Risk policy

1. Purpose and Scope

This Risk Policy describes the principal risks associated with digital assets and with the products and services offered by PENDENTE Cambeon contracting entity, legal form, and place of registration (“Cambeon”, “we”, “us”, or “our”). It is provided so that you can understand the nature of those risks before deciding whether to engage with us.

This Policy applies to prospective and existing clients and to the representatives, beneficial owners, and authorized users of institutional clients. It refers to our activities generally, which may include structured management and operations, over-the-counter exchange of Fiat ⇄ USDT, on-chain liquidity, and access to global markets. PENDENTE confirm the specific products and services Cambeon offers, and the legal and regulatory status of the entity providing each one; do not describe Cambeon as holding any license, registration, or authorization unless it actually does.

This Policy cannot disclose every risk. It is not a substitute for the terms of any separate agreement between you and Cambeon, and where such an agreement applies, its risk provisions govern.

2. No Advice and Suitability

Nothing in this Policy or on our Website is investment, legal, tax, accounting, or other professional advice, and nothing is a recommendation to enter into any transaction or strategy or an offer or solicitation to buy or sell any asset or instrument.

You are solely responsible for deciding whether any product, transaction, or strategy is appropriate for you in light of your own objectives, financial circumstances, experience, and risk tolerance. You should obtain independent professional advice where you consider it necessary. You should not participate in any activity described here unless you understand its nature and the extent of your exposure to risk.

3. Capital at Risk and No Guaranteed Returns

Digital assets and related activities involve a high degree of risk. The value of digital assets can fall as well as rise, and you may lose some or all of the value of your assets. You should not commit funds that you cannot afford to lose.

Past performance is not a reliable indicator of future results. No return, yield, or outcome is guaranteed, and any illustration, projection, or hypothetical scenario is provided for information only and may not be achieved. PENDENTE confirm the return, yield, and performance characteristics of Cambeon’s actual products, and whether any figure, target, or range may be presented to clients.

4. Market Risk and Volatility

Digital-asset markets are highly volatile. Prices can move sharply and unpredictably over very short periods in response to market sentiment, macroeconomic conditions, regulatory developments, technological change, and other factors, many of which are outside our control. Market conditions can change faster than positions can be adjusted, and the price at which you enter or exit may differ materially from the price you expected.

5. Liquidity and Redemption Risk

Liquidity is the ability to buy or sell an asset without a significant effect on its price. In stressed or illiquid conditions, it may be difficult or impossible to execute a transaction at a reasonable price, or at all, and you may be unable to exit a position when you wish to.

Some products may involve holding periods, notice requirements, or redemption windows during which you cannot withdraw value. PENDENTE confirm any lock-up, notice, redemption, or settlement timeframe applicable to each Cambeon product, and the conditions under which redemption or withdrawal may be suspended, delayed, or restricted.

6. Counterparty, Credit, and Settlement Risk

Transactions may expose you to the risk that a counterparty, custodian, exchange, liquidity provider, or other third party fails to meet its obligations, becomes insolvent, or defaults. In that event, you may not recover assets or value owed to you, and you may rank alongside other unsecured creditors.

Settlement risk arises where one side of a transaction performs before the other. Because a digital-asset transaction may combine an on-chain leg and a fiat leg that settle through different systems and at different times, there is a risk that value is delivered on one side and not returned on the other. PENDENTE confirm the counterparties, custodians, venues, and settlement arrangements Cambeon relies on, and any settlement protections that apply.

7. Custody and Wallet Risk

The security of digital assets depends on the safekeeping of private keys and on the custody arrangements applied to them. Loss, theft, or compromise of a private key, or a failure by a custodian, can result in the permanent and irreversible loss of assets. Assets held in online (“hot”) environments face different risks from those held in offline (“cold”) storage.

PENDENTE describe Cambeon’s custody model accurately, including whether assets are held by Cambeon, by the client, or by a third-party custodian, the identity and regulatory status of any custodian, the use of hot and cold storage, and the treatment of client assets on insolvency; do not overstate the protections that apply.

8. Digital Asset and Blockchain Risk

Digital assets depend on blockchain networks and other technologies that we do not control. On-chain transactions are generally irreversible once confirmed; a transaction sent to a wrong or incompatible address may be lost permanently. Networks can experience congestion, delays, rising transaction fees, reorganizations, or periods during which transactions cannot be confirmed. Protocol changes, forks, and airdrops can affect the existence, value, availability, or supported status of an asset. The regulatory and technical treatment of a given asset can change.

9. Smart Contract and Protocol Risk

Activities that rely on smart contracts are exposed to the risk of defects, bugs, or vulnerabilities in the underlying code, and to exploits, hacks, or unexpected behavior. Smart contracts generally execute automatically and may not be capable of being reversed, paused, or corrected once deployed. An audit of a smart contract does not guarantee that it is free of defects or safe to use.

10. Stablecoin Risk

Stablecoins, including those used in Fiat ⇄ USDT activity, are designed to maintain a stable value relative to a reference asset, but they may fail to do so. A stablecoin can trade below or above its reference value (“de-pegging”), temporarily or permanently, and its stability depends on the issuer, the adequacy and composition of its reserves, its redeemability, and its legal and regulatory treatment. We do not issue or control third-party stablecoins and cannot guarantee that any stablecoin will maintain its value or remain redeemable. PENDENTE confirm which stablecoins Cambeon uses or accepts and any due diligence performed on their issuers.

11. DeFi and On-Chain Liquidity Risk

Decentralized finance (“DeFi”) and on-chain liquidity activities carry risks in addition to those described above. These include the risk of faulty or exploited protocol code, the risk that a price oracle provides inaccurate or manipulated data, the risk that a liquidity pool becomes depleted or imbalanced, and the risk of “impermanent loss”, where providing liquidity produces a worse outcome than simply holding the underlying assets. Many DeFi protocols are experimental, are not operated by an identifiable responsible party, and offer no recourse if value is lost. PENDENTE confirm the DeFi protocols, networks, and on-chain strategies Cambeon uses and the due diligence and controls applied to them.

12. OTC and Off-Exchange Transaction Risk

Over-the-counter (“OTC”) transactions are executed bilaterally, off public exchange order books. They do not benefit from the protections, transparency, or central-counterparty arrangements that may apply on a regulated exchange, and you are exposed directly to the counterparty to the transaction.

Because prices for OTC transactions are agreed bilaterally rather than set by a public order book, the price you receive may differ from prices quoted elsewhere and may not represent the best available price. Quoted prices may move between the time a quote is given and the time a transaction is executed, and larger transactions may move the market against you or be subject to a wider spread or to slippage. PENDENTE confirm how Cambeon determines and discloses OTC pricing, spreads, and any market-impact or slippage arrangements.

13. Structured and Managed Exposure Risk

Where we provide structured management or operations, or access to global markets, your exposure depends on strategies, positions, and instruments whose value can decline. Managed and structured activities do not eliminate market, liquidity, counterparty, or operational risk, and the use of process, limits, and diligence reduces but does not remove the possibility of loss. PENDENTE describe the actual structured and managed products and global-markets access Cambeon offers, the instruments and strategies involved, and their specific risks.

14. Leverage and Margin Risk

Leverage and margin magnify both gains and losses, so that a small movement in the market can produce a proportionately much larger effect on your position, and you may lose more than your initial contribution. Where margin applies, you may be required to provide additional funds at short notice, and positions may be closed out without your consent if margin requirements are not met. PENDENTE confirm whether any Cambeon product involves leverage, margin, or the possibility of loss exceeding the amount contributed; if none does, this section should be removed.

15. Operational and Technology Risk

Our activities depend on systems, software, networks, and processes that may fail, be interrupted, or contain errors. Hardware or software faults, connectivity problems, maintenance, capacity limits, and human error can delay, prevent, or affect the execution of transactions or access to services. Access provided through the internet or third-party platforms is subject to risks of interruption, delay, and failure that are outside our control.

16. Cybersecurity and Theft Risk

Digital assets and the systems that support them are targets for cyberattacks, including hacking, phishing, malware, social engineering, and the theft or compromise of credentials or private keys. A successful attack can result in the loss of assets or data. You are responsible for keeping any credentials confidential and for taking reasonable steps to protect the devices and accounts you use. PENDENTE confirm the security measures and any certifications Cambeon wishes to reference, without overstating the protection provided.

17. Third-Party and Service-Provider Risk

We rely on third parties, which may include custodians, exchanges, liquidity providers, banks, payment processors, technology providers, and blockchain networks. A failure, error, insolvency, security incident, or change of terms affecting any of them can affect our services and your assets, and we may not control or be able to prevent such events. PENDENTE confirm the categories of third parties Cambeon depends on and any material concentration in a single provider.

18. Fiat, Foreign Exchange, and Payment-Rail Risk

Transactions that involve fiat currency depend on banks and payment systems that are outside our control and that may impose delays, holds, limits, rejections, or freezes, and that may withdraw access to their services. Where a transaction involves converting between currencies, movements in exchange rates can affect the value you receive, and conversion may occur at a rate or time that differs from the one you expected. PENDENTE confirm the banking and payment arrangements Cambeon uses and any currencies and conversion terms that apply.

19. Cross-Border and Settlement-Timing Risk

Our activities and those of our counterparties and providers may span multiple countries, time zones, and market and banking hours. Differences in operating hours, cut-off times, holidays, and settlement cycles can delay the confirmation of transactions or the movement of value, and cross-border activity may be subject to additional legal, regulatory, and operational requirements. PENDENTE confirm the settlement times, cut-offs, and cross-border arrangements applicable to Cambeon’s products.

20. Legal, Regulatory, and Tax Risk

The legal and regulatory treatment of digital assets and related activities is evolving and differs between jurisdictions. Changes in law, regulation, policy, or their interpretation, including new restrictions, licensing requirements, or prohibitions, can affect the availability, value, or legality of our products and of particular assets, and can require us to change, suspend, or discontinue a service, in some cases without notice. PENDENTE state accurately the legal and regulatory status under which each Cambeon service is provided and the authorities, if any, that supervise it; do not reproduce another firm’s regulatory statements or imply that Cambeon holds any license or authorization it does not hold.

You are responsible for your own tax position. The tax treatment of digital assets and of any gains, income, or transactions can be complex and can change, and it depends on your individual circumstances and jurisdiction. You should obtain independent tax advice. PENDENTE confirm any tax-reporting information Cambeon provides or is required to provide.

21. Anti-Money-Laundering, Sanctions, and Compliance Risk

We are subject to legal and regulatory obligations relating to anti-money-laundering, counter-terrorist-financing, and sanctions, which require us to verify identity and source of funds, screen against sanctions and watchlists, monitor transactions, and report suspicious activity to competent authorities. To meet those obligations we may be required to request information, delay or decline a transaction, freeze or restrict assets or access, or terminate a relationship, and in some cases we may be prohibited from telling you why. PENDENTE confirm the AML, sanctions, and compliance framework applicable to Cambeon and the authorities to which it reports; do not carry over any specific regulator or regime without confirmation.

22. Restricted Jurisdictions and Eligibility

Our products and services are not available to persons in every jurisdiction, and eligibility may be subject to conditions. If you are located in, or are a resident or national of, a restricted jurisdiction, you may not be permitted to use our services. PENDENTE confirm the eligibility criteria and the list of restricted jurisdictions, to be set independently for Cambeon’s own regulatory footprint.

23. Conflicts of Interest

We, our affiliates, and the parties we work with may have interests that differ from, or conflict with, yours, including where we act in more than one capacity in relation to a transaction. PENDENTE confirm how Cambeon identifies, discloses, and manages conflicts of interest, including any role it takes as principal or counterparty in transactions with clients.

24. Force Majeure and Abnormal Market Conditions

Events outside our reasonable control, including market disruption, extreme volatility, failures of exchanges, networks, banks, or infrastructure, cyberattacks, changes in law, and other force-majeure events, can prevent, delay, or affect the execution of transactions and access to services. In abnormal market conditions, prices, liquidity, and the ability to execute can deteriorate rapidly, and transactions or withdrawals may be suspended or restricted.

25. Fees, Charges, and Taxes

The costs applicable to our services, including fees, charges, spreads, and network or transaction costs, affect your net result and can reduce returns or increase losses. You are responsible for any taxes and duties arising from your activity. PENDENTE confirm Cambeon’s fee and charge schedule, including how spreads and network costs are applied and disclosed.

26. Changes to This Policy

We may update this Risk Policy from time to time. Any updated version becomes effective when published on the Website. Your continued engagement with us after an update means you acknowledge the revised Policy.

27. Client Acknowledgement

By engaging with us, you acknowledge that you have read and understood this Risk Policy; that you understand digital assets and the products and services described here carry a high degree of risk, including the risk of losing some or all of the value of your assets; that no return or outcome is guaranteed; and that you are responsible for your own decisions and for obtaining any professional advice you consider necessary. You confirm that you are willing and able to bear the risks and any resulting losses.

28. Contact

For questions about this Risk Policy, you may contact us at PENDENTE contact email or at PENDENTE Cambeon registered address.