Koinly's Suspect Refund Policy + Lack of Fixes

Koinly’s Refund Policy states:
" Refund for crypto payments

If your purchase was made using one of the cryptocurrency payment options then you will receive a refund in the original cryptocurrency (less any network fees) as long as the value of the coins you paid with has not increased by more than $20 (due to market fluctuations). If the coins have increased in value by more than $20, you will receive a refund in USDC instead. This is because all payments to Koinly are converted to USD at the end of day."

so basically, you send me $100 of crypto, and if by the time you realize our product doesn’t work because you are importing our reports to the US’ most popular tax prep site, TurboTax, if your crypto you paid with has gone up $20 or more, we will keep that and send you back USDC equivalent. (wow good for you making a few extra bucks off of us koinly) however, the issue is the lack of info on what happens if your crypto you paid with goes DOWN prior to your refund. If you use context clues in their statement you’ll realize it seems like they’ll still try to get away with sending back your crypto rather than the USD value you paid at the time. It’s literally a win win for them, and they made it that way on purpose.

All this with a product that doesnt work with turbotax for 2021 returns.

Can’t wait to hear back from support after waiting for 4 days.

All crypto refunds are done in USDC only.

I’ll ask the team to update this article

We can also refund in the paid currency if the value hasn’t gone up significantly (all payments are converted to USD as soon as they are received) but you can always choose to be refunded in USDC instead.