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P2P Merchant and User Management

Supplementary clauses to the advertiser management regulations on matters relating to deposit assets

Binance
2021-09-02 13:15
These clauses supplement the advertiser management regulations on matters relating to security deposit assets:
1. Security Deposit Assets:
To ensure safe transactions, the platform reserves the right to deduct a P2P merchant’s security deposit assets (“Security Deposit”) in the following situations after he/she has passed the KYC and anti-money laundering reviews by the platform.
1.1 Situations for deducting Security Deposit:
1.1.1 In the event of the following situations, we have the right to implement measures to deduct part or all of an advertiser's Security Deposit:
(1) The Merchant has a dispute over a transaction, and the Platform determines that the Merchant is at fault and while s/he should bear the responsibility and perform the corresponding obligations, s/he fails to cooperate or to perform the corresponding responsibilities within a reasonable period, and such failure results in losses/damages to other users;
(2) The Merchant uses the Platform to engage in any money laundering, illegal and disguised foreign exchange evasion and arbitrage, malicious manipulation of transaction prices, malicious disruption of transaction order, and other illegal and criminal acts or behaviors that violate the regulations of the Platform;
(3) The Merchant uses the Binance brand to recruit its fellow persons, charge intermediary fees, engage in false marketing or make malicious and misleading associations, etc., that harm the rights, interests, or reputation of the Platform;
(4) The Merchant unlawfully makes bank cards or trading accounts belonging to third parties available to another party, or engages in fraud, money laundering and other illegal and criminal acts, which cause damage to this platform, relevant users or third parties;
(5) If the Merchant has a Non-Standard Order that is being appealed and is pending processing due to various reasons, the Merchant shall bear any corresponding responsibility determined by the Platform after the Platform reviewed the order, but the Platform shall not be responsible if the Merchant cannot be contacted within a reasonable period;
(6) The Merchant has other violations of any rules or regulations of the Platform;
(7) After the Merchant’s receiving and payment accounts that have been frozen due to his/her act or non-act and s/he fails to report the deposit to the Platform in time as required;
(8) Other situations where Security Deposit needs to be deducted due to any fault of the Merchant, as reasonably determined by the Platform.
1.1.2 After the Platform has deducted all or part of the Merchant’s Security Deposit in accordance with the advertiser management regulations, the Merchant shall top up the Security Deposit with an amount that is equivalent to the amount deducted in full.
1.2 The actual amount of Security Deposit to be deducted shall be determined based on the actual consequences and amount of compensation arising from such, by the risk control assessment of the Platform:
1.2.2 If verified by the Platform of the following special circumstances, we will have the right to automatically deduct from your Security Deposit in full:
(1) The Platform has reasonable evidence to prove that the Advertiser is a direct participant of or assisting in fraud, money laundering or other illegal and criminal activities;
(2) The Merchant is found to be linked to fraud and money laundering-related incidents when performing cross-platform transactions on other platforms;
(3) The Merchant is found to be transferring illegal assets, such as stolen funds, into this platform.
(4) Payment made by the Merchant caused a user's receiving account to be frozen, and during the verification process, the Advertiser is found to be involved in the fraudulent behavior of providing false certification materials.
(5) Payment made by the Merchant caused the freezing of the receiving account of users, and the Advertiser refuses to cooperate in resolving the matter.
(6) The Merchant’s receiving and payment accounts have been frozen numerous times, but none of these have been reported to the Platform as required; or the Advertiser's receiving and payment accounts have been frozen, causing serious losses to other users of the Platform.
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