Question
I received an e-mail titled “Updates to our Terms & Conditions” on 14.11.2024. Can I learn more about the changes?
Answer
ZEN is updating its Terms with the following changes:
The list of changes to Individual and Business terms
- We have introduced the Reward Zone Terms and ZEN Pro Card Terms.
- We have extended the electronics warranty from 1 year to 2 years for new ZEN Pro Card users.
- We are renaming "Moneysend" to "Transfer to Card (receiving)", and "Transfer to Card" to "Transfer to Card (sending)" in our Pricings.
- We have simplified the presentation of exchange rates, and we have added a page with fees for specific currency pairs.
- The list of permitted jurisdictions for onboarding and transfers has been replaced with a list of prohibited jurisdictions. This means that the restricted countries for onboarding and transfers are listed instead of the permitted countries.
- We have added a clear list of activities that you are not allowed to use our services for. This helps ensure compliance with regulations and keeps our platform secure for all users.
- We’ve added more details about the safety of digital currency transactions, which are handled by our third-party partners.
- To comply with anti-money laundering and anti-terrorist financing laws, your ability to make transactions may be restricted or suspended. These restrictions can include limits on the amount, type, or number of transactions, as well as transactions to and from certain countries.
- Simply logging into your ZEN account without making any transactions will no longer prevent your account from being suspended or terminated due to inactivity. To keep your account active, be sure to perform at least one transaction within a 6-month period.
- Having a negative balance at the time of your termination request will no longer prevent your account from being closed.
- We’ve added a new clause that allows ZEN to assign its rights and obligations under the terms to a third party without requiring your consent, as long as the assignment complies with the law.
The list of changes to Individual terms only
- In case a user cannot provide the required identity documents during onboarding, they can now contact ZEN with a legitimate reason. ZEN will consider alternative ways to verify their identity, with potential limitations.
- We've added a more detailed description of how you can raise disputes with ZEN or file complaints with the Bank of Lithuania. This update provides clear steps and options for settling disputes, including information on how to escalate concerns if needed.
The list of changes to Zenith users only
- We have ended the tests of Zenith Card and replaced it with our new ZEN Pro Card.
- We have updated the Zenith Card Terms to the ZEN Pro Card Terms.
- We have updated the ZEN Treasure Terms to the Reward Zone Terms.
- We have updated the active Subscription Plan to Pro on accounts with an active Zenith Card in order to be able to continue providing you access to Reward Zone program and 2 Years of Extended Warranty. The new Pro plan has the same fees for all transactions, as our Platinum plan — learn more here.
The list of changes to Business terms only
- A new Fraud Reporting Fee will be charged if either the ratio of incoming transaction values or the number of incoming transactions to fraudulent transactions exceeds 1% within a 30-day period.
The list of changes to Ecommerce terms only
- We have added a clause clarifying the requirements for contesting a chargeback request, including the need to submit documentation in English or with an English translation to ZEN via email at dispute@zen.com within the specified deadline.
You have the option to accept or reject any proposed changes to our terms before they take effect. If you agree with the updates, no action is needed. If you disagree, this will be treated as a request to close your account when the changes are implemented.