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P2P Rules | Order Appeal Processing Rules

10277485725583
Updated
These rules will be periodically updated following this release. Any changes made will become effective immediately upon their announcement.
If users start to use our P2P trading services, it's taken as their complete understanding and agreement to these rules.
The platform will assist users fairly, impartially, and promptly. The appeal outcome will be determined based on the evidence provided by both parties.
 

Disclaimer
Pursuant to the Platform Terms and Conditions, each user must understand and acknowledge the following P2P trading disclaimer terms:
1. No Guarantee of 100% Asset Recovery: The platform's appeal service does not guarantee that any potential asset losses can be fully recovered. The best way to protect your assets is to strictly and promptly follow the trading instructions. The platform shall not be held liable for any asset loss resulting from a user’s failure to follow instructions or provide required evidence within the specified time.
2. Prohibition of Private and Off-Platform Transactions: The platform shall not be held responsible for any asset loss arising from private transactions or communications conducted outside the P2P platform. All P2P transactions must be conducted within the platform. Neither the platform nor merchants will engage in any off-platform transactions with users.
3. Appeal Handling: The platform provides mediation services in good faith only and does not act as an adjudicator. Users shall bear all responsibilities arising from the mediation outcomes.
4. Consequences of Malicious Appeals: Malicious appeals may disrupt normal platform operations and may result in account suspension.
5. Valid Information Required: Submitting incorrect information or filing false appeals may result in rejection of the appeal and penalties including account suspension, feature restrictions, or warnings.
6. Appeal Frequency: Each P2P order may be appealed up to three times. Once the P2P Appeal Team has issued a final decision, no further appeals will be permitted.

The rules for handling appeals are as follows:
 

Appeals from the Buyer:

1. Order Canceled After Payment
  • If the “Confirm Payment” button times out after making the payment, or if the order is mistakenly canceled, our customer support representative will contact the seller for a refund.
  • If the seller fails to process the refund on time or refuses to do so, the platform will not be responsible for any losses incurred from that transaction. For users who refuse to cooperate, the platform reserves the right to restrict their access to P2P trading and freeze the funds associated with the order.
2. Actual Payment Amount Doesn't Match the Order Amount
  • If the buyer actually pays an amount higher than the order amount and clicks on "Paid", or if the order is marked as completed, the platform will notify the seller to issue a refund.
  • If the seller refuses to refund, the buyer shall bear the financial loss on their own. For users who refuse to cooperate, the platform reserves the right to restrict their access to P2P trading and freeze the funds associated with the order.
3. Seller Didn't Release the Cryptocurrency in a Timely Manner
  • If the buyer has completed the payment but the seller hasn't released the cryptocurrency within the specified time, the platform will notify the seller to release the cryptocurrency. If the seller doesn't respond within the set time frame, the system will automatically release the cryptocurrency from the order.
  • If the buyer uses a non-instant payment method (such as one where the confirmation time exceeds 24 hours) which leads to the seller not receiving the payment in a timely manner, the platform will contact the seller and advise them to release the cryptocurrency once the payment is confirmed. If the seller didn't receive the payment within 2 working days, they should promptly contact customer support to discuss the matter. If the seller did not reach out to us, we'll assume that they've received the payment, and the system will automatically release the purchased cryptocurrency.
  • If the buyer includes sensitive information like "cryptocurrency, C2C/P2P, BingX, Bitcoin" or other related terms in the transfer remarks (even if the seller has specified in their terms not to mention such words), the platform will contact the seller to confirm the payment status and decide whether to continue with the order or issue a refund. In this event, any fees arising from refunds should be covered by the buyer.
4. Seller Isn't Willing to Release the Cryptocurrency
  • The buyer made the payment with the correct amount (the name of the account holder matches the verified name on their BingX account), but the seller isn't willing to release the cryptocurrency and is attempting to transact at a higher price. Except in cases of abnormally low prices (at least 10% lower than the market price), our customer support will intervene to manually release the order.
  • In the event of an abnormally low price, the platform will advise the seller to refund the buyer and suggest the buyer place the order again. In this case, the platform will cancel the initial order. For users who refuse to cooperate, the platform reserves the right to restrict their access to P2P trading and freeze the funds associated with the order.
  • When trading, please carefully read the seller's advertised terms. If a refund is required due to the use of an unsupported transfer method, any fees incurred from the refund should be borne by the buyer. The platform does not assume liability for any losses caused by the transaction.
  • Important Notice: All users are strongly advised to carefully verify the ad price before placing an order to ensure a smooth transaction. Refunds or disputes may not be available afterward.
5. Use of Offensive Language
  • The use of offensive language on the P2P platform, including but not limited to user chat and private communications. If a user receives two or more complaints for offensive language, their P2P trading feature will be temporarily restricted.
6. Fraud
  • If fraudulent activities occur during the transaction, after verifying the situation, the platform will permanently deactivate the fraudster's P2P trading feature and restrict their withdrawal capabilities. Additionally, the platform will delist any ads posted by the fraudulent account, freeze the assets of the fraudster (if any) permanently, and remove the merchant status (if any) permanently.

7. Charging Unreasonable Fees

  • The buyer makes payment that aligns with the order amount or according to the seller's advertising terms. However, after negotiation or third-party payment issue, the seller needs to refund.
  • If the seller has been appealed against for 3 or more times due to requesting an additional unreasonable fee for the refund, the platform will revoke the seller's merchant status. If unreasonable fees were successfully charged, the platform will deduct the corresponding amount from the seller's security deposit and transfer it to the buyer.
  • After platform verification, it was found that the merchant did not hide the payment method in advance and failed to disclose in advance that additional identity verification was required before allowing the buyer to complete the payment. All service fees generated from the refund of this appeal shall be fully borne by the merchant.

8. Buyer Payment Errors

  • The seller must ensure that the payment method provided via the P2P chat window and preset payment method are consistent. If inconsistencies cause the buyer to transfer incorrectly and the seller doesn't receive the transfer, the responsibility and the loss shall be born by the seller.
  • If the buyer transfers correctly according to the seller's provided payment method, and the seller later realizes that the provided method is incorrect and needs rectification, the responsibility and the loss shall be born by the seller.
  • If the buyer mistakenly transfers funds to the wrong payment method and the seller doesn't receive the payment, it's the buyer's responsibility and the buyer will have to cover the loss.
  • After a wrong transfer, both parties must cooperate with the bank to confirm whether the transfer can be returned. If the transfer cannot be returned, responsibility will be assigned according to the abovementioned rules.
  • If the buyer transfers funds to the seller's frozen account and made the transfer unusable, responsibility will be determined based on the order amount. For order amounts of ≤ 200 USDT, the buyer assumes full responsibility. For order amounts ≥ 200 USDT, the buyer is responsible for 70% of the amount, while the seller is responsible for the remaining 30%.

9. Order Appeal Timeout

  • For P2P orders, appeals must be filed within 15 days of the order's cancellation or completion. After this period, the platform will no longer assist with appeal resolution. If you experience any issue, be sure to file an appeal promptly.

 

Appeals from the Seller

1. Buyer Hasn't Made Payment But Still Clicked "Paid"
  • If the buyer has not made the payment, failed to provide proof of payment, or becomes unreachable within the stipulated time, the platform will cancel the order. If an order is canceled for the same reason three times or more, the user's P2P trading feature will be temporarily restricted.
  • If the buyer has successfully made the payment, but the seller has not received the funds, the platform will contact the seller to confirm whether the payment has been received and, if so, whether to release the cryptocurrency. If the seller does not contact the customer support team within 48 hours, it will be assumed that they have received the payment. In this case, the system will automatically release the cryptocurrency for that order. If the cryptocurrency cannot be released normally or the payment has not been received, the seller needs to contact customer support in a timely manner to report the issue with the order.
2. Inconsistency Between Payment Account and KYC Information
  • If the buyer transfers the payment to an account other than the one listed in the seller's payment methods, the platform will not be responsible for any losses incurred from the transaction.
  • If the real-name information of the buyer's payment account doesn't align with their KYC-verified information on the platform, it constitutes a breach of the P2P trading regulations. In this situation, the cryptocurrency will not be released, and the seller is obliged to provide a full refund to the buyer. After the seller provides proof of the refund and the buyer confirms receipt of the refund, the order will be canceled.
  • Both the seller and the buyer are obliged to provide relevant information and actively cooperate with the refund process. If a user does not cooperate with the refund within the specified time, or maliciously freezes an account resulting in a refund failure, the platform will take necessary measures depending on the situation. This includes but is not limited to suspending their P2P trading feature, delisting all advertisements, revoking merchant status, and issuing warnings.
3. Payment Amount Doesn't Match the Order
  • If the buyer has already made a payment but the amount is less than the due amount for the order, the remaining amount must be paid within 48 hours. Any fees arising from this shall be borne by the buyer. If the buyer fails to respond in time or refuses to pay the remaining amount, the seller needs to refund the amount received. For users who refuse to cooperate, the platform reserves the right to restrict their access to P2P trading and freeze the funds associated with the order.The platform will not be responsible for any losses caused by the transaction.
  • If the amount actually paid by the buyer is less than the order amount, but the seller releases the cryptocurrency before receiving the full payment, the platform will notify the buyer to pay the remaining amount. If the buyer refuses to pay, the seller shall bear the financial loss on their own. The platform will not be responsible for any losses caused by the transaction.For users who refuse to cooperate, the platform reserves the right to restrict their access to P2P trading and freeze the funds associated with the order.
4. Seller Releases the Cryptocurrency Before Confirming Receipt of Payment
  • The seller should promptly initiate an appeal and report the issue to customer support. If the buyer does not respond or refuses to cooperate, the seller may file a report with the relevant law enforcement authorities.
  • The seller shall take full responsibility for releasing the cryptocurrency before confirming the receipt of payment. The platform will not be responsible for any losses caused by the transaction and cannot guarantee the recovery of the order funds.
5. Malicious Repeated Cancelation
  • Malicious repeated cancellation refers to a user intentionally canceling orders three or more times without a valid reason. After verification, users who maliciously cancel orders will have their P2P trading feature temporarily restricted.
6. Use of Offensive Language
  • The use of offensive language on the P2P platform, including but not limited to user chat and private communications. If a user receives two or more complaints for offensive language, their P2P trading feature will be temporarily restricted.
7. Account Frozen After Receiving Payment
  • If the seller makes requests beyond the given remarks (such as adding other social media accounts before the transaction or requesting additional KYC verification, etc.), the buyer has the right to refuse to continue the transaction. Our customer support representative will assist in canceling the order.
  • If the seller's account is frozen after receiving the payment, the buyer will face penalties such as the suspension of their P2P feature or restrictions on withdrawals due to suspicions of money laundering/fraud. If the seller proves within 48 hours that the freeze was directly caused by the buyer, the buyer should actively assist and cooperate in unfreezing the account. Otherwise, the buyer may face permanent suspension of the P2P feature and withdrawals restrictions.
8. Fraud
  • If fraudulent activities occur during the transaction, after verifying the situation, the platform will permanently deactivate the fraudster's P2P trading feature and restrict their withdrawal capabilities. Additionally, the platform will delist any ads posted by the fraudulent account, freeze the assets of the fraudster (if any) permanently, and remove the merchant status (if any) permanently.

9. Buyer Payment Errors

  • The seller must ensure that the payment method provided via the P2P chat window and preset payment method are consistent. If inconsistencies cause the buyer to transfer incorrectly and the seller doesn't receive the transfer, the responsibility and the loss shall be born by the seller.
  • If the buyer transfers correctly according to the seller's provided payment method, and the seller later realizes that the provided method is incorrect and needs rectification, the responsibility and the loss shall be born by the seller.
  • If the seller provides the correct payment method, yet the buyer fails to transfer correctly, causing the seller not to receive the money, the responsibility and the loss shall be born by the buyer.
  • After a wrong transfer, both parties must cooperate with the bank to confirm whether the transfer can be returned. If the transfer cannot be returned, responsibility will be assigned according to the abovementioned rules.
  • If the buyer transfers funds to the seller's frozen account and made the transfer unusable, responsibility will be determined based on the order amount. For order amounts of ≤ 200 USDT, the buyer assumes full responsibility. For order amounts ≥ 200 USDT, the buyer is responsible for 70% of the amount, while the seller is responsible for the remaining 30%.

10. Order Appeal Timeout

  • For P2P orders, appeals must be filed within 15 days of the order's cancellation or completion. After this period, the platform will no longer assist with appeal resolution. If you experience any issue, be sure to file an appeal promptly.
 
Disclaimer
  1. The platform will not be responsible for any asset loss caused by the user's failure to follow platform instructions.
  2. Since complaint cases may require additional verification, the platform may contact users via phone to confirm payment receipt details. Please note that our staff will never ask for your transfer password, verification codes, or any other information related to fund security. Do not disclose personal information or password-related content during communication. Thank you for your cooperation.
  3. BingX will not be responsible for any asset loss caused by OTC transactions conducted privately outside of the platform. All P2P transactions should be conducted through the platform's P2P trading feature and chat window. The platform does not recommend merchants and users to conduct OTC transactions privately.

 

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