ShapeShift Terms of Service Update: What You Need to Know

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As part of our ongoing mission to provide maximum transparency to customers, we’d like to let you know that our Terms of Service have been updated.

 

These updates are focused around clarifying how refunds are handled to ensure we handle any issues that arise quickly and safely for you.

Yes, we’re aware the fine print can be boring – but when it comes to your digital wealth, these details are of the utmost importance. With that in mind, here are some key points that you’ll want to be aware of.

 

ShapeShift respects the privacy of its users by not requesting any information that is unnecessary for the use of the service or to comport with our obligations under applicable law.

 

As the recent Equifax data breach vividly displayed, bad things can happen when user data is harvested and centralized. Here at ShapeShift, we safeguard your privacy by design - we don’t collect unnecessary information in the first place. Your name, birthday, address, and other personal information is none of our business!

When a user provides a refund address to ShapeShift for a transaction, this is the only address that refunds can be sent to.  When a user provides a destination address, this is the only address that output funds can be sent to.  

One of the fundamental characteristics of blockchain-based tokens is that transactions are non-reversible. This is part of what makes digital asset exchange possible. However, this can create issues when refunds need to be sent in the rare case that there’s a problem with a transaction. Similarly, there are no second chances if your provided destination address is erroneous. If you enter the wrong address, there’s nothing we can do to reclaim your funds. In blockchain technology, there are no chargebacks or reversals – so double and triple-check that you’ve entered the right refund and destination addresses!

ShapeShift only accepts one deposit per transaction ID (TXID). If your funds are deposited in a TXID with more than one deposit, you will need to contact support to receive a refund. The exchange rate will not be honored and your exchange cannot be completed.

In order to maintain maximum reliability and ease of use, our digital asset exchange is based on a one-transaction-per-deposit system. Please note that if you make multiple deposits in one transaction – for example, making multiple sends to the same input address – we will not be able to complete the transaction. So, in order to avoid the hassle of contacting support and missing out on your exchange, remember to send only one deposit per transaction.

Users have a maximum of 90 days to reclaim any assets that are held in the ShapeShift system due to any error, whether by you or us. Refund requests submitted after the 90 day period will not be refunded. Any decisions by ShapeShift with respect to refunds in these circumstances are final.

Our customer support team is happy to rapidly assist with any issues that might arise during the exchange process. However, you’ll need to reach out to us within 90 days. Also note that we cannot automatically process refunds; you must first provide us with a refund request.

Coins/tokens sent to the incorrect address (for example, GNT sent to an ETH address) will be charged an Extraction Fee of 50 EUR (in the equivalent of the mis-sent coin/token). The coin/token extraction process can take up to 20 business days. If a user wishes to expedite this process, additional charges may apply.

In addition to double-checking your refund and destination addresses, always ensure that you’re sending the right token. This is particularly important when sending ERC-20 tokens, which can be held in the same Ethereum account but represent different assets – but this problem occurs with other types of assets as well. If you do accidentally send the wrong token, it won’t be lost forever – however, our team will need to take the time-consuming step to extract the tokens.

For the full text of our Terms of Service, please click here. This is important stuff; it governs the entire exchange process, and every transaction begins with a user agreeing to these terms. And while our Terms of Service have been updated, our goal remains the same: to provide you with a safe, secure, private, and hassle-free experience with every transaction.

Have any questions about our Terms of Service? Please don’t hesitate to reach out at <email>

Happy Shifting!