All About BlockFi’s Terms of Service
With so many trying to get into cryptocurrency and being able to navigate this industry, there are many services available, including those that are offered by BlockFi. BlockFi is great for those who are just getting into cryptocurrency and would like a central location where you can use and receive cryptocurrency services in one place.
While this sounds like a good account, you need to understand the terms of service when you open an account. If you would like help so that you know exactly what you are getting, make sure you allow DoNotPay to assist with that process today.
An Overview of BlockFi’s Terms of Service
When you sign up for an account with BlockFi, you must agree to their Terms of Service in order to maintain an account and stay active on the platform. Below are the different sections found in the and what you should be reading to know if you are in compliance.
- Wallet Terms
- Interest Account Terms
- Trading Terms
- ACH Terms
- Prohibited Uses
- BlockFi Licenses
- Regulatory Developments
- BlockFi Rewards Visa Signature Card Agreement
- BlockFi Rewards Program and Crypto Rewards Account Terms
While there are a lot of different groups affiliated with the Terms of Service, they each hold valuable information that relates to you as an account holder and how you will use the services and access provided by BlockFi. In order to be successful and maintain your account, you need to understand the rules and regulations that come with being an account holder.
What Information Does BlockFi Collect From Me?
When you create an account with BlockFi, they do collect some information per their terms of service. They will collect the appropriate information to identify that you are who you say you are:
- Personal identification such as government documentation with Social Security Number
- Financial information to connect you to an actual bank account to use the services.
- Third-Party contact for verification.
It is important to know that BlockFi is looking to verify all information and make sure there is no fraudulent activity happening with their services. The account will then be monitored and if it cannot be verified, it will be closed indefinitely.
What Happens If BlockFi Terms of Service Are Violated?
In the event that the BlockFi Terms of Service are violated, several things will happen:
- There will be an investigation into the events surrounding the violation.
- Depending on the severity of the violation, you may be given a warning.
- If the violation is severe in nature where some type of financial harm or privacy invasion occurred, then your account may be suspended.
- Multiple violations could also lead you to have your account blocked completely.
It is important to remember in the BlockFi TOS, there is an agreement where they can block or suspend your account at any time without giving you a notification.
What To Do If You Were Banned From BlockFi?
If your account has been banned from BlockFi, you have the option to appeal this and plead your case. Keep in mind that the appeal process may take a few weeks, but you will get an answer of it either being reinstated or an indefinite suspension. This is all based on what information you provide to support your case and what the reasoning was for it being banned initially.
Things to Look Out For in BlockFi's Terms of Service
There are a few things that you need to pay attention to when you are reviewing the terms of service for BlockFi.
- Your investment assets are not FDIC like they would be in a traditional investment. Unfortunately, if you are hacked and your portfolio wiped clean, you are in the same unfortunate situation as others.
- Because of BlockFi's lending service and interest-accumulating service, it is required to keep your assets on the platform or you will breach the terms of service.
- Your Free Withdrawals are limited. While these are advertised heavily, you don't have the unlimited ability, which can cost you withdrawal fees if you make more than one withdrawal a month.
It is important to understand these different concepts in the terms of service because it can change how you manage your account with BlockFi.
Next Steps If You Need Help With This Task
Attempting to analyze these terms of service on your own can be a tedious task. If you have gone over the terms of service, and you still are not sure about what you are reading, there is another way to analyze them so that you can understand. With the help of DoNotPay, they can help you analyze these Terms of Service, so you know what to look out for and gain that understanding.
Analyze These Terms of Service With DoNotPay
If you want to analyze terms and service but don't know where to start, DoNotPay has you covered in 5 easy steps:
- Go to the Analyze Terms and Services product on DoNotPay.
- Enter the website domain you would like to scan.
- Wait for DoNotPay to identify any legal violations on the website (it should only take a few seconds!) If there are violations, proceed to drafting a demand letter.
- Enter how much you want to receive in compensation and the company name.
- Enter your contact information so the company can contact you.
DoNotPay will generate a demand letter on your behalf with every legal violation we identified that you can send to the company.
You can also analyze the following company's terms of service for violations and potential compensation with DoNotPay:
What Else Can DoNotPay Help You Do?
If you need other services, DoNotPay can help assist with the following:
- Get assistance when a contract has been breached.
- If you need to standardize legal documents, DoNotPay can help.
- File a complaint about a service or a product that you received
DoNotPay wants all of your tasks to be easy and efficient, keeping your convenience in mind.