OKX P2P verified merchant service agreement

Published on Sep 15, 2023Updated on Sep 2, 202410 min read322

In order to improve transaction security and credibility of registered users of this at OKX platform (hereinafter referred to as this “Site”), we, OKX, provide identity verification services (the “Verified Advertiser Services”) for our OKX P2P advertisers (each a “Verified Advertiser”, or collectively, “Verified Advertisers”). Please read this OKX P2P Verified Advertiser Service Agreement (this “Agreement”) in detail before you (hereinafter referred to as “you” or “your”) apply for a status as an Verified Advertiser at OKX P2P. Starting the verification process means that you fully understand and consent to the contents of this Agreement. However, due to technical limitations, there is no guarantee on the accuracy and absolute authenticity of the Verified Advertiser’s identity on this Site.

1. Acceptance and Changes of the Terms

This Agreement is supplementary to and forms an integral part of OKX Terms of Service and OKX P2P User Agreement. You should also abide by our OKX Terms of Service, OKX P2P User Agreement, this Agreement, the Privacy Notice Statement and other relevant user agreements, service terms and rules regarding the Services that OKX may issue and update from time to time (the “Terms”).

By accessing and using the Services, you agree to be legally bound by the Terms. If you do not agree to be bound by the Terms, you agree not to access or use the Services. In the event of any conflict or inconsistency of any term or provision set forth in this Agreement and the Terms, such conflict or inconsistency shall be resolved by giving precedence first to this Agreement. All other provisions of the Terms not modified by this Agreement shall remain in full force and effect.

We may, at any time, and at our sole discretion, modify the terms of this Agreement, with or without notice to you and the Users. Any such modification will be effective immediately upon publication. Please visit this Site or this page on a regular basis, especially before using the Services, and review this Agreement. Your continued use of any of our Services and the Site following any such modification constitutes your acceptance of these modified terms. If you do not accept the revised terms of this Agreement, you should stop using the Services.

2. Eligibility and Information Required for Verification

a) To be eligible as a Verified Advertiser, you must be a holder of an OKX account with KYC authentication completed.
b) We reserve our sole discretion to determine the eligibility of a User to become a Verified Advertiser, and shall reject or disqualify any applicant, trade or transaction performed by such applicant or Verified Advertiser in our sole discretion.

3. Verification Processing Time

Verification may take approximately 14 working days after all required information is submitted.

4. Verification Status and Deposit Requirements

a) The Site will provide a verification icon or badge to “Verified Advertiser” or equivalent, to distinguish them from unverified advertiers or traders.
b) You hereby authorise OKX to make a deposit by transferring certain digital assets, as designated by OKX, with the amount depending on OKX’s internal threshold and guidelines, into your Verified Advertiser’s deposit account. Such deposit will be frozen during the time when you have the verification status as a Verified Advertiser. The deposit will be refunded when you are no longer a Verified Advertiser.

5. Optional value-added Service (“VAS”)

Assuming that there have been digital assets deposited or held at Verified Advertiser’s deposit account, you may subscribe to VAS which is exclusively for subscription by Verified Advertiser in order to enjoy a more automated dispute resolution mechanism. Any digital assets in the Verified Advertiser’s deposit account may be held in full or partially, at our sole discretion, as collateral during the term when you subscribe to such VAS (“Collateral”).

Upon subscription of VAS, OKX reserves the rights to deduct any digital assets from the Collateral in any Verified Advertiser’s deposit account, and you hereby consent to such deduction, when there is any dispute or claim against such Verified Advertiser on the basis of proven fraud, negligence or any kind of wrongdoing. OKX shall have the sole discretion to adjudicate and/or decide whether such deduction shall be legitimate and you hereby waive your rights to object to or claim against OKX for such action.

6. Cancellation, Removal and/or Termination of the Verification Status

We reserve the sole discretion and right to cancel, remove and/or terminate your status as “Verified Advertiser” based on our assessment, which does not result in any breach of this Agreement. If a Verified Advertiser needs to cancel the verification status, he/she must submit an application online on the Site. If there are no ongoing disputes in the Verified Advertiser's account or other behaviours that may affect transaction security or integrity, we will review and approve within 5 working days. A refund of the deposit shall be made by OKX after the verification status has been terminated.

7. Understanding the Services

Our Service is an identity verification service provided by this Site. You confirm that the identity information provided by you is true, accurate and correct, and you have qualified to be a Verified Advertiser. Once you have completed verification on your account, the corresponding identity information and authentication results cannot be modified or cancelled for any reason unless there is a legal change in your identity information. If your identity information has been legally changed after completing the authentication, you should provide the corresponding information to this Site within two working days accompanied with documentation issued by a competent government authority so that we can assist you with changing or updating the corresponding information of your OKX account.

8. Data Retention and Use

Before applying for or using the Services, you acknowledge that you have read and understood this Agreement and our Privacy Notice Statement (as amended from time to time) published and available on this Site. You irrevocably authorise OKX and the Site to retain and process all verification materials you have submitted to this Site, including with limitation to the following circumstances:
a) disclosure of relevant information as needed to provide required or necessary services to you;
b) response to inquiries by a competent government authority or pursuant to a lawful court order;
c) information provided to affiliates;
d) disclosure of relevant information as needed for dispute resolution purposes.

9. Links to third-party websites

In order to implement identification information review, this Site may link to third-party websites (such as online banking websites, identity authentication solutions) (“Linked Websites”). You acknowledge and agree that the Linked Websites are not controlled by us and we shall not be responsible for the content or services of any Linked Websites, including but not limited to any links contained within the Linked Websites, or any change or update of the Linked Websites. This Site shall not be responsible for network transmissions or other forms of transmission received from the Linked Websites.

10. No illegal or prohibited Use

You warrant and represent that you may not apply for the Services or use/access this Site for any purpose that is illegal, unauthorised, unlawful, or prohibited by this Agreement or under the applicable laws or regulations. You may not use the Services in any way that may damage, paralyse, overload or cause detriment to other websites or their services, this Site or any of our services, or interfere with the use of the Services and the relevant applications by other Users.

11. Miscellaneous

a) Compliance with Laws
Each party shall comply in all respects with all applicable laws and regulations relating to and/or governing the duties, obligations, and business practices of that party and shall obtain any permits or licenses necessary for its operations. Neither party shall take any action in violation of any applicable laws and regulations that could result in liability being imposed on the other party.

b) Successors and Assigns
Neither party shall have the right to assign or subcontract any of its obligations or duties under this Agreement, without the prior written consent of the other party, which consent shall be in the sole determination of the party with the right to consent.

c) Severability
If any provision of this Agreement shall be declared by any court of competent jurisdiction to be illegal, void, or unenforceable, the other provisions shall not be affected but shall remain in full force and effect.

d) Force Majeure
Neither party shall be held responsible for any delay or failure in performance of any part of this Agreement to the extent such delay or failure is caused by fire, flood, explosion, war, embargo, government requirement, civil or military authority, act of God, pandemic, social disorder or other similar causes beyond its control and without the fault or negligence of the delayed or non-performing party. The affected party will notify the other party in writing within five (5) days after the beginning of any such cause that would affect its performance. Notwithstanding, if a party's performance is delayed for a period exceeding the (10) working days from the date the other party receives notice under this paragraph, the non-affected party will have the right, without any liability to the other party, to terminate this Agreement.

e) Indemnity
YOU AGREE TO INDEMNIFY, DEFEND AND HOLD OKX, ITS AFFILIATES, PRESENT AND FUTURE OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES, AGENTS AND ITS AFFILIATES, HARMLESS FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, LOSSES, DAMAGES, PENALTIES, LIABILITY AND COSTS, INCLUDING REASONABLE ATTORNEYS’ FEES, IN CONNECTION WITH OR ARISING OUT OF ANY USE OF THE SERVICES BY YOU, OR YOUR BREACH OF THIS AGREEMENT AND/OR THE TERMS. THE OBLIGATIONS IN THIS AGREEMENT INCLUDE, BUT ARE NOT LIMITED TO, CLAIMS THAT TRANSACTION/TRADING EXECUTED AND/OR MADE AVAILABLE BY OR ON BEHALF OF YOU, INFRINGES UPON THE RIGHTS OF THIRD PARTIES, OR IS OTHERWISE UNLAWFUL.

f) Limitation of Liability
This Site disclaims any and all liability resulting from the disclosure of your login information to others, the impact of any malicious or unauthorised activities by third parties, technical difficulties outside this Site’s immediate and reasonable control, government actions, the use of Linked Websites, submission of incomplete or incorrect information, or any other cause not directly attributable to this Site.

g) Governing Laws and Dispute Resolution
This Agreement, your use of the Services, any claim, counterclaim or dispute of any kind or nature whatsoever arising out of this Agreement, directly or indirectly, shall be governed by, and construed in accordance with the laws of England and Wales without regard to the principles of conflicts of laws thereof. In the event of any dispute, controversy, difference or claim, including the existence, validity, interpretation, performance, breach or termination of this Agreement, or any dispute arising out of or relating to this Agreement (“Dispute”), the parties shall resolve the Dispute in accordance with clause 10.7 of OKX P2P User Agreement.

Disclaimer
P2P (peer-to-peer) transactions are trades carried out directly between two users. After the buyer and seller are matched on our OKX.COM platform (the "Platform"), the parties shall verify their identities by cross-checking the name of the name of fund sender and against the name of the account holder. The seller shall confirm that the names match before they release the tokens in the P2P OKX platform. OKX does not perform this verification on behalf of the parties in the P2P transaction.

Your use of the OKX P2P trading services and all information, materials and other content (including that of third parties) included in or accessible from OKX P2P trading services is solely at your own risk. OKX's sole responsibility is to facilitate the digital asset transaction process on the Platform. All payments are final upon completion unless otherwise required by law. OKX has neither the right or obligation to resolve any dispute or claim arising from a completed payment. OKX shall not be liable for any losses that may result in or arise from a completed payment.

The buyer/seller may directly contact you to verify your identity or obtain additional information to complete the transaction and/or payment. Such communications or exchange of information may take place outside the Platform. Any such communications between you and the buyer/seller are not controlled or managed by OKX. OKX shall not be responsible for any losses that you may incur arising or resulting from any such communications between you and the buyer/seller.

Third parties, such as verification service providers, escrow agents, payment providers, custodians, and/or banking partners may be involved in any OKX P2P trading services transactions. You may be subject to the terms and conditions of these third parties. OKX shall not be responsible for any losses that arise or result from any third parties.