crypto discontinuation on bux
and migration process
BUX is being acquired by ABN AMRO Bank, one of the largest banks in the Netherlands. This acquisition does not include BUX crypto activities. After thoroughly evaluating our crypto operations, we concluded that discontinuing and offering clients to transfer them to a trusted third party is the only feasible option.
What are my options if I still have cryptocurrency positions at BUX?
If you still have a cryptocurrency position at BUX, you can choose one of the following two options:
Option 1: Migrate your Crypto positions to CoinmerceEffortlessly and free of charge
BUX has entered into a collaboration with Coinmerce. Coinmerce is a DNB-registered Dutch crypto trading platform, which focuses entirely on user friendliness to provide its users with a safe, educational and simple experience. Coinmerce has 350+ assets so you can keep all your current crypto positions (except for the BUX Token) by migrating them to Coinmerce effortlessly and for free.
All you need to do for this is give us your consent by following the link from the email you have received or from the popup in the app and agree to the terms. Your positions will be migrated to Coinmerce as soon as possible. If you haven’t received the email or can’t find it anymore, feel free to reach out to our Support team via the app or via firstname.lastname@example.org email. They will gladly assist you further in the process.
Option 2: You can sell your Crypto positions on the BUX platform up to and including March 18, 2024
If you do not wish to migrate your crypto positions to Coinmerce, you can also sell your crypto positions on the BUX platform yourself. This option remains available up to and including March 18, 2024.
Can all my crypto positions be migrated to Coinmerce?
All your crypto positions can be migrated to Coinmerce except BUX Token.
What happens if I have not migrated or sold my crypto positions at BUX before March 19, 2024?
If you did not sell your crypto positions before March 19, 2024 and you haven’t been migrated to Coinmerce at that time, we will still migrate your crypto positions to Coinmerce in the week thereafter. Just like the normal migration process, you will then receive an email from Coinmerce to complete your onboarding process with them.
Why did BUX choose Coinmerce as a migration partner?
BUX has chosen Coinmerce as their trusted partner in this process. Some of the reasons for this choice are:
- Coinmerce has a registration with the Dutch regulator, the DNB;
- Coinmerce offers trading in more than 350+ crypto assets;
- Coinmerce offers competitive fees ranging from 0.2% to 0.5%, down from 0.5% at BUX;
- Coinmerce offers very competitive spreads;
- Coinmerce has agreed to grant every BUX user that holds 1,000 BUX Tokens a twelve-month waiver of transaction fees;
- Coinmerce allows you to deposit or withdraw crypto to or from their platform.
How does the migration actually work?
The migration process is executed in the background in six steps, but all you need to do is give your consent and finish a few onboarding steps at Coinmerce to log in to your new account. Below is an overview of the steps to give you an idea of the process.
- You grant us your consent to share some basic KYC data with Coinmerce and to migrate all your crypto positions to Coinmerce. We have sent you an email with a link to give consent.
- After you give consent, we share your KYC data with Coinmerce. We do this in bulk at the end of each day. BUX takes care of this.
- As soon as Coinmerce has received the KYC data, your account will be created. This takes a few hours. Coinmerce takes care of this.
- BUX will then migrate your assets to Coinmerce. Coinmerce will then send you an email within one or two hours to finish creation of your account.
- The email from Coinmerce to you contains a link to finalise your account creation with Coinmerce. This only involves a few remaining simple steps.
- After completing the last few steps to onboard, you can log in to your account and your crypto assets will already be waiting there for you.
When will my crypto positions appear in my Coinmerce account?
Shortly after your crypto positions have been redeemed from your BUX account, Coinmerce will send you an email to finish your onboarding process with them. At the time of receiving this email, your crypto assets are already waiting for you in your Coinmerce account. All you need to do to access them is finish the onboarding process with Coinmerce.
Until when can I sell my crypto positions on the BUX platform?
If you do not wish to migrate to Coinmerce, you can sell your crypto assets on the BUX platform up to and including March 18, 2024. Crypto trading in the BUX-app will be fully disabled on March 19, 2024. If you still own cryptocurrency positions at that time, BUX will still migrate them for you to Coinmerce platform. Coinmerce will create an account for you and email you to finish onboarding with them.
Can I withdraw my crypto from the BUX app to another crypto platform?
No, BUX has chosen Coinmerce as their trusted partner in this process. The only other option is to sell your cryptocurrency positions yourself on the BUX platform before March 19, 2024. However, you will be able to withdraw your crypto from the Coinmerce platform. Coinmerce does support this functionality.
Can I also migrate cash?
Coinmerce supports euro deposits and withdrawals just like BUX. However, it will not be possible to migrate euro from BUX to Coinmerce. BUX will only support crypto migrations to Coinmerce.
How will migrating my positions to Coinmerce affect my P&L at BUX?
Since your crypto positions will be migrated and not sold, the P&L on your crypto positions is effectively transferred to Coinmerce. Unfortunately, the ‘all time’ metric will no longer be accurate for your account. We are working on a way to fix this for you in the future.
What if I already have an account at Coinmerce?
If you already have an account at Coinmerce, you can still give consent for the migration. Coinmerce will send you an email upon receiving your crypto assets. Instead of asking you to finish creation of a new account, Coinmerce will simply ask you to log in to or to reactivate your existing account.
What will happen to the BUX Token utility?
As a consequence of the full discontinuation of BUX Crypto, BUX will also discontinue the BUX Token utility on March 19, 2024. This means the utility will remain applicable up to and including March 18, 2024. As a gesture of goodwill, BUX will grant every user that holds at least 1,000 BUX Tokens in the BUX app as of December 18, 2023, a twelve-month waiver of the monthly service fees at BUX, amounting to €2,99 per month. This waiver will go in effect in April, 2024. Additionally, all BUX Token holders with at least 1,000 BUX Tokens in the BUX app as of December 18, 2023, will also receive a twelve-month waiver of transaction fees on Coinmerce if they choose to migrate from the BUX platform to Coinmerce.
For more information on the terms and conditions of this waiver, please check https://coinmerce.io/en/need-help/bux/ or reach out to Coinmerce directly.
What will happen to my BUX Tokens after March 18, 2024?
If you do not submit a valid withdrawal request before March 1, 2024, BUX will remove the BUX Tokens from your BUX account after March 18, 2024. This is anticipated to happen before April 1, 2024. For more information about how to withdraw your BUX Tokens, please see the question ‘Can I withdraw my BUX Tokens from the BUX platform to an on-chain wallet?’.
Can I withdraw my BUX Tokens from the BUX platform to an on-chain wallet?
If you want to withdraw the BUX Tokens from the BUX app to your own on-chain wallet, you need to arrange this by providing customer support with your wallet address by email (email@example.com) before March 1, 2024. BUX will charge €25 for processing this request and this cash amount needs to be available in free cash on your BUX cash account on March 1, 2024. The risks for the BUX Token withdrawal are for your own account. BUX cannot advise you about this or be held liable for this. BUX will process your withdrawal request as soon as possible and before April 2024. If BUX Alternative Investments did not receive your BUX Token withdrawal request including the designated wallet address by email at firstname.lastname@example.org before March 1, 2024, or if the required cash is not freely available on your account on March 1, 2024, BUX cannot transfer your BUX Tokens to another wallet and will remove the BUX Tokens from your account as per March 19, 2024.
I want to close my account but I still have BUX Tokens.
If you want to close your BUX account but you still have BUX Tokens on your account, you will need to ask the support team for a ‘waiver-form’ to forfeit your BUX Token position to BUX and submit it to the customer support team. BUX will then remove all BUX Tokens from your BUX account before closing it. Alternatively, you can wait for BUX to remove the BUX Tokens from your BUX account after March 18, 2024. This is anticipated to happen before April, 2024.