Last Updated: 4 March 2024
*This policy applies to all makers, takers, and verified non-CN users.
I. ALL USERS SHALL ABIDE BY THE KYC (KNOW-YOUR-CUSTOMER), ANTI-MONEY LAUNDERING, ANTI-TERRORIST FINANCING, AND LEGALITY PRINCIPLES SET OUT IN THIS POLICY:
1. Users shall strictly comply with the platform’s identity verification (know-your-customer, or 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.” 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 for ensuring 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 to) review the transactions carried out by users for the legality as necessary and take actions in accordance with applicable laws and regulations.
5. It is Users’ responsibility to abide by local laws in relation to the legal usage of the Platform in their local jurisdiction, as well as other laws and regulations applicable to Users. Users must also factor, to the extent of their local laws, all aspects of taxation, the withholding, collection, reporting, and remittance to their appropriate tax authorities.
II. General Trading Instructions:
1. Before you have decided to initiate an order with the counterparty, always read the terms and conditions that have been written on the advertisement description page carefully 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 the advertisement configuration.
4. You should never engage in any form of cryptocurrency 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 user experience on the Platform. The Platform is not part of any P2P transactions.
5. Users should refrain from using foul and offensive language when using the Platform. This includes, but not limited to, the tools permitting messaging with other users and the customer support live chat, as well as 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.) For RUB, UAH, KZT, IDR, and BDT transactions: the Seller should always receive the full amount, and the Buyer is always responsible for fiat transaction fees required by the payment service provider.
7. We discourage use of payment methods that do not display the payer's name to the seller, as it cannot verify the payer's name is consistent with the name on Binance. If disputes arise from using payment methods that do not display real names, the buyer should always be responsible for the loss.
III. Buyer’s Instructions:
1. You must 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. Make sure to tap on/click the “Transferred, notify seller” button after making the payment.
2. Please use the payment method with the account owner name that is consistent with your registered personal/corporate name on Binance (The name must be identical to your 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. In case of a transaction dispute and the Buyer was found to have sent third-party payment details, the Buyer in this order shall bear the loss solely.
3. Only transfer payment to the seller's bank account if the account name matches their registered name on Binance. The seller’s bank account name must be identical to the verified name on their Binance account. Do not make payments to a 3rd party account.
4. Do not click the “Transferred, notify seller” button before the payment is 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.
5. If Seller's preferred choice of payment is through "instant payment" or "quick payment," any other payment methods, such as international transfer, shall not be used without the Seller's prior consent.
6. When payment is made in fiat currency to the Seller, it is advisable that no terms related to digital assets (BTC, USDT, cryptocurrency, Binance purchase, etc.) are included in the transaction’s remarks field to avoid potential processing delays and chargebacks.
7. 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”) within the specified time frame, you should first communicate with the Seller through the chat box tool. 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), but the Seller doesn’t respond, you can choose to file an appeal against the Seller.
The P2P team may assist 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.
8. 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.
9. 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 use for collecting the payment must be consistent with your registered name on Binance. (The name shall be identical to the verified name on your Binance account.)
2. In case of a transaction dispute and the Seller was found to have sent 3rd party payment details, the seller in this order shall bear the loss solely.
3. After confirming receipt of the Buyer’s full payment, the Seller must complete the order (release the crypto to the Buyer) within 15 minutes.
4. Unless otherwise specified by the Platform, do not ask Customer Support agents to cancel the order without the Buyer’s consent.
5. Pricings for established orders between the Seller and the Buyer are deemed final and non-negotiable.
6. If you have uncompleted orders or disputes with the Buyer, please make sure to stay contactable at all times via the mobile phone number or email that you registered on the Platform.
7. In case of the extra fees charged by the payment service provider, the Seller has to provide proof of transaction to clearly show the amount deducted.
8. 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.).
9. 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:
- Users must 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.
- Users must have sufficient investment knowledge and experience and the ability to bear the risks associated with P2P transactions, as well as agree to independently bear all the risks arising from the engagement in P2P transactions.
- Users should not indicate any personal information (i.e., phone number, social networks, messengers, etc.) neither in the trading conditions nor in auto-replies or the order chat for their safety.
- Users should not include “Binance,” names of local banks and payment systems, personal information or any other sensitive words in their nicknames.
- Users must not utilize multiple accounts to trade on the P2P Platform. In case such accounts are detected, we have the right to block all linked user accounts from trading.
- Before a P2P transaction, you must have read and understood all contents of this Policy, the Terms, and relevant Binance rules.
- The Platform is not a party to any 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 Binance rules to safeguard your, the platform’s and other Users’ legitimate rights.
- Please note that the payment methods on Binance P2P are displayed as options of fiat transactions between Users. Binance does not establish any form of business relationship with the payment method listed on our P2P platform.
VI. Abnormal Trading Behaviors and Measures to Address 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 detect that you are using multiple accounts to trade on P2P;
- We believe it is necessary to protect our other Users. If we exercise our right to restrict or deny your 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;
- 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;
- It is revealed that in the process of interacting with other users, you have used obscene language against the counterparty, insulted, extorted, harassed, threatened, or otherwise violated or tried to violate legal rights (such as, among other things, the rights to privacy, publicity, intellectual property, etc.) of other users, as well as have engaged in the collection of private information which has subsequently been distributed to 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 behaviors | Handling rules |
| 1. The buyer cancels an order that is already created, without the prior consent of the seller or the platform. | If the buyer commits the same behavior 3 times on the same day, the system will prohibit them from any P2P activity for the rest of that day. |
| 2. Order is automatically canceled as payment is not made within the time limit after the order is created. | 1) If a user/merchant commits the same behavior 5 times in a row as a taker-buyer, the system will prohibit them from buying as a taker for 24 hours . 2) If a user commits the same behavior 5 times in a row as a maker-buyer, their active ads will be automatically closed, and the system will prohibit them from posting buy ads for 24 hours. 3) If a merchant commits the same behavior 8 times in a row as a maker-buyer, their active ads will be automatically closed. |
| 3. The user's ad has more than 5 orders being appealed at the same time. | The user’s active ads will be closed and they will be banned from any P2P activity. |
| 4. A user's buy ad has been online for a relatively long time but the completion rate is below 20%. | The user’s buy ad will be closed. |
| 5. Multiple of the taker/maker’s sell orders were sequentially canceled by buyers. The taker/maker also didn’t respond to buyers in the order chat. | Taker:
Maker:
|
| 6. The maker’s buy ad has been online for a certain period and the completion rate is below 20%. |
Notes: If the maker’s overall 30-day completion rate is above 80%, only the 2nd offense rule will apply. |
| Scenarios triggering risk control abnormalities | Handling rules |
| 1. Abnormalities are detected by the risk control system and the involved 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 deem the accounts in question as abnormal and take corresponding 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. Users’ accounts are found 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 or fraud, or other high-risk entities), or other high-risk asset transfers. | The platform may directly freeze or disable the transaction, withdrawal, or all P2P features of the associated Account(s). |
3. An account is not being used by the users under whose name it is registered, or is illegally used to buy digital assets for others. Users are found to have sold, lent, or rented their accounts to others, or have illegally purchased digital assets for others. Risk warning: Please keep your information safe to avoid being exploited by others for criminal acts. | The platform may take necessary 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 funds received from other platforms are of illegal origin or nature, 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. A user is identified as having committed money laundering: detected by the risk control system or verified by risk control staff as having directly participated in or assisted money laundering. | The platform may directly and permanently disable all or parts of the features of the user’s Account and associated accounts, and terminate any services provided to the user or performance of any contractual obligations. |
| 6. Account freeze authorized by the court: an account has been frozen upon the request of a judicial authority. | The platform may freeze an account upon a written request by a judicial authority in accordance with relevant laws and regulations. During the freezing period, the user involved shall contact the relevant judicial authority, rather than the platform, to resolve the matter. |
| 7. Investigation by law enforcement: A user is 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 user’s account and associated accounts. |