KuCoin P2P Merchant Regulations

KuCoin P2P Merchant Regulations

27-07-2022 06:51:21

Dear KuCoin P2P Merchant:

In order to ensure the KuCoin P2P platform runs properly and create a safe, stable, and convenient trading environment for users, KuCoin P2P Merchants are required to abide by the following rules:

1. Merchant Application

To apply to become a KuCoin P2P merchant, you must provide the corresponding application documentation and provide a security deposit. Your merchant features will be unlocked after approval.

Application Link: https://www.kucoin.com/express/merchant

After becoming a KuCoin P2P merchant, you are expected to respond to messages in a timely manner, make payments and release coins in a timely manner, maintain a good customer service attitude, show respect to platform users and staff, do not cancel orders for arbitrary reasons, do not make malicious appeals, do not maliciously delay orders, and help jointly maintain the order of the platform.

2. Receipt and Payment

2.1 When merchants make payments to users, they must use an account with the same details as their platform identity verification.

2.2 When merchants receive payments from users, they must use an account that has been verified by the platform.

2.3 Due to KYC requirements, if the user the merchant is making payment to attempts to use an account that has not passed identity verification to receive payment, the order may be canceled.

2.4 Due to KYC requirements, if the user the merchant is receiving a payment from attempts to use an account that has not passed identity verification to make the payment, the merchant may ask the user to cancel the order. If the merchant has already received payment from the user, they may return it to the sender account then ask the user to cancel the order.

3. Asset Security Regulations

3.1 Merchants are not allowed to engage in any transactions involving illicit funds.

3.2 If there is a user complaint that their bank card or other accounts were frozen due to a merchant payment, the merchant is required to actively work with platform staff to provide reasonable evidentiary materials.

3.3 If their account is frozen, merchants should contact official customer service as soon as possible to provide information on the frozen account and reasonable evidence that the freeze was related to the platform.

3.4 If illegal digital assets or funds flow into the platform due to the actions of a merchant, resulting in asset losses or legal risks to the platform and its users, the platform has the right to suspend merchant functionality and account assets. Merchants are required to actively cooperate with the resulting judicial investigation.

4. Merchant Violations

In order to standardize the operation of the platform, merchants are required to actively cooperate with platform staff to rectify the following regulations. If the merchant fails to cooperate with platform staff, the platform has the right to take measures such as issuing a warning, removing merchant functionality, freezing deposits, confiscating deposits, freezing the account, issuing fines, and blacklisting the merchant.

1. Violations of the aforementioned receipt and payment or asset security regulations.

2. Encouraging users to engage in offline or off-platform trades.

3. Loss of user assets due to order processing delays, order disputes, fraud, account freezing, and reasons attributable to the merchant.

4. Use and fraudulent exploitation of payments methods such as PayPal.

5. Malicious exploitation of platform loopholes for profit.

6. Merchants who have been suspected by authorities of illegal or criminal activities.

7. Asking users to pay additional fees, or dishonest use of red envelopes to collect handling fees.

8. Multiple appeals by users due to the merchant marking a payment as paid when in fact no payment has been made.

9. Multiple appeals by users due to malicious delay of payment or release of assets.

10. Serious circumstances of failure to cooperate with customer service to handle order disputes or deliberate delays.

11. Failure to cooperate with customer service when a user submits an appeal that they have overpaid the merchant or the merchant has underpaid them.

12. Failure to actively cooperate with customer service when an order is canceled by mistake or by timeout after already receiving a transfer from the user.

13. Submission of malicious order appeals when the user has not violated any rules.

14. Failure to provide a new payment method in a timely manner when an issue is found with the merchant’s receiving account, or provision of a new payment method but multiple user appeals of failure to release assets in time despite the receipt of user payment.

15. Failure to cooperate when a user’s bank card or account is frozen as a result of a merchant payment.

16. Disclosure of a user’s name, account, contact information, or other information without their consent.

17. Spreading malicious rumors about the platform on social media platforms.

18. Submission of false information on the merchant application.

19. Use of the payment account on another platform, on which it has been flagged for money laundering or other violations.

20. Buying the information or accounts of other users for transactions.

21. No pending orders for a significant period of time (inactivity).

22. Malicious placement of orders for the purpose of disrupting prices and trades on the platform.

23. Registration of sockpuppet accounts (directly or through an intermediary) to maliciously snatch orders or disrupt the market order.

24. Abusive, threatening, or hostile behavior towards platform users and staff.

25. Multiple complaints from users or repeated warnings from customer service and staff.

The content outlined in these regulations may be adjusted and supplemented at any time in accordance with the actual operational situation of the platform. Platform staff have the right to issue different disciplinary measures against merchants in accordance with the actual situation.

5. Cancelation of Merchant Functions

If a merchant wishes to cancel their merchant status, they must submit an application to the platform. On receiving the application, the platform will first revoke the merchant’s ability to post ads. If the merchant has no active order disputes and no record of violations, the platform will unfreeze their security deposit within 7 working days. Merchants cannot apply for merchant functions within 30 days after their merchant functions have been canceled.

Merchants who encounter any problems can contact the official KuCoin P2P email at p2p@kucoin.com. Please avoid information from unofficial sources or channels.

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KuCoin P2P Team