These Risk Notices relate to your access to and use of the Services made available by eNor Securities through the Platform or the Platform’s Site and any other related services provided by eNor Securities, and constitute a part of the Exchange’s Terms of Service available on the Platform’s Site (the “Terms”). These Risk Notices are incorporated by reference into the Terms. Unless otherwise defined, capitalized words used in these Risk Notices shall have the meanings ascribed to them in the Appendix to the Terms. The rules of interpretation set forth in the Appendix to the Terms shall apply to these Risk Notices.

These Risk Notices are not directed at nor intended to be directed at, and are not intended for distribution or publication to, or use by any person who is a resident or located in any jurisdiction in which the targeting, direction, distribution, or publication, or use of such information, would be contrary to Applicable Laws or subject the eNor Securities and any of its subsidiaries, parent companies, affiliates, direct or indirect owners, controlling companies, or entities under common control, or any of their managers, directors, employees, or agents (collectively, the “eNor Securities Group”) to any registration or licensing requirements in relation to such jurisdiction.

Risk Management for eNor Securities Services

Incorporation of Risk Notices: The Risk Notices mentioned above shall be incorporated by reference into the eNor Securities Terms of Service.

Definitions: The definitions established in the Appendix to the eNor Securities Terms of Service shall apply to the Risk Notices.

Jurisdictional Restrictions: The Risk Notices clearly highlight jurisdictional restrictions, warning about locations where the distribution or use of services could be contrary to applicable laws or result in additional registration or licensing requirements for eNor Securities and its related entities.

Information Dissemination: A clear procedure is applied to ensure that the Risk Notices are made available to eNor Securities clients appropriately, avoiding distribution in jurisdictions where their disclosure may be problematic.

Legal Compliance: The eNor Securities team ensures that all practices regarding the disclosure and distribution of Risk Notices comply with applicable laws and regulations in all jurisdictions where services are offered.

Team Training: All eNor Securities employees are required to receive adequate training to understand the importance of Risk Notices and how they should be communicated to clients.

Ongoing Review: Risk Notices are regularly reviewed to ensure they remain up-to-date and reflect changes in laws, regulations, or financial market practices.

You should adequately inform yourself about the various risks involved in using the Services and make your own decisions based on your personal risk appetite. All information provided on the Platform’s Site is for informational purposes only. The eNor Securities Group is not providing any legal, tax, accounting, financial, or investment advice, and nothing provided to you should be relied upon as such. You should carefully consider your personal situation and/or consult your independent professional advisors (including legal, tax, accounting, financial, and investment advisors) before participating in any Services offered by the eNor Securities Group.

These Risk Notices are a non-exhaustive list of potential risks associated with the products and services available on the Platform’s Site. By accessing the Platform’s Site and any of the Services, you are considered to have reviewed, acknowledged, and accepted ALL of these risks, including, but not limited to, those described here, as well as those described in the Terms. You should also consider any other factors (such as local laws and requirements) that may be relevant to your circumstances and place of residence or operation and that are not listed below. Some or all of the Services may not be available in your jurisdiction or place of residence, or may be restricted to certain types of sophisticated or qualified investors.

Where relevant, the issuers or promoters of digital assets listed on the Platform may provide their own information about the functionality and risks of these digital assets. eNor Securities is not responsible for the accuracy or completeness of such information.

Product Risk

Digital Assets in General: Digital assets are high-risk products. The protocols, networks, systems, and other technologies (including any blockchain or comparable technology) related to any digital asset may include coding errors that may cause them not to function as intended and can lead to catastrophic failures. Forks, updates, software bugs, or a change in consensus mechanisms or how transactions are confirmed, among other factors, can have unintended adverse effects on the corresponding digital asset. Digital assets and their underlying technology may be vulnerable to attacks on their security, integrity, or operation, including, but not limited to, attacks using computational power to overwhelm the normal operation of a blockchain or its consensus mechanism and maliciously alter transactions (e.g., “double-spending attacks”). A digital asset may be lost, double-spent, lose its developers, miners/validators, or user community, or may lose all or most of its value, either through forks, attacks, bugs, changes in the characteristics or properties of the digital asset, or failure of the digital asset to operate as intended, or any other reason. Activities related to digital assets may also be subject to legal or regulatory restrictions or requirements in different jurisdictions, non-compliance with which may result in your personal liability or imposition of fines. Therefore, you should verify the position in your jurisdiction and seek professional advice if uncertain. Neither eNor Securities nor any of its directors, employees, or collaborators make any representations regarding the suitability of digital assets as investments or their availability and/or liquidity in your jurisdiction. You should consult your professional advisor in your jurisdiction before making any investment decision, or otherwise dealing with digital assets and acknowledge and agree that you do so at your own risk.

Private Keys: Digital assets are controlled solely by the holder of the unique public/private key pair related to the wallet in which such currency is held. Private keys must be securely protected and stored to prevent unauthorized third parties from accessing the assets held in such a wallet. We, or our sub-custodians or third-party service providers, as applicable, maintain digital assets in custody in two types of wallets: (i) hot wallets, which are managed online, and (ii) cold wallets, which are managed offline. In the event that any of our private keys is lost, destroyed, unable to be accessed by us, our sub-custodians, or third-party service providers, or otherwise compromised, and no backup of that private key is accessible, we, our sub-custodians, or third-party service providers will not be able to access the digital assets held in the related hot or cold wallet.

Furthermore, we cannot provide assurances that any of the wallets of any or all of our sub-custodians or third-party service providers will not be hacked, compromised, or subject to security breaches or malicious activities, resulting in digital assets being sent to one or more private addresses that we, our sub-custodians, or third-party service providers do not control. This could lead to the loss of some or all of the digital assets that we, our sub-custodians, or third-party service providers hold in custody on behalf of clients. Any loss of private keys related to a hack or other compromise of hot or cold wallets used to store our clients’ digital assets could result in partial or total loss of clients’ digital assets or adversely affect our clients’ ability to sell or withdraw their assets from our Platform.

Terceiros Subcustodiadores: We may engage sub-custodians or third-party service providers to, as applicable, (i) hold the digital assets you deposit in a collective wallet maintained and operated by them, (ii) provide the backend infrastructure and related services we use to hold the digital assets you deposit in a collective wallet maintained or hosted by them but operated by us, or (iii) perform any of our other obligations, duties, and rights under the Terms or in connection with the Services. There is a risk of loss arising from the use of collective accounts or backend infrastructure and related services provided or maintained by sub-custodians and third-party service providers. We seek to protect ourselves and you by carefully selecting our sub-custodians and third-party service providers and requiring them to adopt a contractual standard of care and implement extensive policies and procedures, including (but not limited to) information security obligations, aimed at reducing the risk of loss. However, ultimately, there is no guarantee that such measures will be fully successful in preventing losses. For example, in the event of insolvency, failure, default, breach, hacking, loss, business interruption, fraud, theft, error, negligence, or accident by or from a sub-custodian or third-party service provider engaged by eNor Securities to hold and operate a collective account for digital assets, or to provide the backend infrastructure we use to hold your digital assets in a collective account, as applicable, eNor Securities, as custodian and bailee on your behalf, may have only an unsecured claim against the sub-custodian or third-party service provider in connection with the digital assets. Although we make commercially reasonable efforts, as determined by us, to try on your behalf to recover the amounts owed, there is no guarantee that such efforts on our part will be successful, or that any recovery will be obtained promptly or in full, and you are exposed to the resulting risk of loss. eNor Securities is not responsible for any losses you may suffer caused directly or indirectly by our custody of digital assets related to your Account with a sub-custodian or third-party service provider or by the use of infrastructure and related services provided by a sub-custodian or third-party service provider. You assume all risk of loss in relation to the above. If you do not wish to accept this risk, you should not open an Account or access the Services.

Without Deposit Protection: Digital assets held in wallets are not eligible for or subject to any public or private deposit insurance protection. While, in some cases, our sub-custodians may be required, under the terms of our contractual agreements, to maintain certain insurance coverage while providing custody of the digital asset we hold on your behalf, there is no guarantee that any such insurance proceeds will actually be available, in whole or in part, in an amount sufficient to cover any loss or shortfall resulting from the custody of the digital asset by the sub-custodian, or that any such insurance proceeds will be available promptly. Fiat currency held in wallets may (or may not) be subject to deposit insurance protection, but there is no guarantee that proceeds from such deposit insurance (if available) will be sufficient to cover any deficits related to your Account.

Forks: Any user of an open-source blockchain can download the software, modify it, and then propose that other users and miners of that blockchain protocol adopt the modification. When a modification is introduced and the community decides to adopt it, the change is implemented through a software update, and the blockchain protocol networks, as applicable, can continue operating without interruption. However, if part of the community rejects the proposed modification and the modification is not compatible with the software before its modification, the consequence would be a fork (i.e., a split) of the affected blockchain protocol network, with one group running the pre-modified software and the other running the modified software. The effect of such a fork would be the existence of two separate versions of the blockchain protocol network, operating simultaneously but incompatible with each other, and with the native token or digital asset of each network unable to operate on the other network. A fork can lead to a disruption of the relevant blockchain networks and our information technology systems, cyber-attacks, replay attacks, or security vulnerabilities, any of which can result in temporary or even permanent loss of the digital assets we hold for users.

In the event of a fork, we will need time to assess the impact of the fork on our operations and determine our response, and we have the authority to suspend our Services in whole or in part without prior notice while we do so. We have full discretion to determine whether we will support a forked network (or which branch of a blockchain network related to a digital asset to support post-fork, if any) and all aspects of our response to a digital asset that undergoes a fork. Regarding any digital assets held in your wallet, you do not have the right, and we do not have the obligation, to allow you to realize any economic or other benefit arising from the occurrence of a fork (including, without limitation, with respect to any resulting tokens or digital assets), although we may choose, at our sole discretion, to attempt to do so anyway and subject to any terms or conditions we choose.

Trading and Market Risk

No Transaction Advice: eNor Securities does not provide guidance on the merits or risks of specific transactions, or on tax consequences. Nothing that we or our representatives provide, such as (but not limited to) market commentary, newsletters, educational materials, or market data or information, is, and none of them should be construed as, a recommendation, endorsement, financial advice, solicitation, or offer to sell, purchase, or subscribe to any digital assets, products, and/or services offered by eNor Securities. You should consult your financial, tax, or other advisors. Any decision to buy or sell digital assets is your decision, and eNor Securities or any of its affiliates, agents, advisors, directors, employees, or shareholders will not be liable for any losses suffered.

Volatility and Liquidity Risks: Users should be aware that the digital asset market is relatively new and subject to very significant volatility and liquidity fluctuations. Digital assets may have unique characteristics that make them susceptible to substantial value fluctuations, and to date a significant amount of digital asset trading has been driven by speculation. These fluctuations can decrease or increase the value of your digital asset portfolio at any time, and in some cases, the value of a specific digital asset may even drop to zero, resulting in a total loss of your investment. The value of digital assets can fall or rise, and there is a substantial risk that you may lose part or all of your investment when buying, selling, holding, or otherwise transacting in digital assets. You should carefully consider whether trading or holding digital assets is suitable for you, considering your financial position.

Many factors, some known and others unknown, including (but not limited to) supply and demand, activity on other exchanges, actions by regulators and governments around the world, and many others, can have a significant impact on the prices of digital assets on the Platform and in the market overall. There is a risk that material losses may occur to you and market participants as a result of volatility, liquidity constraints, and speculation, among many other factors. You should ensure that you take all these risks into consideration when trading digital assets, including the value of a transaction, trading frequency, margin and collateral obligations, and any stop-loss limits. If you feel uncomfortable with the risks or with the position of your Account, you should consider reducing or eliminating your exposure or seeking independent advice from experts. You are solely responsible for forming your own opinions or consulting your professional advisors regarding the suitability of any specific trade or transaction, and assume all risk of loss related to this.

Risks Due to Regulatory, Legal, and Tax Uncertainty

The laws governing blockchain technology and digital assets vary from jurisdiction to jurisdiction, and it is solely and exclusively your responsibility to obtain your own legal, accounting, and tax advice regarding these matters.

Depending on your country of residence, you may not be able to use all services and functions of the Platform. It is your responsibility to comply with the rules and laws in your country of residence and in the country or jurisdiction from which you access the Platform and Services. We reserve the right, at our sole discretion, to modify, vary, limit, suspend, terminate, or discontinue the Services in any jurisdiction at any time based on our assessment of the laws, regulations, and government policies applicable in that jurisdiction.

You should note that in certain circumstances, such as when there has been a violation of our Terms or suspicious activity is detected, eNor Securities may, at its absolute discretion, suspend your Account until the matter has been adequately resolved or appropriate action has been taken. In certain circumstances, eNor Securities may consider it necessary to report suspected illegal activities to the relevant law enforcement agencies.

Risks Related to eNor Securities’ Software and Third-Party Service Providers

Software and System Dependency, Failures, Interruptions, and Disruptions:

We rely heavily on various telecommunications technologies and infrastructures, such as the internet, mobile services, cloud setups, and data centers, to conduct a significant portion of our business operations. These technologies enable our clients to perform financial transactions on our Platform. The software ecosystem that supports our Services is quite complex, comprising both internally developed and third-party software. Our operations, along with those of the third parties we entrust with key functions, are susceptible to disruptions caused by a range of factors. These include natural disasters, power failures, service interruptions, downtime, hardware and software failures, cyber attacks, hacking, viruses, malware, denial-of-service attacks, phishing, ransomware, security breaches, credential stuffing, technological glitches, human error, acts of war, terrorism, unauthorized access, data loss, malicious actions, and other unforeseen events.

If any of our systems, or those of our third-party service providers, experience interruptions, it could result in failures of our products and services. This might lead to unplanned disruptions, slower response times, delays in executing and processing trades, trade settlement failures, incomplete or inaccurate trade accounting, unauthorized trades, loss of customer information, increased demand for customer support resources, or other issues. Furthermore, the software we depend on may contain errors, bugs, or vulnerabilities that could compromise customer experiences, data protection, or our ability to deliver services as expected. These issues may not be immediately detectable and could impact our operations after the software has been deployed.

As our customer base grows, we may encounter increased trading volumes on our Platform. This could strain our systems, potentially causing them to operate at reduced speeds or even fail temporarily or for longer durations. Such situations could affect our ability to process transactions accurately, possibly resulting in customer orders being executed at unintended prices or not being executed at all. Similar disruptions have been experienced by other digital asset trading platforms and stock exchanges, leading to customer inconvenience and service degradation.

Looking ahead, interruptions, destruction, improper access, breaches, instability, or failures of our information technology systems, or those of our third-party partners, may prevent customers from using some or all of our Services. It’s important to note that we do not provide any guarantees that our Services will always be available, uninterrupted, timely, secure, free from downtime, viruses, vulnerabilities, or errors. These risks underscore the need for robust contingency plans, ongoing monitoring, and proactive measures to safeguard our operations and customer experience.

Cybersecurity Violations or Attacks

Electronic information transmission can be vulnerable to attacks, interceptions, losses, or corruptions. Additionally, computer viruses and malware can spread rapidly over the internet, potentially infiltrating our systems or those of our clients or third-party service providers. Infiltration of our systems or those of our clients or third-party service providers could lead to future system disruptions, accidental or unauthorized access to or disclosure, loss, destruction, disabling, or encryption, use or misuse, or modification of confidential, sensitive, or otherwise protected information (including personal data) and data corruption.

In addition to traditional computer hackers, malicious codes (such as viruses and worms), theft or misuse by employees, and denial-of-service attacks, now sophisticated actors supported by nation-states and state-sponsored entities are involved in attacks (including advanced persistent threat intrusions). A vulnerability, error, bug, or other defect in our software or systems or that of a third-party service provider, a failure in our safeguards, policies, or procedures, or a breach of our software or systems or that of a third-party service provider may result in compromising the confidentiality, integrity, or availability of our systems or the data stored in our third-party solutions.

Although we have internal processes and technological measures to protect our systems and data and generally enter into cybersecurity and data privacy-related agreements with our third-party service providers, we cannot guarantee that such measures or agreements will prevent accidental or unauthorized access to or disclosure, loss, destruction, disabling, or encryption, use or misuse, or modification of data (including personal data), prevent harm or disruption or breach of our information systems, data (including personal data), and operations, or enable us to obtain adequate reimbursement or any reimbursement from our third-party service providers in the event that we or they experience such incidents. Furthermore, our and our third-party service providers’ remediation efforts may not be successful in anticipating, preventing, detecting, or stopping attacks or reacting in a timely manner.

Dependency on Third Parties

We rely on certain third-party computer systems or third-party service providers, including cloud infrastructure providers, internet service providers, payment service providers, market data providers, regulatory third parties, clearing systems, banks, financial institutions, banking systems, communication facilities, and other facilities to operate our Platform, facilitate trades for our clients, and support or fulfill certain regulatory obligations. These providers are susceptible to operational, technological, and security vulnerabilities, business interruptions, including (without limitation) security breaches, which may impact our business or our ability to provide the Services, and our ability to monitor the security of data from our third-party service providers is limited. In the event of a third-party service provider’s operations, there may be an impact on eNor Securities’ operations for an extended or indefinite period until new remediation measures are determined. Furthermore, these third-party service providers may rely on subcontractors to provide services to us that face similar risks. A disruption or cessation of service by our third-party service providers or their subcontractors, or a deterioration in the quality of their service or performance, could be disruptive to our business and your ability to access any or all of the Services. Any contractual protections we may have from our third-party service providers may not be sufficient to adequately protect us against such adverse consequences, and we may be unable to enforce such contractual protections.

Supported Digital Assets

Under no circumstances should you attempt to use your eNor Securities account to store, send, request, or receive digital assets in any form that we do not support. Such actions may result in the permanent loss of your digital assets.

eNor Securities may decide to remove any digital asset listed on the platform, or may cease to offer pairs in such a digital asset. This may mean that you will not be able to convert such a digital asset into another digital asset or into fiat currencies. eNor Securities may impose time limits for maintaining removed assets in eNor Securities accounts and may, under certain circumstances, require you to transfer these balances to your external wallets. eNor Securities does not assume any responsibility for any loss you may suffer as a result of such actions.

Separately Negotiated Agreements

Occasionally, we may, subject to Applicable Law and as determined by us at our sole discretion, enter into separately negotiated agreements with certain users that complement certain economic or other terms of the Terms or Policies, each exclusively applicable to the relationship of that user with eNor Securities and the use of the Platform and Services. Any separately negotiated agreement will be entered into based on factors or considerations determined by us as relevant at our sole discretion, and the agreements or terms offered to one user may not be available to all, or even any other user. You have no claim against us or the user who receives additional or different rights or terms as a result of a separately negotiated agreement, and the validity or applicability of the Terms or other Policies entered into between you and us are not affected by the existence or terms and conditions of any separately negotiated agreements we may have with any other user.

Suspension or Termination

There are circumstances in which we may suspend or terminate your Account or any of the Services, in whole or in part, or your access to them, at our sole discretion, in accordance with the Terms, and we may do so immediately, without prior notice to you, in the case of certain circumstances as provided for in the same. We may also impose limits on the amount of fiat or digital currencies you can withdraw from your Account, or suspend withdrawals, at our sole discretion.

Insolvency Risk

The financial situation of eNor Securities may deteriorate, leading to eNor Securities’ inability to fulfill its obligations or resulting in our insolvency or bankruptcy, or being placed under administration. If this occurs, we may be unable to meet our obligations to you and other users, and you may incur losses.

Choice of Jurisdiction in El Salvador for Disputes and Arbitration Clause

The Terms are governed and interpreted in accordance with the law of El Salvador, and the courts of El Salvador shall have exclusive jurisdiction over any dispute, claim, action, proceeding, or process initiated by you.

Unforeseen Risks

Digital assets are a new and untested technology. In addition to the risks described in this statement, there are other risks associated with the acquisition, storage, transfer, and use of digital assets, as well as security risks associated with the use of a digital asset wallet, including those that eNor Securities may not be able to anticipate. Such risks may further materialize as unforeseen variations or combinations of the risks described above.

Dependency on Third-Party Data

eNor Securities relies on data obtained directly or indirectly from third parties, including through its affiliates, to estimate the fair market value of assets on eNor Securities. There are risks that such data may become unavailable or corrupted, or that the provision of this data to the eNor Securities platform could be interrupted. This could result in delays in calculation, or inaccurate calculations, which could result in actions taken (or not taken) inconsistent with stated product specifications.

THE RISK WARNINGS ABOVE ARE NOT INTENDED TO BE A CONCLUSIVE OR EXHAUSTIVE LIST OF THE RISKS APPLICABLE TO THE PURCHASE, SALE, AND TRADING OF DIGITAL ASSETS ON THE PLATFORM. YOU REMAIN RESPONSIBLE FOR ENSURING THAT YOU UNDERSTAND THE TECHNOLOGICAL, ECONOMIC, AND LEGAL NATURE OF THE DIGITAL ASSET AND FOR CAREFULLY MANAGING YOUR EXPOSURE ACCORDING TO THIS UNDERSTANDING AND YOUR RISK APPETITE FOR NEW, VOLATILE, AND SPECULATIVE TECHNOLOGIES AND ASSETS. LAWS AND REGULATIONS VARY FROM COUNTRY TO COUNTRY, AND IT IS YOUR RESPONSIBILITY TO ENSURE YOUR COMPLIANCE WITH SUCH LAWS AND REGULATIONS.

FROM TIME TO TIME, WE MAY PUBLISH NEWS, RESOURCES, AND MARKET AND INFRASTRUCTURE UPDATES. THESE ARE FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED AS FINANCIAL OR OTHER ADVICE.