Some false and misleading allegations regarding our business model are currently circulating on certain websites, so we would like to comment as follows:
We are NOT a financial services provider. We do NOT conduct banking business. We do NOT accept client funds. As a result, we do not manage client funds. We also never pay out money to customers. We are merely a service provider who provides a service and is paid for it.
What service do we provide?
To start with an example: There are people who have no desire, no time or the necessary know-how to register a car with the registration office. There are companies that register a car for a fee.
Now, there are also countless people who would like to open an account with a trading platform for crypto currencies (Kraken, Livecoin, Poloniex, Binance etc.). A lot of people can’t or don’t have the time. We help these people to create their account and charge a fee for this service. Our customers only pay us for the service they provide.
The Austrian FMA has declared the following:
Quote: “The provider is therefore not permitted to accept third-party funds commercially for administration or as a deposit (§ 1 para 1 no. 1 Banking Act)“.
We never accept money for administration or as a deposit from our clients or other persons and have never at any time accepted such money. All payments by our customers for purchases of crypto currencies are made exclusively to our customers’ own accounts. This means that each customer pays the funds he wishes to invest exclusively into HIS OWN accounts and NEVER into our account or into another third-party account. The only payments to us are the amounts for the invoices we issue for the service provided.
As we therefore do not accept or manage third-party funds in the past or in the future, we also do not violate the FMA’s declared prohibition.