Archival Cryptocurrency and Token Recovery Policy 10.2020
This Cryptocurrency and Token Recovery Policy was valid until 13.10.2020. The new Cryptocurrency and Token Recovery Policy is available here.
§1 Preliminary remarks
- For the purposes of this Token Recovery Policy (hereinafter referred to as the Policy), the definitions taken from the Rules of Provision of Electronic Services by BB Trade Estonia OÜ, available at https://bitbay.net/en/terms-of-use-bitbay-estonia are used.
- This Policy defines the procedures applied by the BitBay Digital Currency Exchange in the case of cross-chain token recovery and crypto delisting.
§2 The procedure for recovering crypto and tokens in a cross-chain deposit.
Recovery of Cryptocurrency and tokens in a cross-chain deposit is a very complex, manual procedure, so Bitbay cannot guarantee a successful outcome. Not all deposits are recoverable. In addition, each recovery has different levels of difficulty, time and security risks, depending on the currency that was wrongly sent.
Bitbay informs and encourages all users to be careful when depositing cryptocurrency and tokens. It is the User's responsibility to ensure the correct transfer of assets to the Bitbay.net account.
- A user account will not be credited with a crypted token in case:
- a) no or incorrect User identification data (e.g. id, tag, address) is provided during the transfer, if such data is required by the Service for a given cryptocurrency,
- b) crediting the User's Account to the wallet address made available in the Bitbay Service for deposits from another cryptocurrency,
- c) crediting the User Account to the address of a wallet not assigned to a particular User,
- In the cases specified in §2.1, the User has the right to request for cryptocurrency and token recovery via e-mail: [email protected]
- The application must contain:
- a) A description of the transaction,
- b) Transaction identifier,
- c) Date/time/currency of transaction,
- d) Additional documentation;
- Bitbay will make a preliminary assessment of the notification against the following criteria:
- a) You must have a verified Bitbay.net account, consisting of completing the mandatory KYC procedure on Bitbay.net,
- b) the claim must be made within a deadline of 90 days from the date of payment,
- c) User must have a hosted wallet on Bitbay.net
- d) the value of the request exceeds the equivalent of USD 250 at the time of the transaction,
- All the above criteria must be met for the measures to be considered eligible for recovery.
- Bitbay will assess each time a cryptocurrency/token recovery notification is submitted, the outcome of which will be communicated to you within a maximum of 7 days from the date of registration.
- Bitbay has the right to refuse to make an attempt to recover the funds, regardless of the above mentioned factors, especially in the case of suspicious activities related to the deposit.
- By submitting an instruction to initiate a cryptocurrency/token recovery attempt, the user accepts an obligation to pay a fee for cryptocurrency and token recovery in the amount of USD 100.
- 8.1. In the case of a cryptocurrency, the fee is charged to BTC, at the rate at the time of recovery.
- 8.2. In the case of tokens, the fee shall be collected in ETH, at the exchange rate at the moment of recovery.
- At the moment of submitting a request for token recovery, the full amount of the fee must be available in the hosted user's wallet on the Bitbay.net service.
- The payment of the fee does not require the intervention of the User, the funds are collected by charging the Bitbay with the Account of the User submitting the instruction to recover the cryptocurrency/tokens.
- The supported currencies eligible for cross-chain recovery include currency pairs: BTC->BCC, LTC->BTC, BCC->BSV, and ETH network transfers (ERC20). It is reserved that it is not possible to recover currency pairs: BCC ->BTC and USDT -> BTC. Other currency pairs are subject to individual consideration.
- Tokens not supported by Bitbay, as well as - ICO's, airdrops, blockchain fork - will not be credited to your account.
- BitBay is not responsible for the final result of an attempt to recover tokens, all actions are taken at your sole risk.
§3 Currency Delisting
Bitbay may decide to remove crypto or tokens from the Bitbay Exchange. Bitbay usually informs users in advance of the planned removal of cryptocurrency/tokens or the market, so that the accumulated funds can be withdrawn.
- Bitbay reserves the right to remove crypto/tokens or the market from the exchange for any reason, without prior notice and without giving any reason.
- Bitbay informs Users about the planned delisting, within a period of at least 14 days, in order to allow for the submission of an instruction to pay out the delisted digital currencies, unless a different regulation results from the applicable laws or binding decisions of the authorities.
- The information about the planned delisting shall be sent in the form of an e-mail message to the e-mail address assigned to the User Account and shall be published on the website www.bitbay.net.
- From the date of complete removal of tokens/markets from the Bitbay exchange, Bitbay guarantees the Users an additional 60-day period to allow for the withdrawal of funds.
- The periods described in §3.1 and §3.4 may be shortened due to extraordinary circumstances beyond Bitbay's control, for which Bitbay is not responsible - for example, blockchain damage. As a result of the circumstances described in the preceding sentence, funds subject to delisting may not be paid out.
- After the lapse of the time limit specified in §3, Subparagraph 3, the unpaid funds in the User's Account shall be deposited in a negatively interest-bearing deposit account of the Bitbay exchange, whose monthly interest rate is minus 20% of the initial value of the deposit accumulated. It is reserved that the balance visible in the User's Account shall not update itself - the User shall receive return information about the amount of the balance only when submitting an instruction indicated in §3.7
- The user shall have the right to submit an instruction to withdraw funds deposited on a negative interest-bearing deposit account of the Bitbay exchange. The instruction shall be submitted in electronic form to the e-mail address: [email protected] Applications will be considered in the order of receipt, but not later than within 30 days.
- The User's right to claim the equivalent of delisted currency in case of complete removal of the crypto/token ecosystem or market is excluded.
- BitBay shall not be liable for damages and expenses incurred by the User in connection with the termination of token/marketing services.
§4 Final provisions
- BitBay is entitled to change the Policy and the change shall take effect on the date indicated by BitBay. The change shall not be less than 7 days from the moment of making the changed Policy available to the User. The User shall be informed about the change of the Policy by an e-mail message sent to the e-mail address assigned to his User Account.
- In case of non-acceptance of the changes, the User shall immediately notify BitBay, in writing or via e-mail to the e-mail address: [email protected]
- The provisions of this Policy are separable and the recognition of any of them as invalid does not affect the binding force of the others.
- Any matters not regulated by the Policy shall be governed by the provisions of the BitBay Regulations and the generally applicable laws of the Republic of Estonia.