Skrill Cryptocurrency Terms of Use: A Comprehensive Guide

Introduction to Skrill's Cryptocurrency Services

Skrill's cryptocurrency services provide eligible account holders with innovative ways to interact with digital assets through their existing Skrill accounts. These services operate under specific terms that differ from traditional electronic money services, offering unique opportunities and considerations for users.

Key Features of Skrill Cryptocurrency Services

1. Instant Buy/Sell Functionality:

   • Purchase and sell supported cryptocurrencies using funds from your Skrill account
   • Execute trades quickly through integrated cryptocurrency exchanges

2. Withdrawal to Cryptocurrency:

   • Convert Skrill account funds into supported cryptocurrencies
   • Transfer purchased cryptocurrencies to external wallets

3. Merchant Crypto Withdrawals:

   • Withdraw funds from supported merchant accounts directly as cryptocurrency
   • Seamlessly transfer to designated cryptocurrency wallets

👉 Explore Skrill's cryptocurrency services to understand how they can enhance your digital asset management.

Regulatory Framework and Important Disclosures

Non-Regulated Status

Unlike Skrill's electronic money services regulated by the UK Financial Conduct Authority (FCA):

• Cryptocurrency services currently fall outside FCA oversight
• No financial advice provided regarding cryptocurrency investments
• Market information serves for personal reference only

Skrill's Corporate Background

• Registered in England and Wales (Company No. 4260907)
• FCA-authorized electronic money institution (FRN 900001)
• Registered for specific crypto asset activities under MLRs since November 2021

Service Eligibility and Requirements

Account Qualifications

To access cryptocurrency services, users must:

• Maintain an active Skrill account in good standing
• Reside in supported countries/regions
• Complete any required identity verification checks

Important User Acknowledgements

By using cryptocurrency services, you confirm:

• Understanding of the associated risks
• Compliance with Skrill's general account restrictions
• Personal responsibility for investment decisions

Service Structure and Organization

Four-Part Terms Framework

1. General Information (Section A)
2. Instant Buy/Sell Provisions (Section B)
3. Withdrawal Services (Section C)
4. Relationship Terms (Section D)

Supported Cryptocurrencies and Modifications

Dynamic Cryptocurrency List

Skrill may periodically:

• Add new supported cryptocurrencies
• Remove existing options with 14-day notice period

Handling Removed Cryptocurrencies

For deleted cryptocurrencies:

• All related orders and alerts will be cancelled
• Users must sell holdings within notice period
• Unsold holdings may be automatically repurchased at market rates

Instant Buy/Sell Service Details

Core Functionality

• Execute trades using Skrill account funds or cryptocurrency balances
• Set price alerts and conditional orders
• Transfer supported cryptocurrencies between Skrill users

Transaction Process

1. Order Submission:

   • Specify cryptocurrency and amount
   • Review applicable fees
   • Submit irrevocable order

2. Order Execution:

   • Funds deducted from Skrill account
   • Transaction processed via cryptocurrency exchange
   • Balance updated upon confirmation

Specialized Order Types

Conditional Orders

• Triggered when specified price points are reached
• Modifiable before activation
• Automatic execution at trigger price

Recurring Orders

• Scheduled repetitive purchases
• Fixed fiat amount converted at current rates
• Adjustable before each scheduled execution date

Peer-to-Peer (P2P) Transfers

Transfer Mechanics

• Send supported cryptocurrencies to other Skrill users
• Instant execution upon confirmation
• Service fees deducted from sender's account

Transfer Limitations

• Recipients must be eligible Skrill cryptocurrency users
• Transfers cannot be cancelled after submission
• Sufficient cryptocurrency balance required

Cryptocurrency-to-Cryptocurrency Trading

Key Features

• Exchange between supported cryptocurrency pairs
• No fiat currency involvement
• Fees deducted from cryptocurrency account

Trading Process

• Select supported trading pairs
• Specify order details
• Execute through integrated exchange

Withdrawal Services

Standard Withdrawal to Cryptocurrency

1. Select cryptocurrency and amount
2. Specify external wallet address
3. Confirm irreversible transaction

Merchant Crypto Withdrawals

• Convert merchant account funds to cryptocurrency
• Transfer directly to external wallets
• Supported merchants may vary

Service Limitations and Restrictions

Usage Constraints

• Cannot spend cryptocurrency directly with merchants
• No transfers to/from third-party wallets
• Transaction limits may apply

Important Considerations

• Network fees (miner fees) for withdrawals
• No cancellation of completed transactions
• Responsibility for accurate wallet addresses

Account Management and Termination

Service Suspension Circumstances

• Suspected unauthorized access
• Violation of terms
• Regulatory requirements
• Exchange partner requests

Account Termination Process

• 14-day grace period to liquidate holdings
• Automatic repurchase of remaining balances
• Final settlement in Skrill account currency

Fees and Charges

Fee Structure Components

• Transaction processing fees
• Currency conversion charges
• Network fees for withdrawals

Fee Application

• Displayed before transaction confirmation
• Deducted from relevant account balance
• Subject to change without notice

Dispute Resolution

Complaint Procedure

1. Contact Skrill customer service
2. Receive acknowledgment within 48 hours
3. Resolution target within 15 days

Important Note

• No recourse to Financial Ombudsman Service
• Complaints handled internally

Terms Modification Policy

Change Implementation

• Notification via registered email
• Immediate or delayed effect
• User right to reject changes (with service termination)

Common Reasons for Changes

• Regulatory requirements
• Service improvements
• Cost adjustments
• Market conditions

Definitions and Interpretations

Key Terms Clarification

• "Cryptocurrency Wallet": External storage solution
• "Supported Cryptocurrency": Current approved assets
• "Conditional Order": Price-triggered transaction

👉 Learn more about cryptocurrency wallet security to protect your digital assets.

FAQs: Skrill Cryptocurrency Services

General Questions

Q: Is my cryptocurrency insured with Skrill?
A: No, cryptocurrency holdings are not covered by deposit insurance schemes as they fall outside traditional financial regulation.

Q: Can I use Skrill's cryptocurrency services for merchant payments?
A: No, supported cryptocurrencies can only be held, traded, or withdrawn to external wallets - not spent directly with merchants.

Transaction Questions

Q: How long do cryptocurrency withdrawals take?
A: Processing times vary depending on network congestion, but Skrill processes requests promptly once submitted.

Q: What happens if I provide an incorrect wallet address?
A: Transactions to incorrect addresses cannot be reversed. Always double-check wallet addresses before submitting withdrawal requests.

Account Management

Q: Can I opt out of cryptocurrency services while keeping my Skrill account?
A: Yes, you may discontinue cryptocurrency services while maintaining your core Skrill account functionality.

Q: What occurs to my cryptocurrency if my Skrill account is closed?
A: You'll have 14 days to liquidate holdings. Any remaining balances will be automatically sold at prevailing market rates.

Conclusion

Skrill's cryptocurrency services offer a regulated gateway to digital asset trading with the convenience of an established payment platform. By understanding these comprehensive terms, users can navigate the cryptocurrency landscape with clear expectations about functionality, limitations, and responsibilities. Always consider the volatile nature of cryptocurrencies and ensure decisions align with your personal financial situation and risk tolerance.