Understanding Ndax's Policy on Deposits of Non-Supported Virtual Assets

Depositing non-supported virtual assets on the Ndax platform can lead to delays, additional fees, and the potential loss of funds. To ensure that you handle your deposits correctly, it’s important to understand the policies surrounding non-supported assets. In this post, we’ll explain the risks, fees, and the steps you should take if you accidentally deposit unsupported tokens. By understanding these guidelines, you can reduce the risk of delays, recovery fees, or unrecoverable deposits.
 

Depositing tokens that are not supported by Ndax can result in serious issues. Below, we’ll explore the risks and challenges associated with such deposits, and why they should be avoided. 

No Guarantee for Safekeeping or Recovery

• If you deposit a non-supported virtual asset on Ndax, Ndax does not guarantee the safekeeping or recovery of those assets. The platform’s custodial system is designed to handle only supported assets. If you mistakenly deposit an unsupported token, Ndax may not be able to assist you in recovering it. Ndax may make reasonable efforts to return non-supported assets to the sender’s external wallet, but return is not guaranteed.
• To illustrate the risks involved, below are real-life examples of what can happen when an unsupported asset or network is used:
  Case Study 1: Delayed Recovery 
  A client mistakenly deposited Binance Coin (BNB), which is not supported on Ndax, after mixing up wallet details while attempting to send funds on a supported network. Because unsupported assets require manual investigation and bespoke custody handling, the recovery process took over six months. While the funds were eventually returned to the client’s external wallet, the case involved a significant delay and uncertainty.
  
  Case Study 2: Irrecoverable Deposit 
  In another instance, a user deposited TRUMP tokens via the Solana (SOL) network—neither the token nor the network was supported by Ndax. Despite efforts to investigate recovery options, the lack of network compatibility and unsupported token type made it technically unfeasible to retrieve the funds. Unfortunately, the user's deposit was deemed unrecoverable.
• These examples underscore the importance of verifying asset and network compatibility before initiating a deposit. Always double-check that the asset and network are supported by Ndax to ensure the safety and accessibility of your funds.

Asset Recovery Fees

• If you do request a recovery of your non-supported asset, there’s a significant fee. All requests to return non-supported assets to an external wallet are subject to a fee per request equal to the greater of (i) 1.5% of the value of the non-supported assets and (ii) a minimum charge of $100 (the “asset recovery fee”). This fee covers the time and resources required to assist with asset retrieval. It’s important to consider this fee before making any unsupported asset deposits.

No Set Timeline for Recovery

• Ndax does not guarantee the return of non-supported assets within a specific time, if at all. The complexity of the asset and its network may affect the recovery process. Ndax will make reasonable efforts, but delays are to be expected.

Assuming Responsibility for Non-Supported Asset Deposits

• One of the key aspects of this policy is that Ndax is not responsible for any losses that result from depositing non-supported assets. If you mistakenly deposit unsupported tokens, you assume full responsibility for the risks involved. Ndax cannot be held liable for any loss or delay in the recovery of such funds. 

If you've accidentally deposited a non-supported asset on Ndax, here are the steps to inquire about its recovery:

1. Complete the missing crypto form: Start by submitting the missing crypto form with the transaction details so Ndax can review whether recovery is possible.
2. Contact customer support: Reach out to our customer support team to inquire whether the non-supported asset can be recovered. Our team will assist you and provide guidance based on your specific case. 

By using the Ndax platform, users agree to be bound by this policy on deposits of non-supported virtual assets, as well as the User Agreement. It’s essential to understand that Ndax reserves the right to update this policy at any time. We recommend reviewing the policy regularly to stay informed about any changes that may affect your account and deposits.

To prevent any issues, always verify which assets are supported by Ndax before making a deposit. Checking Ndax’s list of supported assets and supported networks helps ensure you don’t risk delays, recovery fees, or unrecoverable deposits. If you're ever in doubt, take extra precautions before initiating any transaction.

Depositing non-supported assets on the Ndax platform can lead to unnecessary fees, delays, and the potential loss of funds. Understanding the risks and following the platform’s guidelines can help you avoid these complications. Always ensure that you’re depositing supported assets and be mindful of the policies around asset recovery fees and timelines. If you ever need assistance, don’t hesitate to contact Ndax’s support team, who can guide you through the process.

The key to avoiding issues is verifying the asset and network before you deposit. If you’re unsure contact support.