Refund Policy

1. Introduction

1.1. The Refund Policy is an integral part of the User Agreement.

1.2. The Refund Policy meets all the requirements of international law on prevention of criminal activity, money laundering and terrorist financing.

1.3. The Refund Policy aims to achieve the following:

  • Provide high quality services to the customers of CryptoSystems OÜ (hereinafter refereed to as the "company");
  • Minimize the company's risks, both legal and financial;
  • Carry out the company's activities under the AML/CFT framework and the "Know Your Customer" Policy.

1.4. This Policy is applicable only to users' transaction fees and funds. It does not apply to cryptocurrency buy/sell transactions between users. It also does not apply to compensation of expenses on buying/selling cryptocurrencies.

1.5. CryptoSystems OÜ does not compensate and does not refund amounts exceeding the original amount. However, the company undertakes to exert maximum efforts towards providing support to users in the event of any dispute related to refund of a purchased cryptocurrency.

2. General principles

2.1. CryptoSystems OÜ guarantees each user his right to a refund if the user is not satisfied with the quality of the services provided.

2.2. Before sending a refund request, the user must contact CryptoSystems OÜ using the contact details of CryptoSystems OÜ to resolve payment issues. This Policy does not affect the user's rights or obligations in relation to a bank or financial institution.

2.3. A user who has paid a transaction fee or has credited his account with funds may request a refund according to the existing procedure.

2.4. CryptoSystems OÜ shall consider any refund requests made by the user, as well as inform the user's issuing bank about payment cancellation.

2.5. A refund request will be considered only if it was sent by the user in full compliance with the established procedure. If the request made by the user does not meet the established procedure by any criterion, then CryptoSystems OÜ may reject the request without giving any reason.

2.6. A refund request will be approved or denied after consideration by CryptoSystems OÜ. Submitting a refund request is not a guarantee that such request will be approved.

2.7. In order to prevent fraud, all payments and information regarding refund is subject to verification by the staff of CryptoSystems OÜ. CryptoSystems OÜ may require the user to submit a document proving his identity, a scanned copy of his credit/debit card and a check or some other confirmation that the payment was actually made. If the user fail to provide the requested information within 3 (three) business days after receiving such request from CryptoSystems OÜ or if the company employees have any doubts on the authenticity of the documents provided, CryptoSystems OÜ may deny such refund request.

2.8. The company does not charge any additional fee for refund, except in cases where the payment processing involves a third party (banks or other organizations).

3. Refund Procedure

3.1. Refund requests will be accepted for consideration if the user notifies CryptoSystems OÜ no later than 48 (forty-eight) hours after the transaction.

3.2. To submit a refund request, the user must send it via the feedback form on the company's website www.zank.com, indicating "Refund Request" as the subject of the message.

3.3. A refund request should be sent from the same email address specified during registration.

3.4. No more than 5 (five) business days after receiving a refund request, CryptoSystems OÜ is obliged to request for additional information from the user, if necessary, and the user is obliged to provide this information within 14 (fourteen) days after receiving the relevant request from the company's employees.

3.5. As a rule, CryptoSystems OÜ notifies the user by email message about any decision taken with regards to a refund request:

  • at most 5 (five) business days after receiving the last additionally requested document or information;
  • at most 10 (ten) business days after receiving the refund request if the request for additional information or confirmations was not sent.

3.6. If the company grants a refund request, the refund will be made within 10 (ten) business days after the user has received the relevant notification from CryptoSystems OÜ. Refunds are paind into the same account used by the user earlier when doing deposit and withdrawal transactions.

3.7. CryptoSystems OÜ may reject a refund request under the following cases:

  • If the company has suspicions that the user is involved in fraudulent or illegal activities.
  • If the user is not able to provide the information requested by the company.
  • There are no grounds for the refund.

3.8. The company reserves the right to block a user's account within the period when that user’s refund request is being considered. In such cases, funds in such account will not be accessible during this period.

4. Other provisions

4.1. The company may refund the user if, within one month, his trading account was not involved in any trading activity or if the trading activity generated insufficient turnover (the necessary trading volume is set by the company for each user individually). When refunding, the annual interest rate is not taken into account.

4.2. If the user’s activities (particularly, deposit and withdrawal transactions) is classified by an employee of CryptoSystems OÜ as conflicting or contrary to the usual purpose of using the company's services, which have obvious or hidden unfair or improper intentions, the company may take actions under this Refund Policy without notifying the user. All losses and costs incurred, directly or indirectly, by the company in connection with refunds, shall be reimbursed by the user.

4.3. The company may, at its discretion, block a personal account, freeze trading transactions on accounts, reject a deposit or withdrawal request or refund the user if the origin of such funds or the user’s transactions with the funds go contrary to the AML/CFT Policy.

4.4. In depositing funds into a trading account using a credit/debit card, the user undertakes to refrain from requesting the relevant bank or credit/debit card issuer to cancel the payment that has already been credited to his trading account, whether during or after termination of his use of the company's services. Any such attempt will be considered a violation of the provisions of the User Agreement and could lead to the user being held administratively or criminally liable in accordance with the laws of the respective country.

4.5. If the user decides to cancel his payment on a transaction, the company may block his personal account or freeze transactions on his accounts, and then return the funds to his trading account.

4.6. All fees and commissions incurred while processing a refund shall be paid by the user. Such fees will be deducted from the total refundable amount.

4.7. This Refund Policy must be in constant compliance with applicable laws. Therefore, it is subject to change whenever amendments and additions are made to regulatory legal enactments. The provisions of the Return Policy may also be changed at the discretion of CryptoSystems OÜ. In the event of any changes, CryptoSystems OÜ shall post the relevant notification on its official website. Changes enter into force immediately after CryptoSystems OÜ has notified users.

4.8. If the user does not agree with a revised Refund Policy, he is required to stop using the website of CryptoSystems OÜ. If the user continues to use the company's services after the changes have come into force, such use shall be subject to the new Refund Policy.

01.04.2019

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