Cryptocurrency Recovery Policy

§1 Preliminary remarks

  1. For the purposes of this Cryptocurrency Recovery Policy (hereinafter referred to as the Policy), the definitions taken from the Rules of Provision of Electronic Services by BITBAYPAY AS, available at https://bitbaypay.com/en/terms-of-use and https://bitbaypay.com/en/clients-terms-of-use are used.
  2. This Policy is assumed to be understood as meaning: - Cryptocurrency are understood as digital or virtual currencies coded using cryptographic techniques. BITBAYPAY allows accepting transactions in 10 currencies: BTC, ETH, LTC, LSK, ZEC, BTG, BCH, XRP, DASH and TRX.
  3. This Policy defines the procedures applied by the BITBAYPAY in the case of cross-chain Cryptocurrency recovery.

§2 The procedure for recovering crypto in a cross-chain deposit

Recovery of Cryptocurrency a in a cross-chain deposit is a very complex, manual procedure, so BITBAYPAY 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.

BITBAYPAY informs and encourages all users to be careful when depositing Cryptocurrency. It is the User's responsibility to ensure the correct transfer of assets to the https://bitbaypay.com.

  1. A Partner account will not be credited with a Cryptocurrency in case:
    1. no or incorrect Partner identification data (e.g. id, tag, address) is provided during the transfer, if such data is required by the Service for a given Cryptocurrency,
    2. crediting the Partner's Account to the wallet address made available in the BITBAYPAY Service for deposits from another Cryptocurrency,
    3. crediting the Partner's Account to the address of a wallet not assigned to a particular Partner,
  2. A Merchant account will not be credited with a Cryptocurrency in case:
    1. no or incorrect Merchant 's identification data (e.g. id, tag, address) is provided by the Client during the transfer, if providing this data is required by the Service for a given Cryptocurrency entity,
    2. the Merchant’s Account is credited by the Client to the wallet address assigned to the payment, made available in the BITBAYPAY Service for payments by another Cryptocurrency,
  3. In the cases specified in §2.1 and §2.2, the Client/ Merchant has the right to request for Cryptocurrency recovery via e-mail: [email protected]
  4. The application must contain:
    1. A description of the transaction
    2. Transaction identifier,
    3. Date/time/currency of transaction,
    4. Address of the wallet to which the funds are to be returned,
    5. Partner and Client data,
    6. Additional documentation;
  5. BITBAYPAY will make a preliminary assessment of the notification against the following criteria:
    1. Merchant must have a verified BITBAYPAY account, consisting of completing the mandatory KYC procedure on BITBAYPAY,
    2. the claim must be made within a deadline of 90 days from the date of payment,
    3. the value of the request exceeds the equivalent of USD 250 at the time of the transaction,
  6. All the above criteria must be met for the measures to be considered eligible for recovery.
  7. BITBAYPAY will assess each time a Cryptocurrency recovery notification is submitted, the outcome of which will be communicated to you within a maximum of 7 days from the date of registration.
  8. BITBAYPAY 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.
  9. By submitting an instruction to initiate a Cryptocurrency recovery attempt, the Client/Merchant accepts an obligation to pay a fee for Cryptocurrency recovery in the amount of USD 100, at the rate of the recovered Cryptocurrency.
  10. The payment of the fee does not require the Client/Merchant's intervention - the fee will be deducted from the funds recovered by BITBAYPAY. In case of failure, the Client/Merchant will not be charged.
  11. The supported currencies eligible for cross-chain recovery include currency pairs: BTC->BCC, LTC->BTC. 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.
  12. BITBAYPAY is not responsible for the final result of an attempt to recover tokens, all actions are taken at your sole risk.

§3 Specific refund procedures for overpayments / underpayments

  1. It is reserved that due to circumstances beyond the control of BITBAYPAY, an overpayment/underpayment of funds paid by the Client may happen. If the operating costs of the return transaction are higher than the deposited funds (i.e. the equivalent of the withdrawal fee indicated in the Table of Fees and Commissions + 0.5% of the deposit value), they shall be deposited in a negative interest-bearing deposit account BITBAYPAY, whose monthly interest rate is minus 25% of the original value of the deposit. The client is entitled to obtain information about the balance via e-mail: [email protected] In other cases, the provisions of this Policy shall apply.