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P2P Trading
P2P Merchant and User Management

P2P User Transaction Policy

Binance
2020-06-15 06:18
*This rule applies to all non-CN KYC users
I. ALL USERS SHALL ABIDE BY THE KYC, ANTI-MONEY LAUNDERING, ANTI-TERRORIST FINANCING, AND LEGALITY PRINCIPLES SET OUT IN THE POLICY:
1. Users shall strictly comply with the platform’s KYC policy (including but not limited to the real-name verification requirement) concerning Users’ identity and P2P transaction-related accounts (including but not limited to spot accounts and fiat currency accounts, hereinafter collectively referred to as “Accounts”) and Users shall ensure that the Accounts they use on the P2P platform (the “Platform”) are legally registered and only used by themselves.
2. When triggering the Platform’s anti-money laundering and anti-terrorist financing alarms, Users shall actively cooperate with the platform in its verification, and assist in providing any risk control evidence as needed (subject to the platform’s risk control measures then effective).
3. If Users failed to comply with ( I.2.), the Platform has the right to disable all or any part of the features of their Accounts.
4. Users shall be responsible to ensure that they have the legal rights to the transaction in accordance with applicable laws. The Platform shall not be responsible for the legality or illegality of Users’ transactions in any way. While the Platform is not part of any P2P transactions between the Users, to make sure all transactions are legally compliant, the Platform may (but is not obliged) review the transactions carried out by users for the legality as necessary and take actions in accordance with applicable laws and regulations.
II. General Trading Instructions:
1. Before you have decided to initiate an order with the counterparty, always read carefully their terms and conditions that have been written in the advertisement description page to avoid unnecessary disputes between the parties after the order gets initiated.
2. Always try to include clear descriptions of your terms and conditions. You are encouraged to use point form, bullet points and write in clear paragraphs.
3. Please ensure that the payment method that has been used during the order is consistent with the payment method that you have selected during advertisement configuration.
4. You should never engage in any form of cryptocurrencies trading that is facilitated by a third party channel, such as social media, chat messaging apps, or face-to-face trading. The Platform shall not be and cannot be responsible for any loss of or damages to assets through transactions that are performed or initiated outside of the Platform by the Users. The Platform sets the rules for the transaction between Seller and Buyer, solely to support the users' experience on services on the Platform, the Platform is not part of any P2P transactions.
5. Users should be refrained from using foul and offensive language when using the Platform. This includes, but not limited to, the chatting tools with users and customer support live chat, as well as the in the order comment section.
6. Both trading parties should bear the additional transaction costs involved in fiat transfers, for example, transaction fees required by the payment service provider, unless either party has explicitly agreed to pay for the additional transaction costs before the establishment of trade. Thus, The sending amount should be inclusive of the transaction costs. (E.g. If the order amount is 10,000 USD in total, and an additional 5 USD is charged by the payment service provider, the buyer should pay 10,005 USD instead of 10,000 USD.) Including but not only limited to RUB, but UAH, KZT, IDR, BDT, SGD transactions: seller should always receive the full amount, and the buyer is always responsible for fiat transaction fees as required by the payment service provider.
III. Buyer’s Instructions:
1. You need to choose a payment method supported by the Seller and transfer the amount as shown on the order page within the time specified by the Seller. (if the payment service providers charge fees. Check chapter I, point 5.). Make sure to tap on/click the “Transferred, notify seller” button after the payment is made.
2. Please use the payment method with the account owner name that is consistent with your registered name on Binance (The name must be identical with the KYC Verified name on Binance.) The Platform does not support non-real-name verified payment methods. The User’s P2P function will be suspended for a minimum of 15 days if a non-real-name verified payment method has been used.
3. Do not click the “Transferred, notify seller” button when the payment is not yet made or completed. If you tap on/click the “Transferred, notify seller” button when the payment is not yet made or completed, your account may be suspended.
4. If Users' preferred choice of payment is through "instant payment" or "quick payment", any other payment methods such as international transfer shall not be made without the Seller's prior consent.
5. When payment is made in fiat currency to the Seller, please make sure no sensitive words or expressions related to Digital Currency are used in the remarks field/section. including, but not limited to words such as BTC, USDT, CryptoCurrency, and Binance purchase.
6. If you have completed the payment and tapped on “Transferred, notify seller”, but the Seller fails to deliver the corresponding Digital Assets (hereinafter referred to as “Delivery”) to the Buyer within the specified time frame, you should first communicate with the Seller through the chat box function. Once you have made sure that you have complied with the regulations of the Platform and have correctly performed the procedures stipulated by the Platform (including but not limited to providing relevant legal certificates meeting the platform’s requirements), and there is no response from the Seller, then you can choose to file an appeal against the Seller. The P2P team may assist you with the complaint based on the appeal-handling rules if requested by the user. However, the Platform is not a party to a P2P transaction. Therefore, the Platform is not obliged to intervene in any disputes between Users engaging in P2P transactions. Please note that Binance and the Platform hereby reserve the right of any final interpretations and judgments for the sanctioning of appeal cases. Reopening of appeals will be determined at the sole discretion of Binance and the Platform on a case-by-case basis.
7. In case of any violations of the “Buyer’s Instructions”, the Platform may, in accordance with this Policy, the Terms or relevant laws and regulations, or in its sole discretion, take measures as it considers fit, including but not limited to freezing the violator’s account or disabling any account functions on the Binance trading platform or/and the Platform.
8. When placing an ad, the buyers' instructions in the Terms of Trade must not contradict the rules of this User Transaction Policy (price, fees, remarks, etc).
IV. Seller’s Instructions:
1. The account owner name you have used for collecting payment must be consistent with your registered name on Binance. (The name shall be identical with the KYC Verified name on Binance.)
2. After confirming receipt of the Buyer’s full payment, the Seller must complete the order (release the crypto to the buyer) within 15 minutes.
3. Unless otherwise specified by the platform, no one is supposed to ask Customer support agents to cancel the order without the Buyer’s consent.
4. Pricings for established orders between the Seller and the Buyer are deemed as final and non-negotiable.
5. If you have uncompleted orders or disputes with the Buyer, please make sure to stay contactable at all times, via the corresponding mobile phone number or email that you register on the Platform.
6. In case of the extra fees charged by the payment service provider, the Seller has to provide proof of transaction by service providers to clearly show the amount deducted by the payment service provider.
7. When placing an ad, the Sellers' instructions in the Terms of Trade must not contradict the rules of this User Transaction Policy (price, fees, remarks, etc).
8. In case of any violations of the stated “Seller’s Instructions”, the Platform may, in accordance with this Policy, the Terms or relevant laws and regulations, or in its own discretion, take measures as it considers fit, including but not limited to freezing the violator’s account or disabling any account functions on the Binance trading platform.
V. Risk Warning and Disclaimer:
  • You fully understand the risks associated with P2P transactions, including but not limited to the risk of fluctuations in the value of Digital Assets, the credibility risks concerning the counterparties under P2P transactions, and the compliance risks of fiat currency transactions.
  • You have sufficient investment knowledge and experience, and the ability to bear the risks associated with P2P transactions, and agree to independently bear all the risks arising from the engagement in P2P transactions.
  • Users should not indicate any personal information (i.e., social networks, messengers) neither in the trading conditions nor in auto-replies for their safety.
  • Users should not use include “Binance”, names of local banks and payment systems, or any of the sensitive words in their nicknames.
  • It is forbidden to use multi-accounts to trade on P2P. In case such accounts are detected, we will have the right to block all linked user accounts from trading.
  • Before a P2P transaction, you have read and understood all contents of this Policy, the Terms and relevant rules on Binance platforms, and have consulted professionals before deciding at your own discretion on whether or not and how to complete the P2P transactions based on their recommendations.
  • The Platform is not a party to a P2P transaction. Therefore, any disputes between Users engaging in P2P transactions have nothing to do with the Platform. The Platform has neither the rights nor the obligations to resolve any disputes arising therefrom. It is not obliged to assume any financial or non-financial obligations or responsibilities to any party (including but not limited to indemnities).
  • You agree and authorize the Platform to take all reasonable actions (including but not limited to canceling transactions or disabling account features under certain circumstances) in accordance with this Policy, the Terms, and relevant rules on Binance platforms to safeguard you, the platform’s and other Users’ legitimate rights.
VI. Abnormal Trading Behaviors and Measures to Handle Them:
You agree that, to the maximum extent permitted by law, the Platform shall not be liable for any losses you suffer from P2P transactions or the use of services under this Policy due to reasons other than the platform’s intentional conduction or gross negligence, including but not limited to hacker attacks, power outages or unavoidable technical failures.
The platform has the right to restrict, suspend, or terminate your account or access to services in the platform’s sole and absolute discretion, immediately and without notice and for a period, at the discretion of the platform, if:
  • We reasonably suspect that you have violated or may be acting in violation of this Policy;
  • If we detect that you are using multi-accounts to trade on P2P;
  • We believe it is necessary to protect our other Users. If we exercise our right to restrict or deny you access to the Services, we will not be responsible for any consequences of our failure to provide you with access to the Services, including any delay, damage, or inconvenience that may result;
  • If we determine that you are using our platform in any way that may adversely affect or prevent other users from taking advantage of our Services;
  • If it is revealed that in the process of interacting with other users, the offender used obscene language against the counterparty, insulted, extorted, harassed, threaten, or otherwise violated or tried to violate legal rights (such as, among other things, the rights to privacy, publicity, etc. intellectual property) of other users, as well as the collection of private information that is subsequently being distributed other any other parties.
You acknowledge that our decision to take certain actions, including limiting access to, suspending, or closing your account or wallet, may be based on confidential criteria that are essential to our risk management and security protocols. You agree that Binance is under no obligation to disclose the details of its risk management and security procedures to you.
We will remove the suspension as soon as possible once the reasons for the suspension no longer exist, however, we are under no obligation to notify you when (if ever) such suspension will be lifted.
Abnormal trading behaviorsHandling rules
1. The buyer cancels an order that is already created, without the prior consent of the seller or the platform.If the buyer does so 3 times on the same day, the system will prohibit the buyer from buying for that day.
2. Order is automatically canceled as payment is not made within the time limit after the order is created.If the buyer does so 2 times on the same day, the system will prohibit the buyer from buying for that day.
3. For the past 7 days, the user has over 10 matched orders, the rate of getting appealed is larger than 20%, while the completion rate is below 60%.The platform may disable the user’s account for at least 7 days.
4. For the past 7 days, the ur has over 5 matched orders, but the completion rate is below 20%.The platform may disable the user’s account for at least 7 days.
5. A. The online ads with the best offer price but have zero-completed orders within a certain timeframe. B. The ads that have more than 5 orders matched but the compilation rate is below 20%.Both types A and B will be considered ineffective ads and will be closed automatically by the system.
6. Users who posted more than 3 ineffective ads (type A+B) for the past 7 days, at the same time, the 7-day completion rate of those users is below 60%.The users will be banned from all P2P activities for at least 7 days.
7. User's ad has more than 5 orders being appealed at the same time.The online ads will be hidden, and the user will be banned from all P2P activities.
When risk control abnormalities are triggeredHandling rules
1. When abnormalities are detected by the risk control system, Users explicitly refuse or do not actively cooperate with the platform for subsequent anti-money laundering or anti-terrorism financing verification.The platform may opt to directly determine the account as abnormal, and take measures, including but not limited to raising Users’ risk level, directly freezing Users’ accounts and other related accounts until risk control evidence provided by Users pass the risk control review by the platform.
2. When Users are found by the platform’s risk control system to be suspected of fraud (or attempted fraud), withdrawal of money to high-risk platforms (including but not limited to unlicensed crypto-dealer platforms, online gambling platforms, platforms suspected of money laundering fraud, or others with low-risk control capabilities), or other high-risk asset transfers.
Risk warning: Caution against all publicity efforts associating this platform with such platforms in case of any unnecessary property losses.
The platform may opt to directly freeze or disable the transaction, withdrawal, or even all P2P features of the account or associated Accounts.
3. Accounts are not used by Users or illegally used to buy Digital Assets for others: if Users are found by the platform to have sold, lent, or rented their account for use by others, or have illegally purchased Digital Assets for others.
Risk warning: Please keep your information safe so as not to be exploited by others for criminal acts.
The platform may opt to take one or more measures, including but not limited to temporarily or permanently disabling the P2P trading feature, delaying or disabling the withdrawal feature, or directly freezing such Users’ Accounts and associated Accounts.
4. Receipt or introduction of Digital Assets or funds from illegal sources: Users know or can reasonably infer with common sense that the Digital Assets and money received from other platforms/WeChat groups are illegal coins or funds, yet still allow them to flow into the Accounts of other Users on the platform.The platform may directly and permanently disable all or parts of the features of such Users’ Account and associated Accounts, and terminate any services provided to the Users or performance of any contractual obligations.
5. Users identified as having committed money laundering: when Users are detected by the risk control system or verified by risk control staff as having directly participated in or assisting money laundering.The platform may directly and permanently disable all or parts of the features of such Users’ account and associated Accounts, and terminate any services provided to the Users or performance of any contractual obligations.
6. Account freeze: when Users’ accounts have been frozen upon the request of a judicial institution.The platform may freeze the Users’ accounts in accordance with the letter issued by a judiciary institution as well as relevant laws and regulations. During the freezing period, the Users shall contact the relevant judiciary institution, instead of the platform, to resolve the matter.
7. Judicial investigation: Users are requested by a judiciary institution to retrieve account information on the platform, in the forms of, including but not limited to, judicial investigation and consultation.The platform may disable certain features of the Users’ accounts and associated Accounts.
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