OTC trading rules
Update time: 2019-11-20 06:29:03

Basic principles of fiat currency trading:

1.The terms, as well as any subsequent modifications or refinements to them, are effective as of the date of publication and are subject to change. 

2.Should you not agree with the content of the current and subsequent terms, please stop using the platform's services immediately.

3.By proceeding with the use of the platform's services, you acknowledge that you fully understand and accept the content of the current as well as subsequent terms, and consent to be bound by them.


Principles to be abided by the buyer:

After the order is created, the buyer shall:

1.Complete the payment within the time frame specified in the order, and then select “I have paid”.

2.Use their real name for the funds transfer, and to make payment using real-time funds transfer according to the amount and recipient account specified in the order.

3.Choose the non-real time payment method only if the seller provides approval of this in advance.

4.Make payment for the order without including remarks such as “Digital Currency, BTC, Bitcoin, Degital Future, DF”, and so on.


Principles to be abided by the seller:

After creating an order, the seller shall:

1.Provide a receiving account certified by the platform.

2.Release the coins within the time frame specified in the order after having received the full payment from the buyer.

3.Not ask either the buyer or the customer service to cancel the order without the buyer’s consent,

4.Not object to the price of the order created without the buyer’s consent.


The buyer’s guidelines for handling exceptions

1.The buyer cancels the order after it has been created.

Should the buyer cancel an order 3 times on the same day, the system will restrict the buyer’s purchase function; Should this occur for 2 consecutive days, the system will impose further restrictions on certain functions of the buyer’s account.


2.After the order has been created, the system automatically cancels the order due to a payment timeout.

Should this occur 3 times on the same day, the system will restrict the buyer’s purchase function; Should it occur for 2 consecutive days, the system will impose further restrictions on certain functions of the buyer’s account.


3.Selecting "I have paid" when no payment was actually made.

The seller reserves the right to request for cancellation of the order. Should the buyer receive 2 of such complaints within the same day, the system will impose restrictions on certain functions of the buyer’s account; if the single amount of such a complaint exceeds 50,000RMB, the system will immediately suspend the buyer’s account for 48 hours.


4.The payment was not made in accordance with the receiving account shown on the seller's order details page.

The seller reserves the right to request for cancellation of the order and have the digital assets returned to him/her. The buyer will be fully responsible for any risks that may arise from making the incorrect transfer.


5.The payment was not made in accordance with the account provided by the seller in the order chat window, which is consistent with the real name of the connected account.

The seller reserves the right to request for cancellation of the order and have the digital assets returned to him/her. The buyer will be fully responsible for any risks that may arise from making the incorrect transfer.


6.With regards to unpaid orders, select "I have paid" and then make payment.

The seller reserves the right to continue with the transaction or cancel the order after refunding the amount. 

1)Should the seller decide to proceed with the transaction, he/she needs to release the coins within the next 10 minutes after having received the full payment.

2)Should the seller decide to cancel the order, he/she needs to complete the refund process within the next 2 hours upon the lodging of the complaint, after which the digital assets will be returned to the seller.


7.Payment was not made with an account consistent with the real name of the platform account.

The seller reserves the right to refuse the transaction immediately, and he/she may proceed with the refund process and complete it within the next 24 hours from the time the payment was received, after which all the digital assets will be returned to the seller. Should the buyer receive 2 of such complaints, the system will suspend his/her account for 48 hours.


8.The order ended up being cancelled despite making payment within the order’s stipulated time frame.

1)The buyer completed all the necessary payments, but the order was then cancelled by the buyer themself, or due to a system timeout.

2)The buyer only partially completed the payment, but the order was then cancelled by the buyer themself, or due to a system timeout. In either scenario, the seller reserves the right to either continue with the transaction, or refund the amount.

Should the seller decide to proceed with the transaction, the platform will reopen the order, and the seller will need to release the coins within the next 10 minutes after having received the full payment amount. If the seller decides to cancel the order, he/she is then required to complete the refund within the next 2 hours upon the lodging of the complaint, after which the digital assets will be returned to the seller as well.


9.Clicking "I have paid" first when not all transfers were completed for the separate payment options, and then continue completing the payment.

1)If all the necessary payments are completed within the time frame specified in the order, the seller is to proceed with completing the order.

2)If all payments are not completed within the time frame specified in the order, the seller reserves the right to either continue with the transaction, or refund the amount and cancel the order.

Should the seller decide to proceed with the transaction, he/she needs to complete it within the next 10 minutes after having received all the payments.

Should the seller decide to cancel the order, he/she must complete the refund within the next 30 minutes once the payment is received, after which all the digital assets will be returned to him/her.


10.The paid amount does not match the order amount.

1)If the transaction is confirmed and the paid amount exceeds the order amount, the seller must refund the excess amount within the next 30 minutes after having received the payment.

2)If the paid amount is lesser than the amount specified in the order, the seller reserves the right to either proceed with the transaction, or request for the order to be cancelled after the refund has been provided.

Should the seller decide to proceed with the transaction, he/she reserves the right to do so at the actual amount stated in the order, then completing the order.

If the seller decides to cancel the order, he/she must complete the refund within the next 30 minutes once the payment is received, after which all digital assets will be returned to him/her.


11.The seller does not receive the payment within 1 hour from when the buyer selects "I have paid".

1)Unless the seller has provided acknowledgement of the buyer's payment method in advance, the seller reserves the right to either continue with the transaction, or cancel the order after the refund has been provided.

Should the seller decide to continue with the transaction, he/she needs to complete the release within the next 10 minutes after having received payment.

If the seller decides to cancel the order, the seller needs to complete the refund within the next 30 minutes once the payment is received, after which the digital assets will be returned to the seller.

2)If the seller is also advertising party and is unable to get in touch with the buyer within 10 minutes after the complaint is lodged, the mediator will prioritize cancelling the order if the amount is within that of the advertising party’s security deposit upon verifying that no payment was received from the buyer.


12.The seller's receiving account is unable to verify the real name authentication upon receiving the payment.

1)Once it is verified that the buyer's payment account matches the real-name account of the platform, and that the payment is completed within the time frame specified in the order, the order process then carries on as per normal.

2)If, after verification, it is determined that the buyer's payment account is inconsistent with the real-name account, the order will be handled according to the guidelines outlined in Clause 7.


13.Paying for the order using a non-real time payment method without the seller's consent.

The seller reserves the right to either continue with the transaction or request for the order to be cancelled once the refund has been provided.

If the seller decides to continue with the transaction, the seller needs to release the coins within the next 10 minutes after having received the payment.

If the seller decides to cancel the order, the seller needs to complete the refund process within the next 30 minutes once the payment is received, after which the digital assets will be returned to him/her.


14.During holidays or business days from 17:00 of that day to 9:00 of the next day, bank card remittances exceeding 50,000 or more are not paid in batches, resulting in the seller being unable to receive the transferred amount within 1 hour.

The seller reserves the right to either continue with the transaction or cancel the order and initiate a refund.

If the seller decides to continue with the transaction, the seller needs to release the coins within the next 10 minutes after having received payment.

Should the seller decide to cancel the order, the seller needs to complete the refund process within the next 30 minutes once the payment is received, after which the digital assets will be returned to him/her.


15.There is an irregularity in the seller's receiving account due to the buyer's payment.

1)If the buyer is unable to provide proof that his/her account is of normal status, the seller must complete the refund within 24 hours after the seller’s receiving account reverts back to the normal status, after which the platform will cancel the order.

2)If the buyer can provide proof that his/her account is of normal status, and after verifying that the buyer's account has no irregularities, the order is then completed, and the digital assets will be delivered to the buyer.


16.Adding remarks such as “Digital Currency, BTC, Bitcoin, Degital Future, DF”, and so on when making payment.

The seller reserves the right to either continue with the transaction or initiate a refund.

1)If the seller decides to continue with the transaction, the seller needs to complete it within the next 10 minutes after having received the payment.

2)If the seller decides to cancel the order and initiate a refund, he/she needs to complete the refund process within the next 60 minutes once the payment is received, after which the digital assets will be returned to him/her. If the seller's account is frozen for this reason, it will be handled according to the measures outlined in Clause 15 above.


The seller’s guidelines for handling exceptions

1.There is a dispute regarding the order price after the order has been created

Unless the buyer agrees to negotiate the order price, the order is confirmed, and the seller is to release the coins within the time frame specified in the order.


2.There is an irregularity in the receiving account provided by the seller.

The buyer reserves the right to either continue with the transaction or cancel the order.

Should the buyer decide to continue with the transaction, and it has been verified that he/she has made the payment in full within the time frame specified in the order, the seller must then complete the release within the time frame specified in the order after having received the payment.

If the buyer decides to cancel the order, the digital assets will be returned to the seller after the refund is completed.


3.The buyer is unable to complete the payment due to the seller’s failure in providing a valid payment method in time, thus resulting in the cancellation of the order.

If the seller were to receive such a complaint twice, the system will restrict certain functions of his/her account.


4.The seller (non-advertising party) did not input his/her real name for the payment information, or provided the buyer one that is inconsistent with the actual name of the platform. For instance, the recipient name on the account and QR code is inconsistent with the name that is displayed on the order detail page when making payment via Alipay or WeChat.

1)The buyer reserves the right to cancel the order and submit a complaint ticket to the respective platform.

2)If the seller were to receive such a complaint 3 times, the system will permanently suspend his/her account.

3)Should the buyer decide to continue with the transaction, the potential risks that may arise from this situation shall be borne by the buyer.


5.The buyer's payment account information is inconsistent with the actual name of the platform, but the transaction is not rejected.

1)The seller is fully responsible for any potential risks that arise from this scenario.

2)If a complaint ticket is raised against the seller as a result of this, the system will restrict some functions of the seller's account.


6.The release is not completed within 10 minutes even after the seller has received the full payment from the buyer.

The buyer reserves the right to either continue with the transaction, or request for the order to be cancelled followed by a refund.

If the buyer decides to continue with the transaction, the mediator will determine that the digital assets belong to the buyer.

If the buyer decides to request for a refund and cancel the order, the seller needs to complete the refund process within the next 30 minutes.