Rules for Settlement of KuCoin P2P Fiat Trade Merchants
KuCoin P2P Fiat Trade 【https://www.kucoin.com/otc】 is an information intermediary service platform ("the Platform") established and operated by [SKY CHALLENGER LIMITED for the purpose of offering users digital assets and legal tender transaction services. It provides services for merchants to settle on the Platform as regulated herein. The Rules is legally binding on both the Platform and merchants thereon. Merchants are kindly reminded to carefully read and understand all the clauses hereunder, especially those regarding exemption or limitation of the Platform's responsibilities, as well as exclusion or limitation of the users' rights. Merchants shall carefully read and decide at their own discretion whether the Rules in accepted or not. Merchants cannot enjoy services provided by the Platform on the basis of the Rules, unless they agree with and accept all the clauses stated herein. Where merchants disagree with any content hereof or refuse to recognize the Platform's right to unilaterally modify the Rules from time to time, they shall immediately stop using the Platform and shall not visit the Platform thereafter.
Important Statement. [SKY CHALLENGER LIMITED] hereby states that [SKY CHALLENGER LIMITED] has obtained the authorization from KuCoin Exchange Platform to use its trademark for the purpose of establishing and operating the Platform without infringing the legitimate rights and interests of the third party. For the avoidance of doubt, KuCoin Exchange Platform's authorization to [SKY CHALLENGER LIMITED] shall not be understood or interpreted as KuCoin Exchange Platform and [SKY CHALLENGER LIMITED form a partnership or establish a joint venture to operate the Platform. Nothing contained herein shall be interpreted as KuCoin Exchange Platform and [SKY CHALLENGER LIMITED] intend to establish a partnership, joint venture, employment relationship or other relationship that may lead to mutual responsibilities or debts between the parties or their successors.
Intermediary Service Platform. The Platform is an information intermediary service platform (website: 【https://www.kucoin.com/otc】, please visit the new website if it is so announced by the Platform). The Platform's services are offered to its members by [SKY CHALLENGER LIMITED] via the Platform and client, mainly including: issuance of information on digital assets transactions, digital assets transaction management services, user services and other transaction support services, subject to the service portfolios actually provided by the Platform.
Definitions and Interpretation
For the sake of convenience, the Platform uses the "Platform", "we" or other first-person terms in the Rules. The natural person merchants or other subjects who visit the Platform are called "merchants", "you" or other second-person terms. In the Rules, we and you are collectively referred to as "both parties", while we or you are referred to as "a party".
For the purpose of the Rules, the following words or expressions shall have the following meaning unless otherwise specified in clauses hereunder:
- The Agreement shall include the Rules and other rules, attachments, statements, instructions or guidelines that have been published or may be published in the future on the Platform.
- Force Majeure: including information network equipment maintenance, information network connection failure, computer, communication or other system failure, power failure, weather, accidents, strikes, labor disputes, riots, uprisings, disturbance, insufficient productivity or means of production, fire, floods, storms, explosions, wars, or reasons of other partners, digital asset market collapse, government actions, judicial or administrative orders, and other circumstances beyond or out of the control of the Platform.
- Affiliates: companies with direct or indirect control relations or significant influence relations with other companies.
Any code, statutory decree or administrative regulation cited in the Rules shall refer to its latest revised version, no matter whether the revision was made before or after the execution of the Rules.
Headings used herein are for the sake of convenience only and shall not be used for interpreting clauses of the Agreement. References to any statement, clause, attachment or form shall refer to the statement, clause, attachment or form under the Agreement.
For the purpose of the Rules, the term "include" used in any circumstance shall have the meaning of "include", unless otherwise specified in the Agreement.
Legal Binding Force of the Rules
Merchants shall carefully read the Rules and other relevant legal documents and rules applicable to the Platform published by KuCoin Exchange Platform before applying for the "qualification of KuCoin P2P Fiat Trade". Once merchants start the application processes, it is deemed that merchants fully understand and agree to accept the Rules and other relevant legal documents and rules applicable to the Platform published by KuCoin Exchange Platform. Merchants shall independently assume corresponding legal responsibilities arising from the violation of the Rules and other relevant legal documents and rules applicable to the Platform published by KuCoin Exchange Platform.
Service of Notice
For notices, any other agreement, announcement and notices about merchants' accounts and services issued by the Platform to merchants, merchants agree that the Platform may serve such notices or other communications via Platform announcement, internal mail, e-mail, SMS, wireless communication device, or mails, which shall be deemed duly served on the date of delivery (notices sent to members by mail shall be deemed duly served on the third natural day after such notices are mailed to the contact address maintained by members on the Platform). The Platform will not assume any responsibility against the failure of members to receive the aforesaid notices on the date when such notices are deemed duly served due to reasons not attributable to the Platform (including inaccurate or invalid e-mail address, mobile phone number, and contact address, and information transmission failure).
Merchant Certification Service
KuCoin Platform also offers you certification service for improved transaction safety and higher identity confidence level of registered users. When you apply for certification, the Platform is entitled to take all measures it deems necessary to identify users' identity. However, as an ordinary network service provider, the Platform makes no guarantee against the accuracy and absolute authenticity of the identification result.
Documents for Merchants' Settlement Application
Merchants applying for settlement shall provide the following documents:
(1) KuCoin P2P Fiat Trade Merchants Application Form;
(2) Scanning copy of the applicant's identity document in case of individual;
(3) The following information shall be provided in case of an entity:
- Basic information of the entity;
- Scanning copy of ID card of the entity's principal;
- Letter of Authorization issued by the entity to authorize the individual to operate the account;
- Other documents required by the Platform.
After merchants pass the KYC and anti-money laundering review of the Platform, the Platform will ask merchant to deposit certain margin in their accounts on the Platform as the guarantee for their compliant operation. The Platform is entitled to dispose the margin of P2P Fiat Trade merchants, including but not limited to freezing and deduction in case of the following circumstances:
(1) P2P Fiat Trade merchants are judged to be liable for and perform corresponding obligations in the event of any dispute during the transaction, but they refuse to do so;
(2) P2P Fiat Trade merchants use the Platform for illegal activities;
(3) P2P Fiat Trade merchants violate the Rules and other relevant legal documents and rules applicable to the Platform published by KuCoin Exchange Platform.
For the avoidance of doubt, the Platform has the right to allocate the responsibilities referred to in paragraph (1) in this article provided that the Platform shall diligently, impartially and objectively allocate the responsibilities as per the Rules and general business practices.
Process for Application of P2P Fiat Trade Merchants
To apply for settlement, merchants shall follow the following processes:
(1) Submit application documents stated in Article 1 hereof to KuCoin P2P Fiat Trade;
(2) The Platform will interview merchants and perform KYC, anti-money laundering and other reviews against merchants based on documents received;
(3) Merchants transfer full amount of margin to the account agreed between them and the Platform within 5 working days after receiving the notice on completion of review;
(4) The Platform then freezes the margin, and merchants cannot trade or transfer the asset in margin account;
(5) The Platform notifies merchants that formalities for settlement are completed.
For the avoidance of doubt, the margin agreed in paragraph (3) in this article must be paid in full. Any delay or non-full payment will lead to the extension or rejection of the application for settlement.
Application for Withdrawal from the Platform
Where merchants desire to withdraw from the Platform and close their accounts, merchants shall apply to the Platform for withdrawal. The Platform will review merchants' transaction within a reasonable period after receiving the application. Where the Platform confirms that P2P Fiat Trade merchants are not involved in any unresolved dispute or have no abnormal situation such as bad records after review, the Platform will notify merchants to close the account and transfer the remaining margin in the margin account to the account designated by merchants within 5 working days after notification for successful withdrawal.
Right for Unilateral Disqualification
The Platform may unilaterally disqualify P2P Fiat Trade merchants in the following circumstances:
(1) Merchants are complained by the counterparty more than three times during transaction, and the Platform confirms that these complaints are caused due to reasons of merchants;
(2) There is any fraud, false or untrue information in the application submitted by merchants, or any significant information that affects the decision-making of the platform party is deliberately concealed;
(3) Merchants are engaged in fraudulent and other dishonest acts during transaction;
(4) Merchants refuse to cooperate with or resist the Platform's customer services personnel to process the order, or intentionally prevent the Platform's services personnel from processing the order, no matter actively or passively;
(5) Merchants maliciously apply the Platform's rules for profit;
(6) Merchants violate laws, regulations, the Rules, or other relevant legal documents and rules applicable to the Platform published by KuCoin Exchange Platform;
(7) Merchants have behaviors that are not in conformity with public order, good customs and fair trade as determined by the Platform.
Modification of Account Information
Application for settlement of merchants is a kind of identity identification service offered by the Platform. Unless otherwise agreed in the Rules, once you complete your application in your account on the Platform, corresponding identity information and application results will not be modified or canceled for any reason. Where your identity information changes after verification, you shall provide the Platform with certification issued by corresponding competent department, and the Platform will assist you in changing corresponding application information.
Right of the Platform for Unilateral Modification of the Rules
The Platform is entitled to unilaterally modify or change contents of the Rules from time to time, and to announce the revised version through the Platform without giving further notice to members. Where members disagree with the changes made by the Platform, they can choose to stop using the Platform. Where members continue to use the Platform, it shall be deemed that they agree with the changes made by the Platform and will be subject to the changed agreement.
Use of Application Documents
Unless otherwise agreed in regulations issued by KuCoin Exchange Platform that are applicable to the Platform, the Platform will use and manage the documents submitted by merchants ("certification information") as stated below:
(1) You irrevocably authorize the Platform to keep certification information you submitted for application;
(2) The Platform promises not to disclose, edit or make public your certification information and not to use any non-public information kept on the Platform for any commercial purpose, unless the same shall be disclosed for legal or agreed reasons;
(3) You authorize the Platform to disclose certification information to relevant third parties in case of the following circumstances:
- a) The Platform provides certification information upon the request of the judicial and administrative authorities of any country;
- b) The Platform provides certification information to its affiliates;
- c) Any certification information (excluding your bank account information) necessary for the third party to offer you services together with the Platform;
- d) The Platform can provide certification information to the third party for solving the civil disputes with such party.
Links to the Third-party Websites
The Platform may contain links to third-party websites (such as online banking websites) ("linked websites"). "Linked websites" are not controlled by the Platform, thus the Platform is not responsible for contents on any "linked website", including but not limited to links contained in, changes or updates to these "linked websites". The platform is also not responsible for network transmission or other forms of transmission received from "linked websites".
Not Used for Illegal or Prohibited Purposes
Accepting all the terms of the Rules is a prerequisite for merchants to apply for certification. Merchants hereby represent and warrant that merchants will not:
(1) apply for certification for any illegal or prohibited purpose under the Rules;
(2) use application services in any way that may damage, paralyze, overload or damage the services or platforms of other websites or websites, or interfere with others in applying for settlement; and
(3) obtain or attempt to obtain any data or information in any way without the permission of the Platform.
Merchants understand and agree that the Platform will bear no responsibility under the following circumstances:
(1) Personal information of merchants leaked as merchants tell others their password or fail to properly keep their password, share their account with others, or due to any other reasons not attributable to the Platform;
(2) Leakage, loss, embezzling or tampering of any certification information due to hacker attack, computer virus invasion or attack, technical adjustment of telecommunication department, temporary closure caused by government control, any third-party reasons (including force majeure, such as failure, fire, flood, lightning stroke, earthquake, flood, typhoon, tornado, volcanic eruption, epidemic of plague and infectious diseases, strike, war or violence or similar events suffered by international export trunk lines and international export telecommunication providers), and any other fault not attributable to the Platform;
(3) Leakage of bank account information caused by other websites (including online bank) linked to the Platform and any legal dispute or consequence arising therefrom;
(4) Any failure to pass the certification or any other loss caused by errors, incompleteness and untrue information provided to the Platform by merchants;
(5) Defrauded assets of merchants due to reasons not attributable to the Platform.
Remarks The Platform's review of basic information of merchants and ordinary users does not indicate that P2P Fiat Trade merchants and users are 100% trustworthy. The Platform does not provide any form of warranty or guarantee against the authenticity of the basic information of merchants and ordinary users. Payment of margin by merchants shall also not be interpreted as any form of warranty or guarantee made by the Platform against the safety of merchants or ordinary users. To protect their own rights, merchants and ordinary users shall strictly follow transaction processes, carefully check the basic information of the counterparty and have close communication with the counterparty, thus choosing reliable counterparty to ensure transaction and asset safety. In addition, considering the unique features of digital assets transactions, merchants and ordinary users shall pay special attention to anti-money laundering and anti-terrorist financing and check the identity of the counterparty in strict accordance with the requirements on KYC and anti-money laundering, otherwise, merchants or ordinary users may face freezing account and other risks due to suspected crime of the counterparty.