Genesis Blockchain Labs, referred to as GBL Labs Private Limited, and/or its subsidiaries and affiliates (hereinafter called “Company” which time shall discuss with and encompass its owners, directors, investors, personnel, or different associated parties) is a personal confined organization integrated below the legal guidelines of India. Persons availing of any offerings from Company or carrying out any transactions on any virtual/non-virtual platform supplied or operated with the aid of using Company, without delay or indirectly, are mentioned herein, as “Users”.
Refund & Cancellation Policy
The best company will guarantee the actual refund to all its customers in cases where the transaction related to buying/sell of the cryptocurrency has not been yet processed & also does not have the “entire” status.
Payments for the exchanges made on Genesis Blockchain Labs are also non-refundable, irrevocable & cannot be changed after a transaction is completed & the fiat/cryptocurrency funds are also sent to an e-wallet/card or the bank's account specified by the customer.
Cancellations/ Refunds overpaid initially amount also not possible.
Customers are also notified of the specific decisions taken by Genesis Blockchain Labs regarding the refunds by sending the emails by Genesis Blockchain Labs to customers’ email addresses that have registered in the Genesis Blockchain Labs system.
To request the refund, the customer should also contact Genesis Blockchain Labs by writing the letter to the company's email address with the request for the refund and indicating the specific transaction number for that the refund is needed.
Please note that for cryptocurrency buying invoices that have any status except completed, every client via their profile in the Genesis Blockchain Labs system also can cancel the actual invoice themself utilizing the “cancel” option.
According to the Genesis Blockchain Labs policy, the accurate processing of the transactions on average takes typically up to thirty minutes after the fiat funds/ the cryptocurrency are received, so to respond more quickly to the request to stop the specific processing of the transaction, Genesis Blockchain Labs strongly also recommends you contact the customer support chat on the official website of the trade & the refund. After the Genesis Blockchain Labs receives the specific refund request, the customer will notify the same decision.
Please note that, on average, this can take up to twenty-four hours for the refund request to be processed from the exact moment we generally receive the specifically mentioned request from the client
Every information related to the specific refund request is checked carefully & also verified by Genesis Blockchain Labs:
1. Except as outlined in clause 1.3.2. below, once the Genesis Blockchain Labs account is withdrawn) closed, the specific company has five Business days in the fiat cryptocurrency/ funds refund back to the client.
2. Genesis Blockchain Labs typically maintains the entire custody of the cryptocurrencies, user information/data or fiat funds that can be turned over to the governmental authorities in the event of Genesis Blockchain Labs accounts' closure/suspension arising from the fraud investigations, the investigations of violation of the law, or the violation of the policy on the company, till the final decision will be created.
3. In case of the favorable decision:
1 Fiat funds will also be returned to the customer utilizing the same process & the exact card/bank details from where the customer created an initial transaction to Genesis Blockchain Labs.
Refunds are created by:
-SWIFT/SEPA: On the bank working days.
-Payment cards(MC/VISA): any day of the specific week.
-Netteller/SKRILL/Advcash: any day of the week.
Please note that the refund enrollment to the customer's bank/card account could also take up to
5 business days which generally depends on every bank internal procedu9 or policies. This company cannot influence this anyway.
Cryptocurrency also will be returned to an indicated e-wallet delivered by the client.
In a request consideration method, Genesis Blockchain Labs could also inquire about the addiction documents like the payment order or identity documents or some other document as the proof of the payment. If the requested documents from the side of the customer are not delivered within two working days after the request of the company or Genesis Blockchain Labs doubts the specific authenticity of the delivered documents, the processing time for the refund request also will ne be enhanced & the actual decision will be created on the future actions on the part of Genesis Blockchain Labs.
Until all these circumstances are become clarified & or the document verification is become completed, Genesis Blockchain Labs reserves the actual right to freeze the fiat funds of the client/ cryptocurrency also requested for that refund.
Customers must deliver accurate and proper information related to an initiated transaction. The Genesis Blockchain Labs is not also responsible for the actual result of any transaction created due to the customer error or for the provision of incorrect or some misleading information.
Please note that in case of incorrect personal details specified by the customer while making the payment, the fees and costs incurred during the specific processing of the refund will also be exclusively reimbursed by the customer.
B. Selling Cryptocurrency
In cases where the refund cannot be done(for instance, if the specific transaction for the same purchase of the cryptocurrency has been already completed & that cryptocurrency has also been sent to the e-wallet of the client), the customer can make the invoice for the sale of purchased cryptocurrency, & after the processing of that invoice, Genesis Blockchain Labs will send the funds to the card or bank details specified by the customer.
Since the specific price of the cryptocurrency is constantly changing, there also can be a difference between the exact value of the cryptocurrency at that precise time of buying and at the same time of sale.
Genesis Blockchain Labsdelivers its customers with the positive possibility to resolve any issue or problem related to exchanges before the customer fills the complainant request with the bank of the customer. The exact settlement method usually takes place by contacting the client support department.
Genesis Blockchain Labs reserves typically the proper to suspend the client's account during the complainant request investigation method.
D. Some other provisions
The customer also settles any fees and costs related to those refunds. These fees will also be deducted from the received amount of the customer.
The refund fee(fiat funds) is for:
1) Payment cards (MC/VISA): The processing fee will be 4.5%
2) SEPA/SWIFT (bank transfer): Commission of bank: according to the tariffs of every bank;
The commission of the company will be 5 per cent.
a processing fee will be 4 per cent Commission of the company will be EUR-1 Percent/USD-4 per cent.
The refund fee (the cryptocurrency) is for:
1) Payment cards(MC/VISA):
Commission of the company will be 3 per cent The commission related to the processing of the cryptocurrency return depends on the specific type of that cryptocurrency, network commission, rate changes, etc.
2) SEPA/SWIFT( bank transfer):
commission of the company will be five per
The commission related to the cryptocurrency return process depends on the forms of the cryptocurrency, network commissioner, rate changes etc.Please note that this cryptocurrency rate also can change dynamically, so there can be a negative difference between the exact value of the cryptocurrency at the time of buying & the value of this at the same time; the actual refund amount also covers this difference.Genesis Blockchain Labs also reserves the authenticity to build the amendments and changes to this refund policy, including any changes to the law. If the customer disagrees with possible changes, they should stop utilizing the Genesis Blockchain Labs service.
In any case, when a client stores cash into his Genesis Blockchain Labs account, he/she generally has the choice to withdraw this cash full or partially as per the withdrawal limits.
Genesis Blockchain Labs will be qualified to hold/deduct the sums because of activities from the client and move or refund the balance lying in the User Account, aside from when it is unable to do so in abidance with applicable laws. Clients can purchase Cryptocurrency in any currency available on our platform, and the stated amount will be deducted from the client’s wallet. Furthermore, selling any crypto assets is possible in the mentioned currency on the platform, and the sum will be credited to the client's wallet.
A client won't be qualified for a refund or cancellation in the accompanying conditions:
(I) the client neglects to furnish Genesis Blockchain Labs with any data or archives when mentioned as per the terms of administration of any Online Platform,
(ii) Genesis Blockchain Labs presumes that the client is engaged in, or has in any way been engaged with-
● any dishonest or criminal behavior,
● any illegal tax avoidance, any fear-monger financing,
● or break any pertinent laws in any jurisdiction.