No, this isn’t a clickbait headline! As our company grows, we must ensure compliance with evolving laws and make our policies as transparent as possible. In the past, changes to our TOS required users to actively confirm their agreement. This means you’ll need to review and accept the updated terms, or SWAPD access will be restricted until you do.
What’s Changing?
To streamline your experience, we’re implementing two major updates:
- Removal of the DAC7 Clause:
- The annoying DAC7 clause is being removed soon.
- Expansion of the Deposited Funds Responsibility Clause:
- We’re adding further clarifications to outline your rights and responsibilities regarding funds stored on third-party platforms.
Current TOS Excerpt
Here’s what our current Terms of Service state regarding liability for third-party failures:
Liability for Third-Party Failures
- Exclusion of Liability for Deposited Funds:
SWAPD is not responsible for issues with deposited funds due to failures of third-party payment services or cryptocurrency fluctuations. - Examples of Service Failures:
This includes hacking, DDoS attacks, account limitations, bankruptcy, negligence, bank liquidation, or significant cryptocurrency value changes. - Scope of Rule:
This applies to circumstances beyond SWAPD’s control.
What Does This Mean?
In plain terms:
If one of our third-party processors shuts down our account (where your funds are stored), SWAPD cannot be held responsible. While this has happened in the past, we’ve consistently worked to recover funds and resolve these situations successfully. We will continue to fight for our users, but we’re expanding the TOS to further clarify:
- Acceptance of Risk:
- Buyers and sellers accept the risks of storing FIAT (traditional currency) with third-party payment providers, including banks. This also includes crypto transactions.
- Delays in Payouts/Refunds:
- In the event of issues, users acknowledge that incoming payments, payouts, or refunds may be delayed for weeks—or, in extreme cases, months.
These updates are meant to protect both SWAPD and its users by outlining the realities of handling funds through third-party systems. We value your trust and will continue to do everything possible to safeguard your funds and provide exceptional service.
So, to recap, don’t be shocked tomorrow if your access is blocked! We kindly ask you to read our new TOS (tomorrow), and if you agree, simply confirm this and enjoy using SWAPD.
And you’re right, we’re tired of the constant battles, but we’re not laying down arms. This is just to protect the company from Karen’s who will gladly take us to court just to prove something. If there is no company, it cannot fight for your funds 