What are some best practices for cryptocurrency businesses to avoid potential issues related to estoppel by silence?

4 answers

• May 06, 2022 · 3 years ago
  As a cryptocurrency business, it's crucial to ensure clear and transparent communication with your users. One of the best practices to avoid potential issues related to estoppel by silence is to have well-documented terms and conditions that clearly outline the rights and responsibilities of both parties. This will help prevent any misunderstandings or assumptions that could lead to legal complications.
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• May 06, 2022 · 3 years ago
  Another important practice is to regularly update and notify your users about any changes to your policies or terms. By proactively informing your users, you can avoid any potential claims of estoppel by silence, as they will be aware of the changes and have the opportunity to voice their concerns or objections.
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• May 06, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, recommends implementing a robust user consent process. This includes obtaining explicit consent from users for any significant changes or actions that may impact their accounts or funds. By doing so, you can ensure that users are actively acknowledging and accepting any modifications, minimizing the risk of estoppel by silence claims.
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• May 06, 2022 · 3 years ago
  Remember, communication is key in the cryptocurrency industry. Establishing clear channels for users to reach out with questions or concerns can help address any potential issues before they escalate. Additionally, maintaining a proactive approach to addressing user feedback and complaints can demonstrate your commitment to transparency and reduce the likelihood of estoppel by silence claims.
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