Chapter one General
Article one
In order to regulate the trading behavior of the CoinW OTC market, maintain the trading order of this platform, and protect the legitimate rights and interests of users, the trading regulation is formulated.
Article two
Users traded in CoinW OTC market should all comply with the Regulations.
Article three
CoinW OTC trading market follows the principles of fairness, impartialiy and openness.
Chapter two User
Article one Registration
Users should register with real name and is responsible for the authenticity, accuracy and completeness of the submitted materials. Users willingly accept the services, management and supervision of this platform, and must provide registration information in accordance with relevant regulations. Read and agree to abide by the following CoinW terms.
Article two Account
Users shall properly use and safekeep relevant account information such as his account number, password, and asset password. Users are fully responsible for any operation and consequence of using his account and password, asset password, SMS verification code, and email verification code.
When users find that the account number, password, or asset password, verification code is used by an unauthorized third party, or there exists other account security issues, he should immediately notify CoinW customer service and request to suspend the account. CoinW has the right to take action on the user's urgent request within a reasonable time, but does not take any responsibility for the losses caused before users taking the action.
Account receive settings: Users should use an account with real-name authentication (such as bank cards, Alipay, WeChat, etc.). The trading account name of the dealer should be consistent with CoinW's real-name authentication. If they are not consistent, users can request a refund and cancel the order.
Please note and abide by the User Agreement and other terms of service and operating rules published and updated from time to time.
Chapter three Trading regulations
Article one Notice to buyer
1.The buyer must remember to mark the order paid within the transaction time after the payment.
2.The buyer must double check the seller’s information and payment method especially before trading, and remember to communicate with the seller before trading through system chat box and record the chat history. Chat history is the firm evidence which plays an important role in the dispute.
3.Please remember not to cancel the order once you mark the order paid before the seller issuing the coins. The coins temporarily managed by the platform will be sent back to the seller’s account if the order is canceled, and the paid money won’t be return back to your account.
4.The buyer should use an account with real-name authentication (such as bank cards, Alipay, WeChat, etc.) to transfer. If they are not consistent, the seller can request a refund and cancel the order.
5.The buyer must double check the seller’s newest payment method and account before transferring. The buyer is solely responsible to the assets loss if you dis-transfer the money to the account that is different from the order account.
6.The buyer must transfer the accurate money (two decimal places) according to the order price offered by system, for the convenience of the seller to check and issue the coins.
7.Please do not mention any words like BTC, Bitcoin or other digital currency in the remark to avoid bank protection, or the seller can refuse to issue the coin and cancel the order.
8.In order to ensure the timeliness of the transaction, please select the "real-time transfer" method, such as Alipay, WeChat, and real-time bank transfer. On holidays or working days from 17:00 to 9:00, remittances of more than 50,000 yuan should be transferred in batches (single less than 50,000) to ensure timeliness.
9.If the buyer cancels 3 orders on the day, the order function will be restricted that day (statistics will be made within 24 hours from the first order cancellation). If the cancellation is recorded because the seller fails to provide the available payment method and the buyer cannot pay then, please contact online CS to handle.
10.If the buyer is complained by the seller and the system determines that the complaint is verified successful, that is because of all the following but are not limited to the following:
- Timeout orders which are automatically cancelled;
- The order’s validity is extend but the payment still not be completed for various reasons;
- The order which is not paid, but marked paid.
Article two Notice to seller
1.You must double check the price before trading, and any dispute caused by the price problem, you should take all the responsibility if the buyer doesn’t violate any rules. After the buyer pays the order, the coins will be taken over by the platform, and when the order is marked paid, please remember to check whether you have received the payment on your bank card, Alipay, Wechat, etc before issuing the coins, or you will bear all the losses by yourself.
2.You can choose to make a complaint if you don’t receive the payment 15 minutes after the order is marked paid; you can choose to make a complaint and cancel the order if any of the following situation happens: The buyer marks the order paid before he really pays. The payment doesn’t arrives your account with 2 hours. The order is cancelled after being paid.
3.Please carefully check whether the real name information of the payment account of the buyer is consistent with the real name information registered on the platform. In case of inconsistency, you can choose to refuse the transaction and cancel the order. If a user's payment account is frozen due to your acceptance of a non-real-name payment, the platform will investigate the source of the problem assets and have the right to directly freeze your account and cancel your merchant's qualification.
4.You should issue the coins as soon as you confirm that you have received the payment. If you are unable to issue the coins 15 minutes after the buyer marks the order paid and the buyer doesn’t violate any rules, the buyer has the right to make a complaint and request to get refunded. If you refuse to any negotiation, CoinW has the right to issue the coins which are taken over by the platform to the buyer and freeze your account.
5.If you are complained by the buyer and the system determines that the complaint is verified successful, that is because of all the following but are not limited to the following:
- The buyer can’t pay because you don’t provide correct receive information;
- You don’t issue the coins more than 1 hour after the order is marked paid and the buyer has provided valid payment information.
6.If the real name of the payment account is inconsistent with the real name registered on the platform, you have the right to conduct the following operations:
- Require the buyer to hold ID cards or passports and perform video KYC to prove the legal source of assets;
- Refuse the transaction and get refunded;
- Refuse to issue the coins for 72 hours. After 72 hours, you can choose to issue the coins or refuse the transaction.
Chapter four Exception
Article one Of buyer
1. You cancel the order after the order is created.
You will be restricted to operate OTC buy and sell by the system when the cancellations reach 3 times; if you also trigger the restriction the nest day, the certain part function of your account will be restricted.
2. The order is cancelled by the system because of timeout after it is created.
You will be restricted to operate OTC buy and sell by the system when the cancellations reach 3 times; if you also trigger the restriction the nest day, the certain part function of your account will be restricted.
3. You click "I've paid" when you haven't paid.
The seller has the right to cancel this order. If you are complained twice on the same day, the certain part of your account function will be restricted. If the amount of the complaint order exceeds 50,000 yuan, your account will be directly restricted for 48 hours.
4. You don't pay to the correct receive account displayed on the order details.
The seller has the right to cancel the order and get his assets refunded, and you bear the losses yourself.
5. You don't pay to the correct receive account which is provided by the seller and its real-name is consistent with the real-name of the bound account
The seller has the right to cancel the order and get his assets refunded, and you bear the losses yourself.
6. You click "I've paid" when you haven't paid, and go to pay then.
The seller has the right to choose to continue the order or cancel the order after refund.
1). If the seller choose to continue the order, he has to issue the coins within 10 minutes after he receives all the payment.
2). If the seller choose to cancel the order, he should refund the payment within 2 hours after making a complaint, and having his coins back.
7. Your actual payment account is inconsistent with the payment account real-name verified on the platform.
The seller has the right to refuse the transaction and cancel the order. He should refund the payment within24 hours after receiving the payment, and having his coins back;
If you’ve been complained twice because of the same reason, your account will be restricted for 48 hours.
8. The order is cancelled when it is paid within the specified time.
a.You cancel the order or the system cancels the order for timeout when you have paid the full price.
b.You cancel the order or the system cancels the order for timeout when you have paid part of the price.
The seller has the right to choose to continue the order or cancel the order after refund.
1). If the seller choose to continue the order, the system will reopen the order and he has to issue the coins within 10 minutes after he receives all the payment.
2). If the seller choose to cancel the order, he should refund the payment within 2 hours after making a complaint, and having his coins back.
9. You click "I've paid" when you have only paid the part of the price, and go to pay the other part then.
1). The seller has to continue the order when all the payment is completed within the specified time.
2). The seller has the right to choose to continue the order or cancel the order after refund when the payment is not completed within the specified time.
a. If the seller choose to continue the order, he has to issue the coins within 10 minutes after he receives all the payment.
b. If the seller choose to cancel the order, he should refund the payment within 30 minutes after receiving the payment, and having his coins back.
10. The payment is inconsistent with the order price.
1). When the payment is more than the order price, the order is completed, and the seller has to return the extra part within 30 minutes after he receives the payment.
2). The seller has the right to choose to continue the order or cancel the order after refund when the payment is less than the order price.
a. If the seller choose to continue the order, he has the right to require you to pay the full price to complete the order.
b. If the seller choose to cancel the order, he should refund the payment within 30 minutes after receiving the payment, and having his coins back.
11. The seller doesn't receive the payment 1 hour after you click "I've paid".
1). The seller has the right to choose to continue the order or cancel the order after refund except you have negotiated with the seller before and all consent the payment time and payment method
a. If the seller choose to continue the order, he has to issue the coins within 10 minutes after he receives all the payment.
b. If the seller choose to cancel the order, he should refund the payment within 30 minutes after receiving the payment, and having his coins back.
2). When the seller is the publisher and you cannot be contacted within 10 minutes after the complaint, the Ombudsman will give priority to canceling the order within the merchant's margin after verifying that the seller has not received the payment.
12. The seller cannot verify the real-name information of the payment after receiving it.
1). The order will be continued when your payment account is consistent with the real-name account verified by the platform and the you have paid the full price within the specified time.
2). When your payment account is inconsistent with the real-name account verified by the platform, it shall be handled in accordance with Article One. 7 above.
13. You pay to the seller by the non-real-time payment method that he doesn't consent.
The seller has the right to choose to continue the order or cancel the order after refund.
1). If the seller choose to continue the order, he has to issue the coins within 10 minutes after he receives all the payment.
2). If the seller choose to cancel the order, he should refund the payment within 30 minutes after receiving the payment, and having his coins back.
14. On holidays or working days from 17:00 to 9:00 the next day, bank card remittances of more than 50,000 have not been paid in batches, resulting in the seller being unable to receive the transfer within 1 hour.
The seller has the right to choose to continue the order or cancel the order after refund.
1). If the seller choose to continue the order, he has to issue the coins within 10 minutes after he receives all the payment.
2). If the seller choose to cancel the order, he should refund the payment within 30 minutes after receiving the payment, and having his coins back.
15. The seller encounters receive account exception because of your payment.
1). When you cannot provide proof of the account's normality, the seller should complete the refund within 24 hours after the receive account is back to normal. The order will be cancelled by the platform.
2). When you can provide proof of the account's normality, and it is verified normal, the order will be continued and you can get the coins.
If: the the seller is an advanced user, he should complete the refund within 24 hours after the receive account is back to normal, and having his coins back within the merchant’s margin.
16. You mention words like BTC, Bitcoin, digital currency or other similar words in the remark.
The seller has the right to choose to continue the order or cancel the order after refund.
1). If the seller choose to continue the order, he has to issue the coins within 10 minutes after he receives all the payment.
2). If the seller choose to cancel the order, he should refund the payment within 60 minutes after receiving the payment, and having his coins back.
Article two Of seller
Of seller & Measures
1. You disagree with th eorder price when the order is created.
The order will be continued unless you have negotiated with the buyer and all consent to a new price, and you have to issue the coins within the specified time.
2. The receive account you provide is abnormal.
The buyer has the right to choose to continue the order or cancel the order after refund.
1). If the buyer choose to continue the order, you have to issue the coins within 10 minutes after you receives all the payment within the specified time.
2). If the buyer choose to cancel the order, you should refund the payment, and having your coins back.
3. The order is cancelled because you don't provide the available payment method and the buyer can't pay.
If you’ve been complained twice because of the same reason, part functions of your account will be restricted.
4. You(not a merchat) don't bind the available receive information that is real-name verified or you don't provide the same receive method that is real-name verified by the system, for example: when receiving payment via Alipay or WeChat, the account name and QR code payee name do not match the payee name shown on the order details page.
1). The buyer has the right to cancel the order and make a complaint.
2). If you’ve been complained 3 times because of your mistakes, your account will be restricted for good.
3). If the buyer choose to continue the order, he shall bear any losses caused by it.
5. The buyer's payment information is incosistent with the real-name information verified by the platform, and you choose to continue the order.
1). You have to bear all the risks.
2). Part functions of your account will be restricted if being complained.
6. You don't issue the coins within 10 minutes after receiving all the payment.
The buyer has the right to choose to continue the order or cancel the order after refund.
1). If the buyer choose to continue the order, the Ombudsman will determine to send the coins to the buyer.
2). If the buyer choose to cancel the order, you should refund the payment within 30 minutes.
Chapter five Cost introduction
Article one Relevant costs
Ads cost rate: ervice ada fee at a fixed rate of 0.2%
Notes: 0 fee for the posted sell order; 0.2% fee for the buy order posted by the merchant.
Article two Order post rules
For merchants, after posting a buy order and the order is completed, he must bear the ads fee.
Chapter six Penalties
1.If the buyer cancels 3 orders on the day, the order function will be restricted that day (statistics will be made within 24 hours from the first order cancellation). If the cancellation is recorded because the seller fails to provide the available payment method and the buyer cannot pay then, please contact online CS to handle.
2.If the seller doesn’t issue the coins on purpose when he has received the payment, he will be restricted to trade in OTC for 72-720 hours.
3.If the buyer click “Mark it paid when he hasn’t paid, he will be restricted to trade in OTC for 72-720 hours.
4.Anyone who is responsible for the money dispute including but not limit to refusing to refund when overcharging, refusing to repay the remaining money when underpaying, refusing to cooperate with the CS or dealer to solve the problem, will get his wallet frozen and be restricted to trade in OTC for 72-720 hours.
5.Anyone who forges receipts / payment vouchers will get his account permanently frozen.
6.For malicious transactions and suspected fraud, the platform can choose to implement penalties such as prohibiting OTC transactions and permanently freezing accounts, and if necessary, the platform will assist judicial authorities.
7.For transaction disputes, the platform has the final jurisdiction.
Chapter seven Civilized transaction
1.In order to create a good trading experience, buyers and sellers should use civilized language during the transaction.
2.Anyone who using uncivilized language including insults, slander and other words in the chat / order evaluation, will b restricted to trade in OTC for 72-336 hours, and the related evaluation will be deleted.
3.Anyone who is successfully complained will get his account frozen for 72-336 hours when he maliciously raise the price or cancel the order after the order is created.
4.Any posting of information that discusses, recommends, or advises on illegal activities is strictly prohibited.
Chapter eight Other
1.This agreement is effective for you from the date of promulgation and renewal, and terminates when your merchant qualification is terminated and the corresponding obligations under this agreement are fulfilled;
2.If you have any questions about this agreement, or if you have any complaints or opinions about the terms in this agreement, please contact us through the following channels: OTC@coinw.com
3.The final interpretation of the agreement is reserved to the platform.