- This Regulation will be formally implemented from the date of promulgation and will be revised or improved from time to time. The revised or improved new rules will take effect as of the date of promulgation.
- If you do not agree with this Regulation and the revised or improved rules, please stop using the platform service immediately.
- If you continue to use the platform services, it is deemed that you fully understand and accept the Regulation and the content of the rules modified or improved from time to time, and are voluntarily bound by them.
- You are fully aware of the risks inherent in P2P transactions, including, but not limited to, the fluctuation in the value of digital assets, the creditworthiness of the counterparty to a P2P transaction, and the compliance risk associated with legal currency transactions.
- You possess sufficient investment knowledge and experience, are capable of assuming the risks associated with P2P transactions, and agree to assume sole liability for all risks associated with P2P transactions.
- You shall not include any personal data (including social media and messenger) in the transaction conditions or automated reply messengers for the sake of both parties’ security.
- You have read and understood this Policy as well as this Platform’s terms and conditions, consulted with professionals, and independently determined whether and how to conduct P2P transactions based on their recommendations prior to conducting P2P transactions.
- The Platform is not involved in the P2P transaction. As a result, any disputes arising between users regarding P2P transactions are unrelated to the Platform. The Platform has neither the right nor the obligation to resolve any disputes that may arise. The Platform shall not assume any financial or other obligation or liability to any party (including without limitation indemnification).
- You agree and authorize the Platform to take any reasonable action (including, without limitation, canceling transactions or disabling account features in certain circumstances) to protect the legal rights of yourself, the Platform, and any other users in accordance with this Policy and the Phemex Platform terms and rules.
- Please keep in mind that the payment method displayed on Phemex P2P represents the users’ legal currency transaction options. Phemex will have no business relationship with the payment method displayed on the Platform.
Basic Trading Regulations
Notice to Buyer
After creating an order, the buyer should:
- Complete the payment within the payment time specified in the order, and then click ‘I’ve paid.
- The buyer should complete the payment with a real-name and real-time payment method, any non-real name payments are not allowed and the support team will penalize the accounts of non-real name buyers based on the specific transaction.
- When choosing a non-real-time payment method, the buyer must obtain the seller’s consent in advance. The payment amount and payment method should be consistent with the seller’s requirements.
- Please DO NOT mention some words like BTC/Bitcoin/digital assets/crypto/Phemex during the payment, otherwise, the seller is entitled to cancel the transaction after refund.
- After the order is created, the total amount received by the seller should be consistent with the amount on the order details page. In case of any additional expenses incurred in the process of payment, they shall be borne by the buyer.
Notice to Seller
After creating an order, the seller should:
- Provide a payment account supported by the platform.
- After receiving the buyer’s payment, release digital assets within the time specified in the order.
- Without the consent of the buyer, the seller/customer service shall not be required to cancel the order.
- If the advertiser as a seller requires the buyer to complete KYC: do not display the payment method directly in the order window; if the payment method is displayed directly, it is deemed that KYC is not needed, and additional KYC is not required while the payment method is displayed.
Notice for AML
- Users should strictly abide by the platform’s AML regulations and strictly perform relevant obligations accordingly.
- Users should strictly follow the platform’s management requirements for the user’s identity and account real-name authentication to ensure that the relevant accounts displayed on the platform are legally registered and used by themselves.
- When triggering the platform’s anti-money laundering risk control warning, users should actively cooperate with the platform’s further anti-money laundering verification work, and actively assist in providing relevant risk control evidence materials (the specific measures are subject to the platform’s risk control audit requirements at that time).
Irregular Actions and Management Rules
*The Platform reserves the right, in its sole discretion and without prior notice, to immediately restrict, suspend or terminate your account or access to the Services in the event of any of the following circumstances (If the reason for suspension no longer exists, we will immediately lift the restriction)
Irregular Action of BuyerRelated Management Action1. The buyer cancels the order after created.(Include the system automatically canceled)When the buyer cancels 3 times on the same day, the system will restrict the buyer’s buying function2. In the case of no payment, click ‘I’ve paid”The seller has the right to request the cancellation of this order. The buyer will be complained up to 2 times on the same day, and the system will limit some functions of the buyer’s account;3.The payment is not made using a payment account that matches the real name of the Phemex account.The seller has the right to refuse to complete the order. The seller needs to refund within 48 hours of receiving the full payment from the buyer. The digital assets will be returned to the seller.4. In the case of no payment, click ‘I’ve paid’ before making payment.The seller has the right to choose to continue the order or cancel the order after refund.1) If the seller chooses to complete the order, the seller needs to release digital assets within 10 minutes of receiving the full payment.
2) If the seller chooses to complete the order but needs additional KYC, and the buyer refuses, the seller shall refund within 30 minutes after receiving the payment. The digital assets will be returned to the seller.
3) If the seller chooses to cancel the order, the seller needs to refund within 2 hours after complaining. The digital assets will be returned to the seller.
5. After payment is received, the seller’s payment/banking account cannot verify the real-name information.1) After verifying that the buyer’s name of the payment account is consistent with the Phemex account, and the payment is completed within the specified time, the order is valid.2) After verifying that the buyer’s name of payment account is not consistent with the Phemex account, shall be dealt with the Item 3 above.
3) If the buyer chooses the payment methods such as ATM cash deposit or other ways in which the transferor’s information cannot be verified or recognize, the buyer shall properly keep the real-name payment receipt for KYC use ( for example, send the seller a photo of the ATM payment receipt and holding ID in the chat window).
6. The seller’s payment account is abnormal due to the buyer’s money.1) If the buyer is unable to provide proof of his account that can trade normally, the seller shall refund within 24 hours after payment, the order will be canceled by the system.2) If the buyer is able to provide the proof of his account that can trade normally, the seller shall release the digital assets.
Irregular Action of SellerRelated Management Action1. After the order is generated, the seller has an objection to the price.Except for getting an agreement of the order price with the buyer, the seller shall release the digital assets within the specified time.2. The buyer is unable to complete the transfer due to the seller not providing an effective payment account, resulting in the cancellation of the order.The system will cancel the order and punish the seller. The cancellation times of the buyer won’t be counted if it is made by the seller. For sellers who have been complained about 2 times due to this kind of behavior, the system will restrict some account functions.3. The seller’s collection account of the Phemex account is not consistent with his real name or provides the non-real name to the buyer.1) The buyer has the right to cancel the order and complain about the seller. The seller will be complained up to 2 times, the system will permanently freeze the seller’s account.2) If the buyer chooses to continue the order, the buyer shall bear the risk of making the wrong transfer.
4. The buyer’s name of the payment account is not consistent with the Phemex account, the seller doesn’t refuse to complete the order.1) If the seller chooses to continue the order, the seller shall bear the risk of this order.2) The platform will restrict some functions of the seller’s account if there is any complaint.
5. The buyer clicks ‘I’ve paid’ after full payment, and the seller doesn’t release the digital assets within 20 minutes and clicks ‘Complain’ after receiving the full payment.1) If the buyer chooses to continue the order, the platform will release the digital assets to the buyer.2) If the buyer chooses to refund and cancel the order, the seller shall refund within 30 minutes.
Risk ControlRelated Management Action1. When the user is detected abnormal by the risk control system, the user explicitly refuses or does not actively cooperate with the completion of the platform risk control requirements for further Anti-money Laundering verification.The platform will have the right to directly determine that this account is abnormal, including but not limited to raising the user’s risk level, directly freezing the accounts of such users and related accounts until the risk control evidence provided by the user has passed the risk control review of the platform.2. When the user is verified by the platform’s risk control to be suspected of fraud (or attempted fraud), withdraw digital assets to various high-risk platforms (including but not limited to: Ponzi fraud platform, online gambling platform, suspected money laundering fraud platform or other low-risk control capability platform) or other high-risk asset transfers.The platform will have the right to choose to directly freeze or restrict Fiat transactions, withdrawals of such users and related accounts, and even disable all account permissions as appropriate.3. The account is not used by the beneficiary or illegally bought digital assets for others: when the user is verified by the platform’s risk control system that the account is sold, loaned, or leased for use by others, or there is an act of illegally buying digital assets for others.The platform will have the right to choose to directly freeze or restrict Fiat transactions, withdrawals of such users and related accounts, and even disable all account permissions as appropriate.4. Users verified as money laundering: When the user is detected by the risk control system/staff, the user directly participates in or assists in criminal activities such as money laundering.The platform will directly and permanently restrict all functions of such users’ accounts and related accounts.5. Frozen by the law: When the user’s account is frozen by the judicial institution.The platform will strictly freeze user accounts in accordance with the judicial document. When the freeze period expires, the judiciary needs to present a renewal document to continue to freeze. During the freezing period, the user’s application to the platform for unfreezing is invalid, please contact the freezing organization for coordination.6. Information retrieved by the judiciary: The user is requested by the judiciary to retrieve the account information of the platform, including but not limited to: judicial verification, consultation, and other forms.The platform will restrict some functions of such users’ accounts and related accounts as appropriate.