Rules for Fiat Transactions

Notice to Buyers:

1. Please complete your payment within the time stipulated by the seller, and click "Confirm". If the order is canceled due to a timeout as the buyer completes the payment but fails to click the "I've Paid" button, you can contact our customer service to assist the seller in releasing the token. The buyer will get one cancellation record in the system.
2. If the buyer completes the payment and cancels the order by mistake, you can consult our customer service to assist you in contacting the seller for a refund. If the seller refuses to refund, the buyer shall be mainly responsible for the loss of funds.
3. Should there be three canceled orders by the buyer actively or due to timeout on a single day, the system will restrict the buyer’s authority in placing orders and issuing trusted orders on that day.
4. Don't click "I've Paid" without a successful payment, or it will be deemed as malicious payment. In case of any complaint about such orders, the seller may refuse to conclude the transaction, and the Platform is entitled to cancel the fiat transaction authority of the buyer who committed the malicious payment.
5. If the buyer clicks "I've Paid" first and then makes the payment, the seller has the discretion to continue or cancel the transaction.
6. Please complete the payment with your real name payment account (e.g., bank account, Alipay account, or WeChat payment account). If you make a payment using a falsified name or with a different account name, the seller is entitled to 1) ask for a video of the buyer and the owner of such account holding their ID cards or passports for KYC to prove the legitimacy of the funds; 2) cancel the order after refunding the paid amount to the payment account; 3) contact the KuCoin customer support to freeze the order immediately without releasing the digital assets, and seek assistance and coordination.
7. The buyer shall bind a valid payment tool registered with the real name used on the Platform for payment. Suppose the buyer fails to make a payment as indicated on the seller's order (including making payment via an account bound with the order or other account opened with the actual name used on the Platform). In that case, the seller may refuse to conclude the transaction, with the risk of payment errors arising therefrom borne by the buyer.
8. For timely transactions, please choose real-time transfer options such as Alipay balance to Alipay balance, WeChat wallet to WeChat wallet, and real-time bank remittance. (Notes: On holidays or from 17:00 to 09:00 on working days, if the amount exceeds CNY 50,000, please make the payment in batches. Do not use Alipay or WeChat to transfer the amount to the bank card during this period.) When the seller does not receive the payment after 10 minutes after the buyer clicks "I've Paid", the seller can click "Contact Customer Services" to seek assistance, and our customer services personnel will intervene for a solution.
9. Digital assets corresponding to the pending orders will be locked. If no digital assets are received from the seller after the buyer completes the real-name transfer and clicks "I've Paid", the buyer can click "Contact Customer Services" for complaint, and our customer services personnel will intervene for the solution after confirmation.
10. The buyer shall not leave any information in the remittance note; otherwise, the seller is entitled to cancel the transaction after the refund.
11. If the actual amount paid by the buyer is greater than the order amount and click "I’ve paid" at the same time, KuCoin customer support will contact the seller to refund the excess amount; if the seller refuses to refund the excess amount, the buyer shall be mainly responsible for the loss of funds.
12. If the buyer transfers the money to the seller’s other bank account or another person’s bank account and does not use the seller’s registered bank information for payment, the two parties need to communicate on their own, and the buyer bears the risk of the wrong transfer.

Notice to Seller:

1. The seller shall bind a valid collection tool registered with the real name used on the Platform. Should the collection tool be deemed inconsistent with the real name used on the Platform, the Platform is entitled to cancel the fiat transaction authority of the seller.
2. The seller shall confirm the selling price before selling. Should there be any complaint arising from the price, we will allocate and then directly transfer the assets to the buyer if the buyer completes the transaction in strict accordance with the rules.
3. If the seller does not receive the payment within 15 minutes after the buyer clicks "I've Paid", the seller can submit a complaint. Should there be no response received from the buyer within 12 hours, the system will automatically release the digital assets involved.
4. The seller shall carefully check if the name on the payment information corresponds with the buyer’s real name to avoid payment risks. In case of any inconsistency, the seller is entitled to 1) ask for a video of the buyer and the owner of such account holding their ID cards or passports for KYC to prove the legitimacy of the funds; 2) cancel the order after refunding the amount to that payment account; 3) contact the KuCoin customer support to freeze the order immediately without releasing the digital assets, and seek assistance and coordination.
5. If the buyer makes payment via a payment method inconsistent with their registered real name on the Platform and the seller accepts such payment, which then results in freezing of the other's payment account or other negative results, the Platform has the right to undergo such investigation and is entitled to directly freeze the accounts of both the buyer and the seller.
6. The seller shall release the digital assets as soon as possible after receiving the payment. In the case where the seller refuses to release the buyer’s order the buyer's which was already marked as "Paid" all the while following the transaction rules' strict accordance, the buyer can contact the KuCoin customer support for a complaint. And if happened the seller still refuses to coordinate, we will directly release the digital assets involved to the buyer, and we are entitled to restrict the seller's functions. (This rule does not apply to transactions on non-work days).
7. If the buyer's payment is less than the order amount, click the "I have paid" button at the same time. If the payment is not made up within 24 hours or the buyer cannot be contacted, in order to ensure the seller's benefit, the seller will refund and the order will be canceled.
8. If the seller does not confirm whether the payment has been received, however, released the currency in advance, and the buyer has the funds in the account, the customer service will assist in prohibiting the withdrawal of the currency for 1 working day and will assist in contacting the buyer to return the currency or make the payment. If the buyer refuses to return the currency or make the payment, the seller is recommended to call the police to deal with it; if the buyer’s account has no funds, the seller shall bear the risk of releasing the currency in advance.

Risk Warning and Disclaimer:

• You fully understand 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 have sufficient investment knowledge 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.
• Users should not indicate any personal information (i.e., social networks, messengers) neither in the trading conditions nor in auto-replies for their safety.
• Users should not include “KuCoin”, names of local banks and payment systems, or any of the sensitive words in their nicknames.
• It is forbidden to use multi-accounts to trade on P2P. In case such Accounts are detected, we have the right to block all linked user accounts from trading.
• Before a P2P transaction, you have read and understood all contents of this Policy, the Terms and relevant rules on KuCoin platforms, and have consulted professionals before deciding at your own discretion on whether or not and how to complete the P2P transactions based on their recommendations.
• The Platform is not a party to a P2P transaction. Therefore, any disputes between Users engaging in P2P transactions have nothing to do with the Platform. The Platform has neither the rights nor the obligations to resolve any disputes arising therefrom. It is not obliged to assume any financial or non-financial obligations or responsibilities to any party (including but not limited to indemnities).
• You agree and authorize the Platform to take all reasonable actions (including but not limited to canceling transactions or disabling account features under certain circumstances) in accordance with this Policy, the Terms, and relevant rules on KuCoin platforms to safeguard you, the platform’s and other Users’ legitimate rights.
• Please note that the payment methods on KuCoin P2P are displayed as options of fiat transactions   between Users. KuCoin does not establish any form of business relationship with the payment method listed on KuCoin P2P platform.
• If the user deletes the account while there are pending orders, the orders will automatically be deemed as given up by the user. The platform will then handle the account’s orders.
• For trading disputes, the Platform has the final jurisdiction. For malicious freezing of orders, malicious payments, transaction fraud, and other acts, the Platform can choose to freeze the accounts and give assistance to the judiciary authority when necessary. The Platform will not be responsible for any loss of orders engaged in complaints due to market fluctuations.
• Digital assets are innovative investment products featuring with great price fluctuation and high investment risks. You are expected to have a full understanding of digital assets risk and make rational investment decisions considering your set of abilities.

KuCoin Team