We’ve included a small but pretty significant clause that may sound controversial to some members. To save everyone time, we will just paste the new addition below:
19. Deposited funds liability
Members agree not to hold SWAPD responsible for deposited funds in ongoing transactions, if for any unforeseen reason, any of the 3rd party payment merchant/gateway services, including PayPal.com, BlockChain.com, TransferWise.com, and BankMillennium.com, falls victim to a severe failure of service, which would prevent the funds from being accessed. The mentioned failures include things such as:
- Hacking
- DDoS attacks
- Limited accounts
- Declared bankruptcy
- Employee negligence
- Bank liquidation
This rule only applies to actions outside of the control and responsibility of SWAPD and its sister company, SKYNET. SWAPD will work with each and every member to help them recover the funds, if (in a rare occurrence) any of the mentioned merchants fall victim to such scenarios.
In short:
If (for example) BlockChain.com gets hacked and plundered while your funds are there, we are not responsible. And while we will do everything we can do help, we won’t be held liable.
Why are we doing this?
Here are a few examples:
- Binance.com, a big BTC wallet, got fleeced for 40m USD last year.
- BitMarket.pl, one of the biggest BTC exchange sites in Poland, basically exit scammed.
- Banks come and go, some declare bankruptcy and we are only able to recover what the account is insured for (around 200k EUR).
As you see, even giant merchants/banks/etc can lose a lot of user money. In such cases, we don’t want to be held liable, as it would ruin us and the site in an instant. We understand some of you may not agree with this change, so if you feel like this isn’t OK, please let us know and we will disable your account. However, we cannot have any member proceed or do business here without knowing and agreeing to these new conditions.
Thank you for understanding.