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BitMart P2P Users transaction Policy

1. P2P User KYC Requirements

The information required from regular users includes: 

  • Pass advanced KYC that includes facial recognition authentication 
  • Contact information: name, phone number, e-mail address

Information to be provided by the user applying for a merchant account includes: 

  • Pass advanced KYC that includes facial recognition authentication 
  • Contact information: name, phone number, e-mail address 
  • Telegram account (or Whatsapp account), nickname, emergency contact name, emergency contact phone number, relationship to emergency contact. 
  • Proof of residence: real estate license / lease contract / utility bills (real estate license must indicate the name of the owner, real estate address and issuing authority stamp; lease contract must indicate the name of the lessee, rental address, the owner's stamp and ID number of both parties; utility bills must be the most recent month, and you can see the payment address) or bank statements 
  • Merchants will also be required to provide a screenshot of the payment gateway account to be used in the P2P business that matches the information provided to BitMart, and will be required to upload the payment account details quarterly for BitMart's records. 
  • Proof of P2P trading experience - (optional) 
  • the merchant is a corporation, it is required to also complete the KYC process for institutional accounts on BitMart's platform in order to open an account.

2. Buyer Transaction Policy 

    1. A Buyer is defined as a party that buys cryptocurrency using fiat currency through a P2P marketplace
    2. Must select the payment method supported by Seller and transfer the amount shown in the order within the specified time. After payment, click "Transferred, Notify seller". 
    3. If the order is automatically canceled due to Buyer's failure to click on the "Transferred, notify seller" button after payment, the Platform will verify the payment information and contact Seller to release the coins; if Seller has evidence of not receiving the payment, the order will remain canceled and the Seller reserves the right to reject the transaction. 
    4. If Buyer fails to complete payment within the specified time and do not respond to Seller, Seller may cancel the transaction directly by contacting Customer Service.
    5. If Seller does not receive the funds after Buyer clicks on the "Transferred, Notify Seller" button, Seller may reject the transaction upon appeal of the order. 
    6. Use a payment account with a matching name of the registered account on the Platform. Non-real-name payment methods are not supported, and if a non-real-name payment is used, Buyer's functional P2P fiat trading account will be suspended for at least 3 days.  
    7. Transfer payments to Seller's bank account only if name of Seller's account matches the name registered on the Platform. Do not make payments to third-party accounts. 
    8. Do not click on the "Transfer, Notify Seller" button until the payment has been finalized. If Buyer clicks on the "Transfer, Notify Seller" button while payment is pending, Buyer's fiat currency trading account may be suspended. 
    9. When paying a Seller in fiat currency, it is recommended not to include terms related to digital assets (BTC, USDT, cryptocurrencies, BitMart purchases, etc.) in the transaction notes field to avoid potential processing delays and chargebacks. 
    10. If Buyer has completed the payment and clicked "Transferred, Notify Seller", but Seller fails to deliver the corresponding digital assets within the specified time, Buyer should first communicate with Seller through the Chatbox tool. Once the Buyer confirms themselves complied with the provisions of the Platform and correctly carried out the procedures stipulated by the Platform (including, but not limited to, the provision of relevant legal proof of compliance with the requirements of the Platform), but Seller does not respond, Buyer may choose to file an appeal against Seller. If requested by users, the P2P Team may assist in handling the complaint in accordance with the Appeal Handling Rules. However, the Platform is not a party in the P2P transaction. Therefore, the Platform is not obliged to intervene in any disputes between Users engaging in P2P transactions. Please note that BitMart 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 BitMart and the Platform on a case-by-case basis. 
    11. In any case of violation of Buyer's Code of Conduct, the Platform may, in accordance with the policies, terms and conditions herein or relevant laws and regulations, or at its sole discretion, take such measures as it deems appropriate, including but not limited to, freezing the account of the violator or disabling the trading platform or/and any account functions on the Platform.
    12. When posting advertisements, Buyer's and Seller's descriptions in the terms of the transaction must not contradict the provisions of BitMart's P2P User Code of Conduct, and all information on prices, descriptions, and payment methods need to follow BitMart's P2P marketplace rules.

3. Seller Transaction Policy 

    1. A Seller is defined as a party that sells existing cryptocurrencies through a P2P marketplace 
    2. The name of the account owner used to receive payments must be the same as the name registered on the Platform. (This name should be the same as the name verified on the account.) 
    3. After confirming receipt of full payment from Buyer, Seller must fulfill the order (release cryptocurrency to Buyer) within the agreed time. If Seller fails to release the Cryptocurrency within the specified timeframe after Buyer has made the payment in accordance with the Rules and marked the status of the order as "Paid", Buyer has the right to request that the transaction not be carried out and to refund the payment in case of appeal against the order. If Seller refuses to cooperate, the Platform reserves the right to release the cryptocurrency to the Buyer after deducting it from the merchant's account and to impose a penalty on Seller.
    4. If an order is automatically canceled due to Buyer's failure to click the "Paid" button after payment, Seller reserves the right to continue or reject the transaction. If Seller rejects the transaction, Seller shall return Buyer's payment to the original payment account.
    5. If Seller does not receive payment within a certain period of time after Buyer clicks on the "Paid" button, Seller may appeal the decision; Seller should first contact Buyer via the chat window, if Buyer does not respond within 2 hours and Seller has not received payment, the order will be canceled. 
    6. Once payment is received, please double check whether the real name information of Buyer's payment account is consistent with the information on the Platform. If Seller accepts payment with non-real name authentication, resulting in the counterparty's payment account being frozen, the Platform will have the right to suspend Buyer's p2p function for at least 3 days. 
    7. Unless specified otherwise by the Platform, Customer Service may not be requested to cancel an order on behalf of the users without Buyer's consent. 
    8. The pricing of established orders between Seller and Buyer is considered final and non-negotiable. In the case of an appeal arising from the advertised price, the Platform will determine that Buyer is the owner of the asset, as long as Buyer does not violate the rules. 
    9. If you have an pending order or dispute with Buyer, please ensure that you stay in touch at all times on the mobile number or email you have registered on the Platform. 
    10. When posting advertisements, Seller's instructions in the terms of the transaction must not contradict the provisions of BitMart's P2P User Code of Conduct, and information such as prices, instructions, and payment methods are required to comply with BitMart's P2P marketplace regulations. 
    11. Please make sure that you are able to process orders in a timely manner when posting your ad in order for the transaction to be completed in a timely manner; if you are unable to ensure timely processing of transaction orders, please bring your ad offline in order to avoid potential complaints or disputes. 
    12. In case of violation of the above Seller's Instructions, the Platform may, in accordance with this Policies, the Terms and Conditions or relevant laws and regulations, or at its sole discretion, take measures as it deems appropriate, including but not limited to freezing the account of the violator or disabling any account functions on the Trading Platform.
    13. Seller may not participate in any form of trading with illegal funds and will be permanently banned from trading upon discovery. 

4. Risk Disclosure 

    1. 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 of counterparties under P2P transactions, and the compliance risk of fiat currency transactions. 
    2. Users must have sufficient investment knowledge and experience, the ability to bear the risks associated with P2P transactions, and consent to bear all risks arising from engaging in P2P transactions independently. 
    3. Users should not display any personal information (i.e. phone numbers, social networks, messengers, etc.) in trading conditions, autoresponders or order chats for their own safety.
    4. Users are not allowed to use any sensitive terms in the transfer notes, including "BitMart", the name of your local bank, the payment system or your platform username or nickname. 
    5. Users may not use multiple accounts for trading on the P2P platform. If such accounts are detected, the Platform has the right to block all linked user accounts from trading.
    6. Users must read and understand all of the Policies, the Terms and Conditions and the relevant rules of the Platform before entering into a P2P transaction. 
    7. The Platform is not a party to any P2P transaction. Therefore, any disputes arising from P2P transactions by users are not related to the Platform. The Platform has no right or obligation to resolve any dispute arising therefrom. Nor does it have any obligation to assume any financial or non-financial obligations or liabilities (including but not limited to indemnification) to any party. 
    8. You consent to and authorize the Platform to take all reasonable actions (including, but not limited to, canceling transactions or disabling account functions under certain circumstances) to safeguard the legitimate rights and interests of you, the Platform and other users in accordance with this Policy, the Terms and Conditions and the relevant rules of the Platform. 
    9. Please note that the payment methods listed on the Platform, or chosen by the respective Seller themselves, are fiat currency transaction options between the Buyer and Seller. The Platform itself has no business relationship of any kind with any listed payment method, nor does it exercise any degree of control or influence over payment methods. 
    10. Nothing herein constitutes and is not to be construed as investment advice or a suggestion for any product or investment. Digital assets, including stablecoins and nft, are subject to market volatility, involve a high degree of risk, and may lose value or may even become worthless. Digital assets are not covered by insurance against potential loss. Historical returns are not indicative of future returns. The Platform does not provide investment or asset advice. You are solely responsible for your investment decisions and the Platform is not responsible for any potential losses. 

5. Disposal of Abnormal Trading Behavior 

Abnormal trading behaviors Handling rules
After creating an order, if payment is not made within the time limit, the order will be automatically canceled.

1) If a Use/Merchantr commits the same behavior 8 times in a row as a taker-buyer, this User’s active ads will be automatically shut down, and the system will prohibit them from buying as a taker for 24 hours.
3) If a User commits the same behavior 8 times in a row, this User's active ads will be automatically shut down, and the system will prohibit the user from posting buy ads for 24 hours.

User/Merchant pending orders advertised with more than 5 orders being appealed at the same time. The User will be banned from any P2P activity at least 3 days.
Buy ads have been live for long periods of time, but the completion rate (number of successful orders divided by the number of matched orders) is less than 20%. The User’s buy advertisements will be shut down.

 

Scenarios triggering risk control abnormalities Handling rules
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.
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).

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.

 

6. Customer Service Trigger/Appeal Handling Rules 

Buyer's Appeal: 

  • Order canceled: If the order’s time limit was exceeded and was automatically canceled by the system, but Buyer had completed the payment, or if the order was canceled by mistake after Buyer completed the payment, BitMart Customer Service agents will contact Seller for a refund or continue to complete the transaction in accordance with the contents of the order, on a best effort basis. If Seller refuses to refund, BitMart is not liable for any loss resulting from the transaction. BitMart reserves the right to suspend users that are uncooperative during the process. 
  • Payment amount and order amount do not match: If the actual amount paid by Buyer is greater than the order amount, and Buyer clicks [Mark as paid] or [Transferred Next], BitMart Customer Service agents will contact Seller for a refund. If Seller refuses to refund, Buyer is solely responsible for the loss of funds. BitMart reserves the right to suspend users that are uncooperative during the process. 
  • Seller has not released the crypto in time: After Buyer successfully completed the payment by using the real-time payment method, but Seller did not release the crypto within 15 minutes, Customer Service agents will verify payment information and contact Seller to release the crypto. If Seller doesn't respond within a given timeframe, the BitMart Customer Service agent will release the crypto manually.If Buyer used the non-instant payment method to make the payment and Seller cannot receive the payment in time, BitMart Customer Service agents will contact Seller and ask them to release the crypto within two working days. If the payment hasn’t arrived within the prescribed time limit, Seller needs to contact Customer Service to report the issue. If Seller hasn't contacted us, it will be considered as the payment was received. Customer Service agents will release the crypto manually. 
  • Seller is unwilling to release the crypto: Buyer has paid the correct amount from their account (the holder’s name matched with the verified name on their BitMart account), but Seller is unwilling to release the crypto and is trying to settle the deal at a higher price. Except for cases where the price is abnormally low (-10% market price), the order will be released manually by the BitMart Customer Service agent. Note: For orders with an amount higher than 1,000 USD, we will apply a (5% range), if the difference is higher than that, the order shall be canceled. 
  • Buyer left a remark for the transfer, and Seller hasn't released the crypto: If Buyer included sensitive words or expressions, such as digital currency, C2C/P2P, BitMart, BTC, etc. or other sensitive information in the payment remarks when making a transfer (despite Seller has already stated in their terms not to mention such words), BitMart Customer Service agents will contact Seller to either release the crypto or issue a refund. Any fee incurred during the refund should be covered by Buyer. 
  • Use of offensive languages: The two parties used offensive languages on the P2P platform. This includes, but not limited to, the chatting tools with users and the customer support live chat, as well as the order comment section. If the user was appealed two or more times, part of the user's account functions will be suspended. BitMart reserves the right to terminate the service for non-cooperative users. 

Seller's Appeal: 

  • Buyer didn’t pay but clicked “Mark as paid” or “Transferred, Next”: If Buyer did not pay or didn't provide any proof of payment or cannot be reached within a given time frame, the BitMart Customer Service agent will cancel the order. If orders were canceled for the same reason three or more times, part of the user's account functions will be suspended.If Buyer paid, but Seller did not receive the payment, BitMart Customer Service agents will contact Seller to release the crypto within two working days. If the crypto hasn't been released within the prescribed time, BitMart Customer Service agents will release the crypto manually. If the crypto cannot be released normally, Seller needs to contact Customer Service to report the issue. If Seller doesn’t contact the CS team, it will be considered as payment was received. 
  • The verified information or the amount paid does not match: If Buyer transferred money to Seller's other payment accounts or another person's payment account instead of the one provided in the payment information, BitMart is not liable for any loss resulting from the transaction and a refund is not guaranteed. If Buyer repeatedly makes payments to accounts other than the one specified by Seller, Customer Service has the right to suspend Buyer's account. If the name of Buyer's payment account doesn't match the verified name on BitMart P2P, Buyer's P2P function will be suspended due to a violation of the BitMart P2P transaction rules. In this case, the crypto will not be released and Seller will be asked to refund the full amount to Buyer. The order will be canceled after Seller submit a proof of refund and Buyer confirms the refund has been received. Any fee incurred should be covered by Buyer, the Platform reserves the right to limit the functionality of the User's account until the relevant amount is settled 
  • Seller didn't confirm the payment in their account and released the crypto: Seller should contact the Customer Service team to report the issue. If Buyer is not responsive or refuses to cooperate, Seller may report the case to law enforcement. Seller shall take full responsibility for releasing the crypto without confirming payment in the account. BitMart is not liable for any loss resulting from the transaction and cannot guarantee that the funds will be retrieved. 
  • Use of offensive languages: The two parties used offensive language on the P2P platform. This includes, but not limited to, the chatting tools with users and the customer support live chat, as well as the order comment section. If the user was appealed two or more times, part of the user's account functions will be suspended. BitMart reserves the right to terminate the service for non-cooperative users. 

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