Phemex P2P Service Terms of Use

*Description：This Phemex P2P Service Terms of Use (“Terms of Use”) is subjected to restrictions in line with the Section 36 of Phemex Terms of Use.

For more details, please refer to Phemex Terms of Use

You acknowledge that you have read, understood and accepted all of the terms and conditions in this Terms of Use, and you acknowledge and agree that you will be bound by and will comply with this Terms of Use. If you do not understand and accept this Terms of Use in their entirety, you should not engage in any P2P transaction.

Preface

This Terms of Use 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 Terms of Use and the revised or improved rules, please stop using the P2P service immediately.
If you continue to use the P2P services, it is deemed that you fully understand and accept this Terms of Use and the content of such Terms of Use 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 with the fraud risks of the counter-party in a P2P transaction, and the compliance risk associated with legal currency transactions.
You commit that you have possessed 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 Terms of Use as well as this Platform’s terms and conditions, consulted with your own professionals, and independently determined whether and how to conduct P2P transactions based on professionals’ 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).
However, in case of a conflict during a trade on Phemex P2P that the parties cannot solve by directly contacting each other through the Chat Service made available by Phemex, the platform offers both parties the opportunity to file an appeal.
You, not matter as the buyer or the seller, understand and agree that the appeal mechanism offered by platform is not a representation, undertaking, or guarantee from Phemex in any way whatsoever to resolve the disputes between the parties and has the sole purpose of offering a mediation channel to the users.
Phemex reserves the right to suspend or terminate access to Phemex P2P for users who are uncooperative during the appeal process.
Phemex hereby reserves 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 Phemex on a case-by-case basis
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 Anti-Money Laundering (“AML”) Compliance

Users should strictly abide by the relevant AML regulations and requirements. Users shall also strictly perform relevant obligations accordingly.
Users should strictly follow the platform’s management needs and 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 risk control warning, users should actively cooperate with the platform’s further AML verification work, and actively assist in providing relevant risk control evidence materials (the specific measures are subject to the platform’s 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 Buyer-Related Management Action

1. 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 function

2. In the case of no payment, click “‘I’ve paid” and the seller has the right to request the cancellation of this order. If such condition happens 2 times on the same day, and the system will limit some functions of the buyer’s account;

3. If the payment is not made by a payment account that matches the real name of the Phemex account, the seller has the right to refuse to complete the order. In such condition, the seller needs to refund within 48 hours of receiving the full payment from the buyer while the digital assets in case will be returned to the seller.

4. In the case of no payment, if the buyer clicks “‘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 cancellation. The digital assets will be returned to the seller.

5. After payment is received, the seller’s receiving/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. The digital assets in case will be returned to the seller.

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 Seller-Related Management Action

1. After the order is generated, if 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 times of order cancellation caused by buyer won’t be counted and will be counted if it is caused by the seller. For sellers who have caused order cancellation 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 appeal about the seller. If the seller has been appealed up to 2 times due to this kind of behavior, the system will permanentlyIf the seller has been appealed up to 2 times due to this kind of behavior, the system will permanently freeze the seller’s account freeze the seller’s account.

2) If the buyer chooses to continue the order, the buyer shall bear the risk by themselves.

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 by themselves.

2) The platform will restrict some functions of the seller’s account if there is any appeal.

5. If the buyer clicks “‘I’ve paid” after full payment and the seller doesn’t release the digital assets within 20 minutes after receiving the full payment, the buyer may click “Appeal" to decide whether to continue the order or not:

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.

Phemex reserves the right to modify or amend all policies/documents and make final determinations on our platform at any time. The safety, security, and integrity of our platform and user accounts will always remain our top priority. For more information, please contact our customer service team at support@phemex.zendesk.com.