OKX P2P MerchantTransaction Behaviour Guidelines
Publicat la 26 iul. 202312 min citire
Dear OKX users,
To regulate the transaction behavior of OKX platform's P2P Merchant Program, establish a safer and more standardized transaction environment, and improve the overall quality and credibility of the platform's P2P Merchant Program, the OKX platform's P2P Merchant Program transaction rules are updated as follows:
Note: These regulations shall come into effect from the date of promulgation and will be improved or revised from time to time. The new regulations after improvement or revision shall take effect from the date of update.
Basic Principles to Be Observed in Trading:
Platform P2P Merchant Program should strictly adhere to the basic principles of integrity and fair transactions, such as timely payments, quickly releasing crypto, not maliciously holding orders, not maliciously placing orders, and not arbitrarily canceling orders.
Basic Qualities Required for Trading
1. Be responsible for your ad, confirm the ad price and quantity before posting; pause or cancel the ad in time when leaving the operating device.
2. Familiarize yourself with each bank's transfer regulations, and complete the transfer efficiently within the order validity period.
3. After receiving payment from the buyer, promptly verify the amount and real-name information, and quickly release crypto.
4. It is prohibited to test cards by sending one cent to others' bank cards, Alipay, or WeChat accounts without their consent.
5. When necessary, order disputes can be submitted. Malicious disputes arising from disagreements with the counterparty are prohibited.
6. Using any non-manual means such as programs to place limit orders for malicious price suppression is prohibited.
7. The P2P Merchant Program should demonstrate a strong service ethic and positive attitude, respond promptly, and communicate politely.
8. P2P Merchant Program should respect the platform's customer service staff.
Certified Merchant Management and Penalty Implementation Rules:
| Category | behavior | once | Secondary (Cumulative) | Three times (cumulative) |
|---|---|---|---|---|
| Improper handling of payments and receipts | 1. If a P2P Merchant Program transfers funds to customers using an account whose real-name verification does not match that on the platform. Note: Payments made using a corporate account are always considered non-real-name payments. |
Once discovered, the platform will have the right to freeze relevant accounts and conduct risk investigations, and in serious cases, revoke Maker status and permanently freeze P2P trading functionality. | / | / |
| 2. After verification by the platform, P2P Merchant Program use invalid recipient accounts (e.g., unlinked recipient accounts, Alipay password red packets, WeChat Work red packets, Xianyu/Zhuanzhuan/Taobao links, etc.). | Account frozen for 24h | Freeze account for 48 hours | Freeze account for 72 hours | |
| 3. The provided recipient account is incorrect, resulting in the buyer being unable to make payment, and refusing to cooperate in providing the correct recipient account during the transaction. | Freeze account for 72 hours | Merchant Status Revocation | / | |
| 4. The Maker uses a verification order and sends the recipient account for buyers to make payment without confirming the order. | Freeze account for 72 hours | Merchant Status Revocation | / | |
| 5. After the customer places an order, the Maker's payment amount is less than the actual order amount. | Freeze account for 2 hours | Account frozen for 24h | Freeze account for 48 hours | |
| 6. If a P2P Merchant Program clicks 'paid' without making payment after accepting a transaction, and this is discovered through user complaints or customer service. | Warning | Freeze account for 48 hours | Merchant Status Revocation | |
| 7. When a P2P Merchant Program purchases digital assets, if the customer requests non-real-name payment and the Maker agrees, leading to an order dispute. | Freeze account for 48 hours | Merchant Status Revocation | / | |
| 8. If the platform verifies that the Maker has requested unverified payment requests from customers via voice, phone, or other means, or has induced customers to accept other Maker's ads. | Once discovered, the platform will have the right to freeze relevant accounts and conduct risk investigations, and in serious cases, revoke Maker status and permanently freeze P2P trading functionality. | / | / | |
| 9. Upon verification, Makers use third-party payment methods such as aggregated QR codes to receive payments. | If it is determined that the Maker's responsibility caused a dispute or customer's asset loss, the Maker needs to bear or compensate for the loss themselves; if there are more than 3 order disputes and the Maker refuses to cooperate in handling them, the Maker's status will be revoked. | / | / | |
| Fund Security and Abnormal Account Handling | 1. P2P Merchant Program must not use P2P trading to conduct unlawful activities. | If the platform discovers that a Maker may violate anti-money laundering and foreign exchange administration-related laws and regulations, the platform has the right to take corresponding risk control measures, including but not limited to freezing accounts, restricting withdrawals, restricting peer-to-peer or other transactions, and terminating services. | ||
| 2. Evidence confirms that the counterparty's recipient account was frozen due to trade from the P2P Merchant Program, and they refused to cooperate in handling the issue. | Once discovered, the platform will have the right to freeze relevant accounts and conduct risk investigations, and in serious cases, revoke Maker status and permanently freeze P2P trading functionality. | |||
| 3. If the platform determines that a P2P Merchant Program provides false supporting documents to the platform by changing Maker verification information. | Account frozen for 6 months, Maker status revoked, and P2P trading will be permanently frozen after the observation period ends. | |||
| 4. Makers who, after becoming a Maker, are deemed transactionally inactive based on service users and transaction data as monitored by the platform. | Merchant Status Revocation | |||
| Damage the reputation or interests of the platform/other Maker/customer | 1. If the platform determines and confirms the existence of acts such as assisting others or using other self-owned accounts to intentionally exploit platform activity benefits, or other behaviors detrimental to the platform's interests and obtaining undue profits, including but not limited to using self-owned accounts to maliciously brush orders and defraud platform subsidies. | Deduct an equal amount of Maker margin, and revoke Maker status. | / | / |
| 2. If the platform determines that the P2P Merchant Program uses secondary accounts or instructs others to sign up for secondary accounts, and intentionally holds orders (or intentionally delays payment). | Account frozen for 24h | Merchant Status Revocation | / | |
| 3. If the platform determines that a P2P Merchant Program is engaging in placing orders using programs or other methods for malicious price suppression or to snatch low-priced orders. | Account frozen for 24h | Freeze account for 72 hours | Merchant Status Revocation | |
| 4. Any act that harms the platform's interests or maliciously damages the platform's reputation | Merchant Status Revocation | / | / | |
| 5. Disrespecting other customers/platform staff, engaging in verbal conflicts (mocking, insulting, etc.) or other uncivilized behavior, and failing to stop after being warned by customer service, which affects OKX's brand reputation | Account frozen for 24h | Merchant Status Revocation | / | |
| 6. P2P merchants maliciously engage in wash trading by posting low-priced ads, disrupting the buy/sell order book and affecting normal Maker transactions. | Account frozen for 24h | Frozen account for 7 days | Merchant Status Revocation | |
| 7. P2P Merchant Program must not collect, disclose, or sell customer information (including bank card numbers, payment accounts, WeChat, Alipay, etc.) in any form. | Account frozen for 6 months, Maker status revoked, and P2P trading will be permanently frozen after the observation period ends. | / | / | |
| Order Dispute Handling | 1. If, after the platform intervenes in a dispute resolution, the P2P Merchant Program is found to have provided false supporting materials to the platform (including but not limited to forged or altered payment proofs, chat and my trades, judicial frozen documents, case filing materials, and other supporting documents) | Freeze the account for 3 months and revoke Maker status | / | / |
| 2. If a Maker is involved in a dispute during a transaction and is determined to be responsible and should make corresponding compensation, but refuses to cooperate. | The Platform has the right to take action on the Maker's margin, deduct your margin, and use it to compensate for the losses of relevant customers. | / | / | |
| 3. Makers inducing customers to cancel orders during the transaction process and then post high-priced ads to entice customers to place new orders, if verified by the platform. | Frozen account for 3 months, revoke Maker status, and order the Maker to refund additional gains within 24 hours. | / | / | |
| 4. If a P2P Merchant Program's recipient account is not bound to the platform and is sent to the customer via private messages or other means, or if the Maker requests the customer's contact information, which leads to a dispute, and the Maker is unable to provide valid proof that the primary responsibility for the issue lies with the customer. For example: if the Maker sends the recipient account to the customer via private messages, and after the customer makes payment, the Maker cannot provide chat records to prove whether the recipient account sent by the Maker matches the receiving account for the customer's payment, then the Maker bears the asset losses arising from the dispute. |
The Maker shall bear all asset losses arising from disputes, and their Maker status will be removed. | / | / | |
| 5. Makers who, during the transaction, did not initiate authentication but requested to check customer payment account statements and other information. | Account frozen for 24h | Freeze account for 48 hours | Freeze account for 72 hours | |
| 6. If a verified merchant transfers funds to a customer using an account inconsistent with their platform's real-name verification, resulting in the recipient account being frozen, the Maker must wait for the customer's recipient account to be unfrozen, after which the customer will return the funds via the original payment method. | Freeze account for 6 months, and revoke Maker status. | / | / | |
| 7. After the customer pays, if the Maker asks the customer to send payment proof to the Maker's email address, and the customer refuses to send it, the Maker must not refuse to release crypto or delay the crypto release time on this basis. If, after verification, the Maker has been repeatedly complained about or reported by customers, customer service has the right to directly remove the Maker's status. | Warning | Freeze account for 48 hours | Freeze account for 72 hours | |
| 8. After verification by the platform, if a P2P Merchant Program repeatedly initiates a dispute during or after order completion and then immediately cancels on their own, affecting the customer experience. | Account frozen for 24h | Freeze account for 48 hours | Freeze account for 72 hours | |
| Merchant Violation and Misconduct Management | 1. There are instances where Makers use their identity to induce platform customers to engage in transactions that harm the platform's interests or reputation. | The account will be frozen for 6 months, the Maker status will be revoked, and P2P trading will be permanently restricted after unfreezing. | / | / |
| 2. There are instances of using the identity of an affiliate to induce platform customers to re-sign up and open an account for transactions, or inducing customers to add WeChat or other contact methods, thereby damaging the platform's interests or reputation. | The account will be frozen for 6 months, the Maker status will be revoked, and P2P trading will be permanently restricted after unfreezing. | / | / | |
| 3. Based on your transaction behavior and other data, the platform has assessed that your overall order completion rate is low, seriously affecting the platform's customer experience and harming the platform's interests. | Merchant Status Revocation | / | / | |
| 4. Following a customer complaint, if a Maker added the customer's WeChat or communicated with the customer in other ways about crypto Markets, futures transactions, etc., and the platform verified the facts: | Account frozen for 3 months and merchant status revoked; upon unfreezing, P2P trading permanently restricted. | / | / | |
| 5. If, after a customer complaint, a Maker adds a customer's WeChat or uses other contact methods and is suspected of leading or diverting platform customers, and the platform verifies the situation to be true | The account will be frozen for 6 months, the Maker status will be revoked, and P2P trading will be permanently restricted after unfreezing. | / | / | |
| 6. If the platform determines that the Maker has engaged in violations such as guiding customers to conduct offline transactions. | The account will be frozen for 6 months, the Maker status will be revoked, and P2P trading will be permanently restricted after unfreezing. | / | / | |
| 7. The platform has determined that the following behaviors related to adding customer WeChat accounts exist: ① Makers not using WeChat Pay guide customers to add the Maker's WeChat account; ② Makers using WeChat Pay guide customers to add WeChat accounts not bound to the platform; ③ Makers guide customers to actively send WeChat account information to add them. [Note: If it is verified that Makers frequently add customer contact information in serious circumstances, the Maker's status can be directly terminated and the account frozen for 6 months.] |
Freeze account for 48 hours | Freeze account for 72 hours | Freeze account for 6 months, and revoke Maker status. | |
| 8. If the platform determines that a Maker has requested a customer's phone number or other contact information. | Freeze account for 48 hours | Freeze account for 72 hours | Merchant Status Revocation | |
| 9. If the P2P Merchant Program's order completion rate is below 90% (the order completion rate displayed on the Maker's homepage) | Warning | Merchant Status Revocation | / | |
| 10. If a Maker requests information or materials other than verification documents from a customer during a transaction, and this is verified as true by the platform, | Freeze the account for 24h and give a warning. | Freeze account for 48 hours | Freeze account for 72 hours | |
| 11. If a P2P Merchant Program receives a real-name payment from a customer and maliciously refunds it, affecting the customer's experience. | Freeze account for 48 hours | Delisted Maker status: Account frozen for 3 months | / | |
| 12. Maliciously exploiting vulnerabilities in the rules of this platform for profit. | Merchant Status Revocation | / | / | |
| 13. The platform does not allow non-frozen compensation Maker to entice customer to conduct transaction under the guise of 'frozen guaranteed compensation' or similar, as verified by the platform. | Account frozen for 24h | Freeze account for 48 hours | Merchant Status Revocation | |
Note: If any disputes arise during the transaction, platform customer service has the final arbitration right. According to the Maker's code of conduct, the platform will have the right to arbitrate and decide whether the Maker status is retained.
OKX is committed to bringing you even better products and services!
OKX team