Deposited Funds Clause
Liability for Third-Party Failures
By using SWAPD, you acknowledge and agree to the following:
1. Exclusion of Liability for Deposited Funds
SWAPD, operated by VEYYO Sp. z o.o., is not responsible for any issues or losses related to deposited funds caused by failures or actions of third-party payment services or fluctuations in cryptocurrency values.
2. Examples of Service Failures
While SWAPD takes reasonable precautions to ensure smooth operations, certain risks remain beyond our control. These include but are not limited to:
- Hacking incidents affecting third-party payment processors.
- Distributed Denial of Service (DDoS) attacks on financial services.
- Account limitations imposed by payment processors.
- Bankruptcy or insolvency of third-party financial institutions.
- Negligence or misconduct by third-party service providers.
- Bank liquidation or collapse.
- Significant changes in cryptocurrency value due to market volatility.
3. Scope of Rule
SWAPD’s exclusion of liability applies to all situations arising from third-party payment service failures or external market conditions beyond the direct control of SWAPD or its parent company, VEYYO Sp. z o.o.
4. User Acknowledgment of Risk
By depositing funds or engaging in transactions through SWAPD, users explicitly acknowledge and accept these risks. Users agree that SWAPD and VEYYO Sp. z o.o. will not be held liable for any resulting losses, delays, or service disruptions caused by third-party payment processors or external market factors.
It is hereby explicitly stated and agreed upon by all members utilizing SWAPD services that:
- Absence of Liability for Asset Freezes: In the event of an asset freeze by a third-party payment processor, including but not limited to the freezing of member deposits, neither SWAPD nor its affiliates shall be held liable or responsible for such actions. Asset freezes may occur due to regulatory actions, legal disputes, operational issues of the third-party processor, or other unforeseen circumstances beyond the control of SWAPD.
- Commitment to Recovery Efforts: Should such an asset freeze occur, SWAPD commits to undertake all legally permissible efforts to recover the affected funds. This commitment is in line with our dedication to providing a secure and reliable platform for our members. However, it is acknowledged and understood by all members that these recovery efforts may be subject to legal and procedural constraints.
- Potential Delays in Refunds/Payouts: Members acknowledge that in the occurrence of an asset freeze involving a third-party payment processor, any associated refunds or payouts from SWAPD may face significant delays. This delay is a direct consequence of the time and processes involved in legally contesting the asset freeze and attempting to secure the release of frozen funds.
- Agreement to Terms: By continuing to utilize the services of SWAPD, all members hereby agree to the terms outlined in this clause. Members understand that their use of SWAPD services under these terms is a voluntary act and an acceptance of the risk associated with the use of third-party payment processors in the course of their transactions on SWAPD.
- Indemnification: Members agree to indemnify and hold harmless SWAPD and its affiliates from any claims, damages, losses, or legal actions arising from asset freezes by third-party payment processors. This indemnification extends to any consequences arising directly or indirectly from such asset freezes, including but not limited to delayed refunds or payouts.
This clause forms an integral part of the Terms of Service of SWAPD and is binding on all members from the date of their agreement to these terms, as evidenced by their continued use of the platform.
If you have questions or concerns regarding this policy, please contact SWAPD support for further clarification before proceeding with transactions.