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P2P Trading
P2P Merchant and User Management
P2P User Transaction Policy
Binance
2020-06-15 06:18
I. ALL USERS SHALL ABIDE BY THE KYC, ANTI-MONEY LAUNDERING AND ANTI-TERRORIST FINANCING AND LEGALITY PRINCIPLES SET OUT IN THE POLICY:
1. Users shall 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 platform are legally registered and 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 fail to do so after triggering the anti-money laundering and anti-terrorist financing alarms, the platform may disable all or part of the features of their account.
4. Users must ensure that they have the legal rights to the transaction in accordance with applicable laws. The platform does not guarantee the legality of Users’ transactions. To make sure all transactions are legally compliant, the platform may (but is not obliged) to review the legality of the transactions carried out by users and take necessary actions in accordance with applicable laws and regulations.
5. Unless otherwise both parties explicitly agreed upon before trading via Binance P2P chat, buyer should be responsible for all fees charged by the sending payment account and Seller should be responsible for all fees charged by the receiving payment account. E.g., If the order amount is 10,000 USD intotal, while the payment service provider tends to charge 5 USD from the buyer. Then the buyer should actually pay 10,005 USD instead of 10,000 USD. However, the seller in this case may also face an extra X% fee charged by the payment service provider, then the seller should pay his/her own transaction fee. *For RUB, UAH, KZT transaction: seller should always receive the full amount, and the buyer is always responsible for fiat transaction fees.
II. 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 platform (if the payment service providers charge fees. Check chapter I, point 5.). Make sure to click the “Transferred Next” or “Mark as paid” button after the payment.
2. Please use a real-name verified payment method. Unless agreed by the seller, the platform does not support non-real-name verified payment methods.
3. Do not click the “Transferred Next” or “Mark as paid” button when the payment is not yet made or completed. If you click the“Transferred Next” or “Mark as paid” button when the payment is not yet made or completed, your account may be disabled.
4. Please choose “instant payment”.Any non-instant payments shall not be made without the seller’s prior consent.
5. When you make the payment, please make sure no sensitive words or expressions related to Digital Currency are used, such as BTC, Digital Currency, and Bitcoin purchase.
6. If you have completed the transfer and clicked Transferred, yet the seller fails to deliver the corresponding Digital Assets (hereinafter referred to as “delivery”) to the buyer within the specified time, you may file an appeal first. If you operate fully in compliance with the regulations of the platform and perform the procedures stipulated by the platform (including but not limited to providing relevant legal certificates meeting the platform’s requirements), we will handle the complaint promptly, determine that the Digital Assets belong to you, and carry out the corresponding transfer procedures.
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 own discretion, take measures as it sees fit, including but not limited to freezing the violator’s account or disabling some of its features.
III. Seller’s Instructions:
1. The beneficiary’s account you use must be consistent with your real-name verified information on the platform.
2. After confirming receipt of the buyer’s full payment, the seller shall make the delivery within 15 minutes.
3. Unless otherwise specified by the platform, no one is supposed to ask CS to cancel the order without the buyer’s consent.
4. Unless otherwise stipulated by the platform, you shall not object to the price of an order that is already created without the buyer’s consent.
5. If you have uncompleted orders or disputes with the buyer, please make sure you can be reached via the mobile phone number or email you register on the platform.
6. In case of any violations of the aforesaid “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 sees fit, including but not limited to freezing the violator’s account or disabling some of its features. The price specified in the ad must be final and contain all fees that the advertiser requires the buyer to pay. After the trade is initiated, the price can not be changed and the advertiser can not demand to pay additional commissions in any cases (except if both parties come to such an agreement). (if the payment service providers charge fees. Check chapter I, point 5.).
IV. Risk Warning and Disclaimer:
  • You fully understand the risks associated with P2P transactions, including but not limited to the risk of great 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.
  • 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 physical 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.
V. 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;
  • we believe it is necessary to protect our other users from danger or loss. 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 collecting any personal information of other users for the purpose of its distribution on the Internet or personal attack.
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 user 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 type A and B ads will be considered as Ineffective ads and will be closed by the system automatically.
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 that 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 for 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’ account and 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 any and all 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 any and all features of such Users’ account and associated Accounts, and terminate any services provided to the Users or performance of any contractual obligations.
6. Account freezing: when Users’ account is frozen upon the request of a judicial institution.The platform may freeze the Users’ account in accordance with the letter issued by a judiciary institution as well as relevant laws and regulations. During the freezing period, the Users shall apply to the relevant judiciary institution, instead of the platform, for account unfreezing.
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’ account and associated Accounts.
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