Digital asset trading can result in substantial or total loss. Liquidity, execution, and settlement may be disrupted, and some transfers cannot be reversed. Read these disclosures before entering into a transaction and assess whether you can understand and bear the risks.
1. Scope and your contracting entity
These disclosures address services provided by Trillion Capital Markets Inc. and Trillion Capital Markets AG, each trading as Trillion Digital. Your signed Master Trade Agreement identifies your contracting entity and the services available to you. Read this page alongside that agreement, the applicable Terms of Service, and the terms of each transaction.
This is a summary of material risks, not an exhaustive list or an offer of every service discussed. Risks vary by asset, transaction, jurisdiction, and settlement arrangement. Nothing here changes your signed agreement, creates a guarantee, or excludes rights or duties that cannot lawfully be excluded.
2. Market value and liquidity
Digital asset prices can move sharply in a short period, including outside banking hours. Prices may be affected by concentrated ownership, market manipulation, changes in demand, issuer events, or the failure of a trading venue. An asset can lose all of its value; past performance does not indicate future results.
Markets are fragmented and liquidity can disappear during stressed conditions. A large order may move the market, be filled only in part, or be impossible to execute at an acceptable price. A displayed price or an earlier quote does not ensure that the same price or size remains available.
3. OTC pricing, execution, and conflicts
Quotes may differ across providers and may include a spread or markup. Whether a quote is indicative or executable, how it is accepted, and when a trade becomes binding depend on your agreement and the quoted terms. Electronic messages can be delayed, duplicated, or fail to arrive; verify trade confirmations and promptly raise discrepancies through an agreed contact channel.
Unless otherwise agreed and permitted by applicable law, Trillion Digital acts as principal for its own account. Our positions, hedging, and trading interests may differ from yours and can affect pricing or liquidity. Review the conflicts and execution provisions in your entity's Terms of Service. Any execution or conduct duties imposed by law or agreement remain applicable.
4. Counterparty and settlement risk
A counterparty, including Trillion Digital, or a bank, issuer, exchange, or other provider involved in a transaction may fail to perform, become insolvent, or restrict access to funds. You may receive assets late, recover only part of what is owed, or lose the amount exposed. Recovery depends on the contractual arrangements, applicable law, and the relevant insolvency process.
Sending funds or assets before receiving the other side of a trade exposes you to non-delivery. Do not assume transfers are simultaneous or protected by payment-versus-payment arrangements unless expressly agreed. Banking cutoffs, holidays, time zones, compliance checks, and blockchain confirmations can delay settlement. A broadcast transaction or payment instruction is not the same as final, available funds.
5. Stablecoins and issuer risk
A stablecoin's target value is not a guarantee. Its market price may diverge from its reference currency or asset, temporarily or permanently. Stability depends on the issuer, reserve quality and availability, redemption arrangements, market liquidity, and any mechanism used to maintain the peg.
Redemption may be restricted to eligible holders, subject to fees or delays, or suspended. Holding a token does not necessarily give you a direct claim to its reserves or a right to redeem with the issuer. Issuers or other authorised parties may be able to freeze or restrict transfers. Review the specific token's terms and reserve disclosures before trading.
6. Foreign exchange and conversion
Exchange-rate movements can change the value of a position, payment obligation, or trading proceeds in your reporting currency. Conversion spreads, bank charges, and network fees can reduce the amount ultimately received. Different currencies and payment networks may have different operating hours, settlement rules, and transfer restrictions. Confirm the currencies, amounts, fees, and delivery instructions for each transaction.
7. Blockchain, wallet, and security risks
An incorrect address, unsupported network or token, missing memo, or compromised signing key can cause permanent loss. On-chain transfers are often irreversible. Independently verify settlement instructions, particularly changes to bank accounts or wallet addresses. Phishing, impersonation, malware, and unauthorised access can compromise communications or credentials.
Networks and smart contracts may contain defects or be subject to attacks, congestion, outages, or governance changes. Forks and chain reorganisations can affect balances, transaction finality, or asset value. Where an asset relies on a bridge or wrapped-token structure, failure of that mechanism can introduce additional loss or redemption risk. Support for a fork, airdrop, or new token is not automatic and depends on the applicable service terms.
8. Operational access and third parties
Failures affecting our systems or those of banks, connectivity providers, trading venues, or other service providers can interrupt quoting, execution, reporting, or settlement. Access may be unavailable when prices are moving.
9. Legal, regulatory, and tax changes
An asset's classification, permitted uses, and tax treatment vary by jurisdiction and may change. New rules, sanctions, enforcement measures, or restrictions can affect trading, transfers, redemption, or value. Required identity, beneficial-ownership, source-of-funds, and transfer checks may delay or prevent a transaction. Applicable reporting, asset-freezing, and non-disclosure duties may limit what can be processed or communicated.
Assess the legal and tax consequences of your transactions with qualified advisers. These disclosures do not provide investment, legal, or tax advice and do not determine your eligibility for a particular product or jurisdiction.
10. Limits of insurance and regulatory status
Crypto assets are not FDIC-insured deposits. FDIC insurance does not protect against the failure of a non-bank crypto company or losses in the value of an asset. A banking relationship used for settlement does not itself insure your digital assets.
SIPC does not protect market losses or digital assets that do not qualify as securities under the Securities Investor Protection Act. Any SIPC protection depends on the applicable statutory conditions, including the involvement of a SIPC-member brokerage firm and eligible customer property. Do not assume it applies to an OTC digital asset transaction.
Licences, registrations, and SRO memberships are entity-specific and are not endorsements of an investment. Trillion Capital Markets AG's VQF membership concerns AML supervision; it is not a FINMA banking or securities firm licence, deposit insurance, or a guarantee against loss. Details are set out in our Regulatory Information. Do not rely on insurance or a surety bond unless the coverage and your entitlement have been confirmed; any coverage may have limits, exclusions, and conditions.
Questions before trading
Resolve questions about the asset, quote, contracting entity, and settlement arrangements before committing to a transaction. For questions about these disclosures, contact compliance@trilliondigital.io.