Thank you for using Coinbase! You may have seen our exciting announcement recently that we have received a licence from the German regulator, the “BaFin” to provide crypto trading and custody services, and will launch our German entity in the coming weeks.
This is really great news, and is a crucial part of our commitment to providing our customers with a safe, regulated environment in which to enter the cryptoeconomy. It will also help us increase our product offering and serve German customers more effectively.
This new launch means that we need to make an update to the User Agreement for German customers, effective 2 August 2021. This summary is intended to help you better understand our updated User Agreement. To see the full scope of changes in the updated User Agreement that will govern your Coinbase account and use of the Coinbase services, you will need to review the full updated User Agreement.
Here’s a summary of the major changes and clarifications:
Change to the details of the Coinbase company (or companies) which provides service to you, to reflect that you will now receive services from a new German entity.
New details regarding the applicable regulatory authority (the German BaFin), and including risk warnings as required by German law.
Adding in specific references to applicable German legislation, such as the Anti Money Laundering Act (Geldwäschegesetz) or the German Civil Code (BGB).
Including an explanation that, as a customer of a licensed German entity, you may file a complaint about Coinbase Germany’s services with BaFin or a Chamber for Industry and Trade (Industrie- und Handelskammer).
Change to the provisions around Coinbase’s liability in the case of loss, in line with German law.
Change to the governing law of the User Agreement and the location of the courts that would decide any dispute.
If you have additional questions, please see our August 2021 - German Customer Account Update.