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Buy Crypto (Fiat/P2P)
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 C2C 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.
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. Make sure to click the I have paid button after 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. Unless otherwise specified in the trading terms, fees charged by payment service providers should be paid by the buyer. Buyer should ensure the seller receives the agreed order total amount.
  4. Do not click the I have paid button when the payment is not yet made or completed. If you click the I have paid button when the payment is not yet made or completed, certain features of your account may be disabled.
  5. Please choose “instant payment”. For a transfer of over RMB 50,000, pay in batches to ensure the money is received almost immediately. Any non-instant payments shall not be made without the seller’s prior consent.
  6. 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.
  7. If you have completed the transfer and clicked I have paid, yet the seller fails to deliver the corresponding Digital Assets (hereinafter referred to as “delivery”) to the buyer within the specified time, you may contact the Customer Service of the platform to file a complaint. 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.
  8. In case of any violations of the “Buyer’s Instructions”, the platform may, in accordance with the 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.
  9. The buyer can be suspended from posting buy advertisements in case of non-fulfillment of 3 or more orders in a row or low completion rate (<50%).
NOTE: NON-INSTANT PAYMENT METHODS INCLUDE: ALIPAY TO DEBIT CARD, WECHAT TO DEBIT CARD, AND SINGLE TRANSFERS OF RMB 50,000 OR ABOVE DURING CERTAIN BANKS’ NON-BUSINESS HOURS (GENERALLY 17: 00-9: 00). THE SPECIFIC TYPES OF NON-INSTANT PAYMENT METHODS WILL BE SUBJECT TO ADJUSTMENT FROM TIME TO TIME, AS THE BUSINESS OF EACH PAYMENT CHANNEL CHANGES.
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 30 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 you register on the platform.
  6. In case of any violations of the aforesaid “Seller’s Instructions”, the platform may, in accordance with the 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 to demand to pay additional commissions in any cases (except if both parties come to such an agreement)
IV. Risk Warning and Disclaimer:
  • You fully understand the risks associated with C2C transactions, including but not limited to the risk of great fluctuations in the value of Digital Assets, the credibility risks concerning the counterparties under C2C 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 C2C transactions, and agree to independently bear all the risks arising from the engagement in C2C transactions.
  • Before a C2C transaction, you have read and understood all contents of the Policy, the Terms and relevant rules on Binance platforms, and have consulted professionals before deciding in your own discretion on whether or not and how to complete the C2C transactions based on their recommendations.
  • The platform is not a party to a C2C transaction. Therefore, any disputes between Users engaging in C2C 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 the Policy, the Terms and relevant rules on Binance platforms to safeguard your, 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 C2C transactions or the use of services under the Policy due to reasons other than the platform’s intentional or gross negligence, including but not limited to hacker attacks, power outages or unavoidable technical failures.
Buyer’s abnormal trading behaviorsHandling rules
1. The buyer cancels an order that is already created, without 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. If the prohibition is triggered 2 days in a row, certain features of the buyer’s account will be disabled (subject to the discretion of the platform).
2. Order is automatically canceled as payment is not made within the time limit after the order is created.If the buyer does so 3 times on the same day, the system will prohibit the buyer from buying for that day. If the prohibition is triggered 2 days in a row, certain features of the buyer’s account will be disabled (subject to the discretion of the platform).
3. The I have paid button is clicked, yet the payment is not actually made.
The seller may continue the transaction or file a complaint to the platform (for cancellation of the order after refund).
1) If the seller opts to continue the transaction, the seller shall make the delivery upon receipt of payment.
2) If the seller files a complaint against the buyer and requests to cancel the order, and it is confirmed that the buyer has not paid, the platform may cancel the order, and the seller does not need to deliver the Digital Assets to the buyer.
3) If the buyer is complained twice on the same day, the platform will disable certain features of the buyer’s account (subject to the discretion of the platform). If such a complaint involves a single transfer of RMB 50,000 or above, the buyer’s account will be frozen for 48 hours.
4. Before the payment is made, the buyer clicks the I have paid button first and then makes the actual payment.
The seller may continue the transaction or complain to the platform (for cancellation of the order after refund).
1) If the seller opts to continue the transaction, delivery needs to be made within 30 minutes upon receipt of full payment.
2) If the seller opts to cancel the order, the seller shall complete the refund within 2 hours after a complaint is filed, without the need to deliver the Digital Assets to the buyer.
5. After the buyer clicks the I have paid button, the seller has not received the buyer’s payment within the time limit specified by the platform.
1) The seller may continue the transaction or cancel the order after refund, except as the buyer’s payment method and delay in payment have gained the prior consent of the seller.
-If the seller opts to continue the transaction, the seller needs to make the delivery within 30 minutes upon receipt of payment.
-If the seller opts to cancel the order, the seller needs to complete the refund within 30 minutes after receipt of payment, without the need to deliver the Digital Assets to the buyer (if the delivery has already been made, the buyer shall return the Digital Assets to the seller).
2) Notwithstanding the provisions of paragraph 1), if the seller is an Advertiser User, the platform cannot get through to the buyer within 10 minutes after receiving the seller’s complaint, and/or if it is confirmed that the seller has not received the payment, the platform may cancel the order first on the condition that the seller will reserve the assets concerned, and the seller does not need to deliver the Digital Assets to the buyer (if the delivery has already been made, the buyer shall return the Digital Assets to the seller).
6. The payment is not made to the beneficiary’s account as shown on the seller’s order details page.The seller may request the cancellation of the order without the need to deliver the Digital Assets to the buyer (if the delivery has already been made, the buyer shall return the Digital Assets to the seller), while the buyer shall bear the risk and loss of transferring to the wrong account.
7. The payment is not made to the real-name verified beneficiary’s account provided by the seller in the order chat window.The seller may request the cancellation of the order without the need to deliver the Digital Assets to the buyer (if the delivery has already been made, the buyer shall return the Digital Assets to the seller), while the buyer shall bear the risk and loss of transferring to the wrong account.
8. The payment is made by using a payment channel that is inconsistent with the real-name registered buyer’s account on the platform.
1) The seller may directly refuse the transaction by refunding within 24 hours after receiving the payment, and in doing so, the seller does not need to deliver the Digital Assets to the buyer (if the delivery has already been made, the buyer shall return the Digital Assets to the seller). Payments by institutions using payment channels (regardless of whether the name of the institution is consistent with the real-name verified account) are still considered as non-real-name verified payments.
2) If the seller opts to continue the transaction, the risks arising therefrom shall be borne solely by the seller.
3) If 2 such complaints have been filed against the buyer, the platform will permanently prohibit the buyer from buying via the account.
9. The payment is made within the time limit specified for the order, yet the order is subsequently canceled.
(1) The buyer has completed all the payments, yet the order is subsequently canceled by the buyer or the system when overdue.
(2) The buyer has completed part of the payments, yet the order is subsequently canceled by the buyer or the system when overdue.
In either case, the seller may continue the transaction or discontinue the transaction by refunding.
1. In case the seller opts to continue the transaction,
-if the seller is an ordinary user, the order will be directly recreated by the platform for the seller to deliver the Digital Assets within 30 minutes.
-if the seller is an Advertiser User and the order amount is less than RMB 50,000, please use “Recreate Order for Delivery” to complete the transaction; if the order amount is over RMB 50,000, make the delivery within 30 minutes after the order is recreated on the platform.
2. In case the seller opts to cancel the order, the seller shall complete the refund within 60 minutes after receiving the feedback from the platform or the buyer, without the need to deliver the Digital Assets to the buyer (if the delivery has already been made, the buyer shall return the Digital Assets to the seller).
10. If payment is made in batches, the buyer clicks the I have paid button before all transfers are completed, and then continue to complete the payment.
1) If the seller consents to such operations upon prior notice, the seller shall continue to complete the order.
2) If the buyer does so without gaining prior consent of the seller, the seller may continue the transaction or cancel the order after refund.
-If the seller opts to continue the transaction, the seller shall make the delivery within 30 minutes upon receipt of all payments.
-If the seller opts to cancel the order, the seller shall complete the refund within 60 minutes upon receipt of payments, without the need to deliver the Digital Assets to the buyer (if the delivery has already been made, the buyer shall return the Digital Assets to the seller).
11. The amount paid does not match that of the order.
1) If the former is greater than the latter, the order will be deemed as having been completed and the seller shall refund the excess within 60 minutes after receiving the payment.
2) If the former is less than the latter, the seller may opt to continue the transaction or request the cancellation of the order after refund.
-If the seller opts to continue the transaction, the seller shall complete the order according to the actually paid amount (i.e. corresponding Digital Assets calculated on the basis of the applicable unit transaction price agreed by the buyer and seller in advance will be delivered (if without such an agreement, the same unit transaction price as the original order shall be applicable)).
-If the seller opts to cancel the order, the seller shall complete the refund within 60 minutes upon receipt of payments, without the need to deliver the Digital Assets to the buyer (if the delivery has already been made, the buyer shall return the Digital Assets to the seller).
12. When the payment is received, the real name of the buyer cannot be verified in the beneficiary’s account.
1) If the platform confirms that the payment account is consistent with buyer’s real name registered on the platform, and the payment is completed within the time specified for the order, the order will be completed as normal.
2) If the platform confirms that the payment account is inconsistent with the buyer’s real name registered on the platform, Measure 8 as set out above shall apply.
13. Payment is made through non-instant payment method that is not authorized by the seller.
The seller may continue the transaction or request a cancellation of order after refund.
-If the seller opts to continue the transaction, the seller shall make the delivery within 30 minutes after receipt of payment.
-If the seller opts to cancel the order, the seller shall complete the refund within 60 minutes upon receipt of payments, without the need to deliver the Digital Assets to the buyer (if the delivery has already been made, the buyer shall return the Digital Assets to the seller).
14. On holidays or from 17:00 to 9:00 on working days, debit card remittances exceeding RMB 50,000 are not paid in batches, leading to failure of the seller to receive the buyer’s transfer within the time limit specified by the platform.
The seller may continue the transaction or cancel the order and refund.
-If the seller opts to continue the transaction, the seller shall make the delivery within 30 minutes after receipt of payment.
-If the seller opts to cancel the order, the seller shall complete the refund within 60 minutes upon receipt of payments, without the need to deliver the Digital Assets to the buyer (if the delivery has already been made, the buyer shall return the Digital Assets to the seller).
15. Abnormality occurs to the beneficiary’s account due to the buyer’s payment.
1) If the buyer cannot provide proof for the normality of its account, the seller shall refund and the platform shall cancel the order within 24 hours after the beneficiary’s account is restored to normal state of operation.
2) If the buyer can provide proof for the normality of its account, the order shall be completed and the Digital Assets be delivered to the buyer, after the buyer’s account is verified to be normal.
16. If the following remarks are made when the buyer makes a payment: Digital Currency, BTC, Bitcoin, Binance, etc.
The seller may continue the transaction or cancel the order after refund.
1) If the seller opts to complete the transaction, the seller shall make the delivery within 30 minutes after receipt of payment.
2) If the seller opts to cancel the order after refund, the Digital Assets delivered shall be returned to the seller, and the seller shall complete the refund within 60 minutes upon receipt of payment. If the beneficiary’s account is therefore frozen, Measure 14 as set out above shall apply.
17. The buyer is determined by the risk control system as having maliciously snatched low-price orders.
1) If the buyer fails to pay, the platform will cancel the order and the seller will not have to deliver the Digital Assets to the buyer (if the delivery has already been made, the buyer shall return the Digital Assets to the seller).
2) If the buyer has made the payment, the seller shall complete the refund within 60 minutes upon receipt of complaint by the platform. The platform will assist in canceling the order, while the seller does not need to deliver the Digital Assets to the buyer (if the delivery has already been made, the buyer shall return the Digital Assets to the seller).
3) If the buyer does so twice, the platform will disable certain features of the buyer’s account (subject to the discretion of the platform).
Note: If the seller fails to refund or deliver the Digital Assets within the time set out in the Policy, the platform will disable some features of the seller’s account.
Seller’s abnormal trading behaviorsHandling rules
1. The seller has objections to the order price after the order is created.Unless the two parties agree to a new price, the seller shall make the delivery within the time specified.
2. Abnormality occurs to the beneficiary’s account provided by the seller.
The buyer may continue the transaction or cancel the order.
-If the buyer opts to complete the order and it is confirmed that the buyer has paid in full within the specified time, the seller shall make the delivery within the time specified after receiving the payment.
-If the buyer opts to cancel the order, the buyer shall return the Digital Assets to the seller after the refund.
3. Order is canceled because the seller fails to provide an effective payment method in time and the buyer is unable to make the payment.
1) If the order cannot be completed because the seller fails to provide a valid payment method, the platform will cancel the order directly when it receives such complaints and punishes the seller accordingly. The order canceled by the platform will not be counted as a cancellation on the part of the buyer on that day.
2) When such complaints are filed twice against the seller, the system will disable certain features of the seller’s account (subject to the discretion of the platform).
4. A non-advertiser seller does not register valid beneficiary information that is consistent with its real name or provides the buyer with a payment method that is inconsistent with the real name registered on the platform, e.g. when such a seller collects money through Alipay or WeChat, the payee’s name does not match that displayed on the order details page of the platform.
1) The buyer may cancel the order and file a complaint to the platform.
2) When 3 such complaints have been filed against the seller, the platform may permanently disable all features of the seller’s account.
3) If the buyer opts to continue the transaction, the risks arising therefrom shall be solely borne by the buyer.
5. The buyer clicks the I have paid button after full payment, yet the seller fails to make the delivery within 30 minutes after receiving the buyer’s full payment.
The buyer may continue the transaction or cancel the order and request a refund.
-If the buyer opts to complete the transaction, the ombudsman will determine that the Digital Assets belong to the buyer, and the Customer Service will perform the transfer of the Digital Assets.
-If the buyer cancels the order after requesting a refund, the seller shall complete the refund within 60 minutes upon the request from the buyer or the platform.
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 evidences 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 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 C2C 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 C2C 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 participating 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 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 forms, including but not limited to, judicial investigation and consultation.The platform may disable certain features of the Users’ account and associated Accounts.
Abnormal trading behaviorsHandling rules
1. For the past 7 days, users who have over 5 orders but a 0 completion rate will be considered malicious.The platform may disable the user’s account for 7 days.
2. For the past 7 days, users who have over 5 orders but a completion rate larger than 0, while less than 20% will be considered malicious.The platform may disable the user’s account for 7 days.
3. Any ads with no transaction within the last 48 hours on the offer list. (Not necessarily stay online, but the ads were created 48 hours ago)The platform may close the ads directly without noting the ad publisher.

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