HIGH-RISK INVESTMENT PRODUCT

1. The value of investments and the returns obtained from them can experience significant fluctuations, both upwards and downwards, and the entire amount invested may be lost.
2. Investments in early-stage projects involve a high level of risk, so it is necessary to thoroughly understand their business model.
3. The crypto-assets covered by this Circular are not protected by customer protection mechanisms such as the Deposit Guarantee Fund or the Investor Guarantee Fund.
4. The prices of crypto-assets are formed without mechanisms that ensure their proper formation, such as those present in regulated securities markets.
5. Many crypto-assets may lack the necessary liquidity to divest an investment without suffering significant losses, as their circulation among investors, both retail and professional, can be very limited.

Risks Related to Technology

1. Distributed ledger technologies are still in an early stage of maturity, with many of these networks created recently, so they may not be sufficiently tested, and there may be significant failures in their operation and security.
2. The recording of transactions on networks based on distributed ledger technologies functions through consensus protocols that may be susceptible to attacks attempting to modify the record. If these attacks are successful, there would be no alternative record supporting these transactions or their corresponding public key balances, potentially resulting in the total loss of the crypto assets.
3. The anonymity features that crypto-assets can provide make them a target for cybercriminals, as stolen credentials or private keys can be used to transfer crypto-assets to addresses that hinder or prevent their recovery.
4. The custody of crypto assets entails a very significant responsibility, as they can be entirely lost in the event of theft or loss of private keys. The custody activity is carried out through Binance Spain, S.L. with VAT number B01929306, headquartered at C/ Don Ramon De La Cruz, 38, 28001 – Madrid, Bitstamp Europe S.A., headquartered at C/ Avenue Monterey, 40, L-2163, Luxemburgo, and Gate Technology Inc. headquartered at PO Box 2804, Grand Cayman KY1-1112 , Cayman Island, with the applicable law being the law of Spain.

Legal Risks

1. The acceptance of crypto-assets as a medium of exchange is still very limited, and there is no legal obligation to accept them.
2. When the service provider is not located in a country of the European Union, resolving any conflicts could be costly and fall outside the scope of Spanish authorities' jurisdiction.
3. The investor will not have access to the crypto assets, which will be in electronic wallets ("wallets") of Binance Spain registered with the Bank of Spain as a provider of virtual currency exchange services for fiat currency and electronic wallet custody (reference code D661). Users can consult and carefully read Binance's Terms of Use for more information.