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P2P User Transaction Policy and Conditions
P2P User Transaction Policy and Conditions
Updated over a week ago

Updated 01 December 2022

1. General Conditions

A. Scope of Policy

This P2P User Transaction Policy and Conditions (“Policy”) applies to the Finblox P2P Service (“P2P” or “P2P Service”), as provided on the Finblox Platform. Finblox P2P is a user-centric fiat currency trading platform. It facilitates direct fiat-to-crypto trades between users and merchants.

The terms of this Policy constitute an inseparable part of the Finblox Terms of Use, available via the link. In case of any discrepancy between this Policy and the Terms of Use, the Terms of Use shall apply, unless otherwise specified in this Policy or the Terms of Use.

The terms in this Policy shall have the same meaning assigned to them in the Terms of Use unless otherwise specified. In using the P2P Service, the User shall at all times comply with the Terms of Use as well as this Policy.

B. Strict compliance with AML and KYC requirements

Prior to and all the time while using the P2P, the User shall strictly comply with all AML and KYC requirements imposed on the Platform, including all relevant policies. This includes complying with proper identity verification requirements as per Finblox AML/KYC policy.

Finblox has the absolute right to waive or suspend for any period of time, or terminate provision of P2P Service to any User or Users in case of suspected or real violation of the AML/KYC requirements with or without notification to the user.

C. P2P Eligibility requirements

Each and every P2P Service user shall comply with the following:

  1. Ensure that the Accounts they use in accessing the P2P Service are legally registered and only used by themselves;

  2. Ensure that they have the legal rights to the transaction in accordance with applicable laws;

  3. When triggering the Platform’s anti-money laundering and anti-terrorist financing alarms, actively cooperate with the platform in its verification, and assist in providing any risk control evidence as needed (subject to the platform’s risk control measures then effective).

If a User fails to comply with any of these requirements, Finblox has the right to waive, suspend or terminate the provision of P2P Service, for any period of time, with or without notice.

Finblox shall not be responsible for the legality or illegality of Users’ transactions in any way. While the Platform is not part of any P2P transactions between the Users, to make sure that transactions are legally compliant, Finblox may (but is not obliged) review the transactions carried out by users for the legality as necessary and take actions in accordance with applicable laws and regulations.

It is the User’s responsibility to abide by local laws in relation to the legal usage of the P2P Service, the Platform in their local jurisdiction, as well as other laws and regulations applicable to Users. Users must also factor, to the extent of their local laws, all aspects of taxation, the withholding, collection, reporting, and remittance to their appropriate tax authorities.

2. Trading conditions

A. General Trading Conditions

P2P Service users are categorised as follows: Buyer (the user that directly engages with Seller and exchanges a certain amount of fiat currency in return for an agreed upon amount of Digital Assets), Seller (the user that directly engages with Buyer and exchanges a certain amount of Digital Assets in return for an agreed upon amount of fiat currency), Merchant (a user that applied to be registered as Merchant, or otherwise expressed interest to be a Merchant and that is allowed to place ads on the P2P Service). Any user may act as a Buyer or a Seller in a particular P2P transaction. A Merchant may act as a Buyer and a Seller.

Any user of the P2P Service should:

  1. Read the trade terms and conditions carefully to avoid unnecessary disputes between the parties after the order gets initiated.

  2. Be honest, respectful, and mindful of the trades.

  3. Diligently follow all instructions and requirements as displayed to the user on the Platform.

  4. Include clear descriptions of the terms and conditions of trade.

  5. Ensure that the payment method that has been used during the order is consistent with the payment method selected during the advertisement configuration.

  6. Not engage in any form of cryptocurrency trading outside of the Platform that are facilitated by a third-party channel, such as social media, chat messaging apps, or face-to-face trading.

  7. Users should be refrained from using foul and offensive language when using the 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.

  8. Not deceive or mislead other users in any manner;

  9. Not send any phishing links;

  10. Not negotiate other payment terms that are not indicated in the offer terms;

  11. Not give out any private details to your trade partner like account passwords, debit and credit card numbers, etc

  12. Not use abusive language;

  13. Not deal with Digital Assets that are proceeds of crime, or are obtained as a result of criminal activity;

  14. Engage with Finblox support only through the Finblox Website or [email protected] , and in no other manner.

It is forbidden to use multiple Finblox Accounts to trade on P2P.

B. Buyer obligations

When using the P2P Service, the Buyer should ensure that they:

  1. Choose a payment method supported by the Seller and transfer the amount as shown on the order page within the time specified by the Seller.

  2. Use the payment method with the account owner name that is consistent with the Buyers Finblox Account.

  3. Send the amount of payment indicated in the trade.

  4. Transfer the payment within 20 minutes of the order inititalized by tapping the y selecting the “I’ve transferred my payment” button (or similar), failing which the order will be cancelled.

  5. Ensure that sending amount is inclusive of the transaction costs.

  6. Make payment only in the manner chosen by the Seller.

  7. Notify Seller only after the payment has been completed.

  8. The instructions do not contradict the rules of this Policy (price, fees, remarks, etc.).

C. Seller’s obligations

When using the P2P Service, the Seller should ensure that they:

  1. Specify the Account owner name used for collecting payment that is consistent with the registered name on the Platform, under which KYC-verification was completed;

  2. After confirming receipt of the Buyer’s full payment, complete the order (release the Digital Assets to the Buyer) within 20 minutes of the order being initialized;;

  3. Treat pricings for established orders between the Seller and the Buyer as final and non-negotiable.

  4. In case of uncompleted orders or disputes with the Buyer, ensure to stay contactable at all times via the mobile phone number or email that is registered on the Platform or indicated in the offer.

  5. In case of the extra fees charged by the payment service provider, provide proof of transaction by service providers to clearly show the amount deducted.

  6. When placing an ad, do not contradict the rules of this Policy (price, fees, remarks, etc.).

D. Rules related to Merchants

A user may apply to become a Finblox P2P merchant after submitting an appropriate request to Finblox, as instructed by Finblox. The Account of a prospective Merchant must be a Verified Plus Account (verified ID and proof of address). 2FA Authentication shall also be enabled.

After being successfully verified as a Merchant, a Merchant user shall comply with the following additional requirements, applicable to all Merchants:

  1. Only Verified Merchants can post Ads in the Marketplace;

  2. Ads must not contain vulgar words, external links, or any statements that promote illicit activities;

  3. Ads can still be edited once published but the current changes for that Ad will not affect all opened trades using the Ad that was edited;

  4. If the Merchant’s account balance goes below the Ad’s remaining amount or order amount, the Ad will be deactivated automatically;

  5. Merchants can only create 1 unique ad with the same crypto asset and fiat currency;

  6. Merchants can add other ads with the same crypto asset, but with different fiat currency. This applies to both Buy and Sell Ads;

  7. FinP2P does not have any Ad limits.

3. Risk Disclaimer

By using the P2P Service, you, the user, understand at all times the the risks associated with P2P transactions, including but not limited to: the risk of fluctuations in the value of Digital Assets, the credibility risks concerning the counterparties under P2P transactions, and the compliance risks of fiat currency transactions.

You should only use the P2P service if you have sufficient investment knowledge of crypto assets and experience, and the ability to bear the risks associated with P2P transactions, and agree to independently bear all the risks arising from the engagement in P2P transactions. Before undertaking the first and every subsequent a P2P transaction, you must have read and understood all contents of this Policy, the Terms of Use, and have obtained legal advice as to legality of your P2P transaction before deciding at your own discretion on whether or not and how to complete the P2P transactions.

Please ensure that you have also read and understood the Finblox Risk Disclosure.

4. Dispute resolution between parties to a P2P transaction

If a Buyer completed the payment and tapped on “I’ve transferred my payment”, but the Seller fails to deliver the corresponding Digital Assets (hereinafter referred to as “Delivery”) within the specified time frame, the user should first communicate with the Seller through the means of communication, specified by the Seller. Once the Buyer made sure that they have complied with the regulations of the Platform and have correctly performed the procedures stipulated by the Platform, but the Seller doesn’t respond, the Buyer can choose to file an appeal against the Seller through contacting Finblox support. Finblox team may assist the Buyer with the complaint based on the User's request. However, Finblox is not a party to a P2P transaction. Therefore, Finblox is not obliged to intervene in any disputes between users engaging in P2P transactions. Please note that Finblox reserves the right of any final interpretations and judgments for the sanctioning of appeal cases. The reopening of appeals will be determined at the sole discretion of Finblox on a case-by-case basis.

In case of any violations of the “Buyer’s Instructions”, Finblox may, in accordance with this Policy, the Terms of Use or relevant laws and regulations, or in its sole discretion, take measures as it considers fit, including but not limited to freezing the violator’s Account or disabling any account functions on the Finblox Platform.

5. Limitation of liability

P2P Service is provided ‘as is’ without any warranties of any kind. Finblox is not a party to any P2P transaction. Finblox does not establish any form of business relationship with the payment method listed on our P2P Service.

Any disputes between users engaging in P2P Service do not and cannot involve the Platform, Finblox, any of its affiliates or related parties (to which all provision of this Section 5 extend just as they extend to Finblox). Finblox has neither the rights nor the obligations to resolve any disputes arising from the P2P service. It is not obliged to assume any financial or non-financial obligations or responsibilities to any party (including but not limited to indemnities).

The user agrees and authorises the Platform to take all reasonable actions (including but not limited to cancelling transactions or disabling account features under certain circumstances) in accordance with this Policy, the Terms of Use, and relevant rules applicable to the Finblox Platform to safeguard the users, platform, legitimate rights of third parties, to comply with any lawful requirements whether from private persons on government bodies and agencies. At all times, taking of such actions and measures shall be the right of Finblox, not an obligation towards any user or third party.

The Platform shall not be and cannot be responsible for any loss of or damages to assets through transactions that are performed or initiated outside of the Platform by the users. Finblox, as part of its P2P service, sets the rules for the transaction between Seller and Buyer, solely to support the user experience with services offered on the Platform.

Any liability of Finblox arising out of, related to or connected with the P2P Service is limited to the actual value of Digital Assets involved in the particular P2P transaction that is subject to a dispute that might be irreversibly lost as a result of gross misconduct or wilful recklessness on the part of Finblox.

The decision of Finblox to take certain actions, including limiting access to the P2P service, suspend or close an Account may be based on confidential criteria that are essential to our risk management and security protocols. Finblox is under no obligation to disclose the details of its risk management and security procedures to the user if Finblox deems so necessary.

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