Risk warning

This document describes the main risks of buying, selling, holding and transferring crypto-assets through the pitiklini.com website and the Pitiklini app (the "Platform"). The Platform and the Pitiklini brand belong to PITIKLINI SOLUTION SL ("Pitiklini", "we", "us" or "our"). "You" means the person who visits the Platform or holds a user account on it (the "Account"). This document is general information and does not constitute investment advice. Every page includes a shorter version of this warning at the bottom; this is the full version.

Key warnings

Trading crypto-assets involves risk. Their value can fluctuate rapidly, and part or all of the amount invested can be lost. Liquidity can be limited, so there will not always be a buyer when you wish to sell. Crypto-assets are not covered by the Spanish Deposit Guarantee Fund of Credit Institutions (FGD) or by the Spanish investor compensation scheme (FOGAIN).

• No suitability assessment. The services available on the Platform do not include advice or an assessment of whether crypto-assets are suitable for you.
• Past performance. Past price movements do not predict future ones: a price that has risen will not necessarily continue to rise.
• Amounts invested. Invest only amounts whose loss you could bear, and do not use borrowed funds.
• Division of roles. Pitiklini provides the technology platform, and the crypto-asset services are provided by another entity, identified in the next section.

The European supervisory authorities (EBA, EIOPA and ESMA) recommend three checks before acquiring crypto-assets: understanding the risks involved, confirming that the firms you intend to deal with are authorised in the European Union, and protecting your devices and private keys. The official text is in those authorities' joint warning of October 2025 and the accompanying factsheet. This summary was prepared using material from those authorities, which do not endorse it.

Provision of the services and complaints

DEPASIFY S.L. (the "Provider"), a crypto-asset service provider subject to Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), verifies users' identity and provides the Crypto-Asset Services. The "Crypto-Asset Services" are the custody, purchase, sale, exchange and transfer of crypto-assets, including deposits and withdrawals, and the related euro payments. Pitiklini provides the technology platform: it develops and maintains the website and the app, manages Accounts, hosts and moderates P2P listings and provides user support.

• Identification. The identification details of both entities are set out in the Legal notice.
• Complaints. Complaints about the Crypto-Asset Services are submitted through the complaints page. Complaints about Pitiklini may be sent to soporte@pitiklini.com.

Available protection and its limits

• Guarantee schemes. Losses on crypto-assets are not covered by any guarantee scheme: neither by the Deposit Guarantee Fund nor by the investor compensation scheme.
• No advice. No investment recommendations are made, and no assessment is made of whether a transaction is suitable for you. Investment decisions are yours alone.
• MiCA protection. The MiCA Regulation requires firms authorised to provide crypto-asset services to inform their clients clearly, handle complaints, and keep clients' crypto-assets segregated from their own and protected. This protection depends on the firm providing the service being authorised under that Regulation.
• Euro balances. The Provider holds euro funds directly or through the payment institution it works with. Whether those funds are covered by a guarantee scheme depends on how they are held, so it is advisable to request that information before keeping euro balances on the Platform.

Price volatility

• Sharp movements. Crypto-asset prices can change sharply, sometimes within minutes, and can fall close to zero.
• Price formation. There is no official price: each trading venue applies its own, and crypto-asset markets do not have all the safeguards of a securities market.
• Advertising and pressure. Be wary of promises of profits, of anyone pressing you to decide quickly and of promotion by influencers, who might be paid for it.
• Complexity. Some crypto-assets are complex. Do not acquire a crypto-asset if you do not understand how it works.

Liquidity and order execution

• Liquidity. For a crypto-asset or a pair with little activity, there might be no counterparty at the price you want, or not for the full amount.
• Difference between buying and selling. If you sell immediately after buying, you will receive less than you paid, in addition to the fees.
• Order types. A market order executes at the price available at that moment, which can be worse than the last one displayed. A limit order might never execute, and a stop-limit order might not execute if the price moves quickly.

Stablecoins

• Definition. Stablecoins are crypto-assets that aim to maintain a stable value. E-money tokens reference a single official currency, such as the euro, and can only be issued by credit institutions or electronic money institutions. Their holders can require the issuer to redeem them at face value. Asset-referenced tokens reference several assets or currencies.
• Interest. They do not generate interest: the rules prohibit paying interest for holding them.
• Loss of peg. They can lose their reference value if the issuer faces difficulties or if the assets backing them fail.
• USDT (Tether). Its issuer does not hold an authorisation to issue e-money tokens in the European Union. For that reason, ESMA has asked firms providing crypto-asset services to allow it only to be sold or withdrawn, and transactions in USDT can be limited to those two. The public Pitiklini website does not include it among its markets.

Custody by a third party

• Custody and private keys. The crypto-assets in the Account are held in custody by the Provider, which keeps the private keys; you do not hold them. This form of custody is convenient, but if the entity holding them faced technical, security or financial difficulties, such as insolvency, recovering the crypto-assets could be delayed or incomplete.
• Balance records. The Account balance is kept in the Platform's records, and the crypto-assets held in custody are regularly checked against them.
• Network risks. The operation of each blockchain does not depend on the entity holding the crypto-assets. A failure of the network itself, a fork (when a chain splits in two) or an error in its software can affect the crypto-assets in the Account without anyone being liable for it.

Buying and selling between users (P2P)

• Counterparty. The sale is concluded directly between two users who do not know each other. Pitiklini hosts and moderates the listings, but the transaction binds only the parties.
• Euro payment. The parties make the euro payment directly to each other, outside the Platform, and no third party receives or guarantees it.
• Payment reversals. A payment received can be reversed. The payer can ask their bank to refund a transaction they claim not to have authorised, up to thirteen months later. The bank refunds it immediately (Spanish Royal Decree-law 19/2018, Articles 43 and 45). If you release the crypto and the payment is then reversed, you can lose both.
• Release. Release the crypto only once you have confirmed that the payment has reached your bank account, never on the basis of a receipt, a screenshot or a message, which can be forged.
• Payer. Accept payments only from the other party to the trade. A payment from a third party's account can come from a scam, and the bank could return it to whoever made it.
• Communications. Communicate only through the trade's chat and do not continue the conversation elsewhere: if a dispute arises, the chat is what can be reviewed.
• Disputes. Disputes are resolved by Pitiklini's team on the basis of the information provided by both parties, in accordance with the Terms and conditions. While a dispute remains open, the crypto stays set aside.

Deposits and withdrawals

• Irreversibility. A blockchain transfer cannot be undone. An error in the address, the network or the tag (memo) can result in the loss of what is sent.
• Correct network. The same crypto-asset can exist on several networks, and if it is sent on a network that the Platform does not support, it can be lost. Check the network before each deposit and each withdrawal.
• Timing and network fee. Transfers are not instant: they depend on network confirmations and take longer if the network is congested. The network fee is not charged separately: it is included in the withdrawal fee shown under Fees.
• Review and destination details. Some withdrawals are reviewed before they are sent, to protect you from fraud, and the law requires that you be asked for details of the destination. If you send more than €1,000 to a wallet of your own that is not held in custody by a third party (a self-hosted address), you could be asked to prove that it is yours (Regulation (EU) 2023/1113).

Technical incidents, pauses and maintenance

• The Platform can be stopped for maintenance, a technical fault or security reasons. During that time, you might not be able to trade, deposit or withdraw.
• Open orders and P2P trades follow their own rules, set out in the Terms and conditions.
• The Status page shows whether any function is unavailable and since when.

Cyberattacks, impersonation and scams

• Impersonation. Third parties might try to deceive you by pretending to be Pitiklini or the entities it works with, by email, phone, messaging or social media. We will never ask for your password or your codes, or ask you to send crypto-assets or money to "verify" or "unlock" your Account.
• Recovery scams. Be wary of anyone who promises to recover money lost to a scam in return for an upfront payment: it is usually a second scam.
• Account protection. Use a password that you do not use for any other service, enable two-step verification and set up the anti-phishing code, which appears in our emails so that you can recognise them. Further advice is available under Security.
• In the event of a scam. If you believe you have been the victim of a scam, change your password, contact soporte@pitiklini.com and report it to the police. If you need help, you can call 017, the free cybersecurity helpline of INCIBE, the Spanish National Cybersecurity Institute.

Crypto-assets that stop being available

A crypto-asset can stop being offered, for example if it no longer complies with the law, its issuer disappears, a security flaw is discovered or it loses liquidity. In that case, we will notify you sufficiently in advance and, as a general rule, you will be able to withdraw it to a wallet of your own or sell it before the date indicated. It will not be converted into euros without your consent.

Changes to the law, the services and the Platform

• The rules on crypto-assets continue to evolve, in Spain and in the European Union, and a change can affect what can be offered or how.
• Another entity could come to provide the Crypto-Asset Services. We will notify you of the change in advance, and the Terms and conditions explain when you can close your Account free of charge.
• Some products are shown as "Coming soon": they are not available.

Taxation

This is general information: it is not tax advice, and how it applies depends on each person's situation. Consult a tax adviser or the Spanish Tax Agency (in Spanish).

• Personal income tax. The result of selling a crypto-asset is a capital gain or loss, and exchanging one crypto-asset for another is also treated as a disposal.
• Wealth tax. You might have to declare your crypto-assets, depending on their value and the autonomous community in which you reside.
• Form 721. This is the information return for crypto-assets held in custody for you by an entity located outside Spain, when their value exceeds €50,000.
• Exchange of information (DAC8). Firms providing crypto-asset services must report their clients' transactions to the Spanish Tax Agency. This is required by the EU rules on administrative cooperation in the field of taxation (Directive (EU) 2023/2226, known as DAC8), applicable since 1 January 2026, whose transposition into Spanish law is under way.
• Regional tax regimes. The Basque Country and Navarre have their own tax rules.

Further information

• The European authorities' joint warning and factsheet.
• The CNMV page on crypto-asset regulation.
• Each crypto-asset's profile under Markets, with a link to its technical document.
• The Terms and conditions, the Conflicts of interest policy and the Fees.