and instead want to terminate your agreement. If we do not hear from you, you will be bound by the new Terms.

11. Limitation of Liability

We will do as much as reasonably possible to make sure that our Service is not interrupted, is secure and virus-free, and is accessible at a reasonable speed. However, we can’t promise that this will always be the case.

Sometimes we will suspend use of our Service so that we can make technical changes, add new features (such as new cryptocurrencies), make sure it runs smoothly or improve its security. We will try to give you notice before we do this, although we might not be able to do so in an emergency. We will also try to limit any suspension so it lasts as short a period as possible.

You acknowledge and agree that, to the maximum extent permitted by applicable law, the disclaimers of liability contained herein apply to any and all damages or injury whatsoever caused by or related to risks of, use of, or inability to use, the Service under any and all causes of action whatsoever of any kind in any jurisdiction, including, without limitation, actions for breach of warranty, breach of contract or tort (including negligence).

To the maximum extent permitted by applicable law, we will only be responsible for foreseeable losses. In no event shall Lunar Block A/S be liable for any indirect, punitive, incidental, special, consequential damages or any damages whatsoever including, without limitation, damages for loss of use, data or profits, arising out of or in any way connected with: (i) the use of the Service, (ii) the delay or inability to use the Service, (iii) the provision of or failure to provide the Services, (iv) any information, software and products obtained in connection with your acceptance and use of the Service, or (v) otherwise arising out of your acceptance and use of the Service, whether based on contract, tort, negligence, strict liability or otherwise.

Notwithstanding anything herein to the contrary, to the maximum extent permitted by applicable law, in no event shall Lunar Block A/S maximum aggregate liability for any and all claims associated with or related to these Terms and/or the usage of the Service be greater than 50.000 DKK.

Even in areas of increased liability, we are not liable for losses arising from breakdown of or lack of access to IT systems or damage to data in these systems due to any of the factors listed below and regardless of whether or not Lunar Block A/S or a third-party supplier is responsible for the operation of these systems, power failure or a breakdown of Lunar Block A/S telecommunications, legislative or administrative intervention, acts of God, war, revolution, civil unrest, sabotage, terrorism or vandalism (including computer virus attacks or hacking) strikes, lockouts, boycotts or picketing, regardless of whether Lunar Block A/S or its organisation is itself a party to or has started such conflict and regardless of its cause.

12. Termination

We will give you two months’ notice if we need to terminate the Agreement. However, we may let you know that we are immediately terminating this Agreement if any of the following apply:

• we suspect that you are behaving fraudulently,
• you have not given us information we need, or we believe that information you have provided is incorrect,
• you have broken these Terms regularly or in a serious way, and you have not rectified the matter right within a reasonable time of us asking you to,
• you have died,
• you have been declared bankrupt (or the equivalent in the country you live in),
• we have good reason to believe that your use of the Service could damage our reputation or business, or badly affect us or any of our services,
• we have to do so by law or regulation,
• if relevant authorities make us shut down the activities in Lunar Block A/S, or
• you are no longer a customer in Lunar Bank A/S.

Lunar Block A/S’ termination

If we terminate this Agreement we will sell all the cryptocurrency that we hold on your behalf and place the equivalent amount of money in your Lunar Bank A/S account at the end of the notice period.

You will not have any influence on the selling price or the time of the sale in the termination process.

If you want to, you can sell off your crypto holdings during the termination period.

Your termination

You can terminate the Agreement with 14 days’ notice.

Before you decide to terminate your agreement, you will have to sell off your crypto holdings. When the crypto is sold you can contact us and we will terminate your agreement.

13. Communication

You will receive all statements, communications, and information regarding the Agreement and the Terms etc. from Lunar Block A/S via the app og via email.

These Terms and information about the Service are provided in English and Danish. In the event that the English and Danish versions do not match, it is the Danish version that is valid.

14. Cancellation

According to the Danish Consumer Agreement Act, you may cancel an agreement about a financial service within 14 days. If you want to cancel an agreement, call or write our customer support.

Your right of cancellation will lapse before expiry of the cancellation period if the Agreement has been fully completed by both you and us at your express request. The cancellation right will lapse if you buy crypto under this Agreement within the cancellation period.

15. Miscellaneous

Only you and we have any rights under the Agreement.

The Agreement is personal to you and you cannot transfer any rights or obligations under it to anyone else.

Lunar Block A/S will only transfer any of your and our rights or obligations under the Agreement if we reasonably think that this will not have a significant negative effect on your rights under these Terms or we need to do so to comply with any legal or regulatory requirement.

Legal disputes under this Agreement will be settled according to Danish law and before a Danish court of law.

16. Complaints

In case of a disagreement you should always contact customer support to make sure that such disagreement is not based on a misunderstanding. If you still disagree or are not satisfied with the outcome of your complaint, you may send us a complaint on klage@lunarblock.app