OKX P2P user transaction rules
This policy applies to all non-China users who have completed OKX's identity verification (users whose registered country in their OKX account isn't China)
I. ALL USERS SHALL ABIDE BY THE VERIFICATION, ANTI-MONEY LAUNDERING, COUNTER-TERRORIST FINANCING, AND LEGALITY PRINCIPLES SET OUT IN THIS POLICY:
Users shall strictly comply with the platform's account collection and verification policy (including, but not limited to, the identity 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") will only be used by themselves.
The Platform will take all actions required to comply with anti-money laundering and counter-terrorist financing laws and regulations. Users shall actively cooperate with the platform in connection with these requirements by promptly providing any information and/or documentation requested.
In the event of a User's failure to comply with (I.2.), the Platform has the right to immediately disable all or any part of the features of their Accounts and/or terminate or suspend the User's right to utilize the P2P service.
Users shall be responsible for ensuring that their transactions comply with applicable laws. The Platform shall not be responsible for ensuring the the legality of a Users' transactions.
While the Platform is not part of any P2P transactions between the Users, the Platform may (but is not obliged to) review the transactions carried out by Users. If it comes to the Platform's attention that a transaction is out of compliance with the relevant law, the Platform may take any action it deems necessary under applicable laws and regulations.
It is each User's responsibility to abide by local laws in relation to their use of the Platform in their local jurisdiction. Users are also responsible for all aspects of taxation based upon applicable local laws, including, without limitation, the withholding, collection, reporting, and remittance to their appropriate tax authorities.
II. General Trading Instructions:
Before you decide to initiate an order with the counterparty, always read the counterparty's instructions and 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.
Please ensure that the payment method and fiat currency that has been used during the order is consistent with the payment method and currency that you have selected during the advertisement configuration.
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.
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.
Both trading parties must bear any 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).
III. Buyer's Instructions:
You must choose a payment method supported by the seller and transfer the amount in the fiat currency as shown on the order page within the time specified by the seller. Make sure to tap on/click the "Payment completed" button after making the payment.
Please use the payment method with the account owner name that is consistent with your registered name on OKX (the name must be identical to your verified name on OKX). 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.
Do not click the "Payment completed" button before the payment is made or completed. If you tap on/click the "Payment completed" button when the payment is not yet made or completed, your Account may be suspended.
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.
If you have completed the payment and tapped on "Payment completed", 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 OKX 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 OKX and the Platform on a case-by-case basis.
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 OKX trading platform or/and the Platform.
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:
The Account owner name you use for collecting the payment must be consistent with your registered name on OKX (the name shall be identical with the verified name on your OKX account).
After confirming receipt of the buyer's full payment, the seller must complete the order (release the crypto to the buyer) within 15 minutes.
Unless otherwise specified by the Platform, no one is supposed to ask customer support agents to cancel the order without the buyer's consent.
Pricings for established orders between the seller and the buyer are deemed final and non-negotiable.
You can only accept a fiat payment in the currency and only with the payment method specified in the order.
If you have incomplete orders or disputes with the buyer, please ensure that you are reachable via the mobile phone number or email that you registered on the Platform.
In the event that additional fees are charged by the payment service provider, the seller must provide proof of transaction to clearly show the amount deducted.
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.).
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 OKX trading platform.
V. Risk Warning and Disclaimer:
Nothing herein shall constitute and nor be considered investment advice or a recommendation to deal in any product or investment. Digital assets, including stablecoins and NFTs, are subject to market volatility, involve a high degree of risk, can lose value, and can even become worthless. Digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX does not provide investment or asset recommendations. You are solely responsible for your investment decisions, and OKX is not responsible for any potential losses. Past performance is not indicative of future results.
You should carefully consider whether trading or holding digital assets and/or engaging in P2P transactions is suitable for you in light of your financial condition and risk tolerance. You should not indicate any personal information (e.g., phone number, social networks, messengers, etc.) while trading or in auto-replies. You should not include "OKX", names of local banks and payment systems, personal information or any other sensitive words in their nicknames.
OKX and its affiliates are not a party to any P2P transaction, make no warranties, representations or undertakings relating to any such P2P transaction, and are not responsible or liable for any loss, damage and any other consequences arising directly or indirectly from your participation in any P2P transaction. OKX and its affiiliate have neither the right nor the obligation to resolve any disputes arising therefrom. Payment methods on OKX P2P are displayed as options of fiat transactions between users. OKX does not establish any form of business relationship with the payment methods listed on our P2P platform.
Please consult your legal/tax/investment professional for questions about your specific circumstances. This document should not be construed as financial advice. For more details, please refer to the OKX Terms of Use and Risk Warning.
VI. Abnormal Trading Behaviors and Measures to Address Them:
You agree that, 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 gross negligence or fraud. The Platform will not be held liable for any losses caused by factors including, but not limited to, losses resulting from third party actions, hacker attacks, power outages, or 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.
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.
If we exercise our right to restrict or deny your access to the Services, we will not be responsible for any consequences that restriction or denial of access to the Services, including any delay, damages, or inconvenience that may result.
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. OKX 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 the buyer from buying 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 the rest of the day. Note: The system will reset the restriction after 00:00 2) If a user commits the same behavior 5 times in a row as a maker-buyer, this user's active ads will be automatically shut down, and the system will prohibit the user from posting buy ads for the rest of the day. Note: The system will reset the restriction after 00:00 3) If a Merchant commits the same behavior 8 times in a row as a maker-buyer, this Merchant's active ads will be automatically shut down. |
| 3. The user's ad has more than 5 orders being appealed at the same time. | The user's active ads will be shut down, and the user will be banned from any P2P activity. |
| 4. The buy advertisement has been online for a relatively long time but with the completion rate (calculated as the number of successful orders divided by the number of matched orders) below 20%. | The user's buy advertisements will be shut down. |
| 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 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: 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 user's Account and associated Accounts. |