P2P Terms of User Service

*This condition applies to all users outside of the Chinese Mainland.

 

I. Basic Transaction Principles:

 

Basic Transaction Principles:

1. Please ensure that you read the terms and conditions provided on the ad description page carefully before initiating an order with a counterparty to avoid unnecessary disputes.

2. Please ensure that the payment method selected (when placing your order) is the same as the one specified in the ad description.

3. You should not participate in any cryptocurrency transactions via third-party platforms, such as social media and messaging applications. The P2P Trading platform on Bybit is not responsible for any losses to assets caused by transactions conducted or initiated outside the Bybit platform. Bybit sets rules for transactions between buyers and sellers and only supports the user service experience on its P2P Trading platform. Bybit is not involved in any P2P transactions.

4. You are required to cooperate with investigations and provide a timely response within the given timeframe in the case of any P2P dispute raised. Investigations are not of a judicial nature; instead, they are designed to assist in resolving your dispute with your P2P counterparty. Your cooperation in the dispute resolution process may include providing relevant information, evidence, or documentation as requested by Bybit’s P2P Trading platform. Failing which, a resolution not in your favor may arise.

5. In the case of a dispute initiated against any participant after the order has been completed or canceled, you agree and accept that we reserve the sole discretion, but not the obligation, to freeze the disputed amount of assets for investigation. We further reserve the right and discretion to process the transfer of frozen assets to the appellant if no evidence in your favor is provided within the given time frame during the investigation.

6. Nothing in these terms requires us to provide a dispute resolution in your favor. We provide a mediation solution in goodwill. Given the nature of P2P transactions, you assume risks with your counterparty. We cannot and will not act as adjudicators, and you shall exempt us from all liabilities arising thereto from the provision of mediation solutions.

7. You should refrain from using profanity or offensive language when using the P2P Trading platform. This includes, but is not limited to, live chat with other users and Customer Support representatives, as well as the order review.

8. These terms shall officially take effect on the date they are published and shall be regularly revised or improved. The revisions or improvements shall take effect from the date they are published.

9. Please stop using the P2P Trading platform services immediately if you do not agree with the revised or improved terms.

10. Further access to the P2P Trading platform services indicates your full understanding and acceptance of the aforementioned rules, as revised or improved from time to time, as well as your voluntary agreement to be bound by such.

 

II. Notice to Buyers:

 

After an order is created, the buyer shall:

 

1. Select the payment method supported by the seller and transfer the amount shown on the order page within the time limit provided by the seller within a single transaction. Be sure to tap/click the "Payment Complete" button after completing the payment. Note that if a buyer made the payment for a single order with multiple transactions, it is reasonable for the platform to suspect it is an irregular transaction. In such cases, the buyer may be asked to provide additional proof or be dealt with according the Management Rules set out below.

 

2. Make the payment in real-time using your verified payment method in the amount specified in the order to the beneficiary's account specified in the order. Note that the Platform does not support third-party payment and any payment by buyer using third-party payment shall abide by and be dealt with according the Management Rules set out below. Non-real-time payment methods may only be selected with the seller's prior consent, and the Platform shall not assume any risk or liability for such.

 

3. Do not click on the "Payment Complete" button until payment is complete. Your account may be frozen if you tap/click the "Payment Complete" button when the payment has not been completed.

 

4. Do not use any sensitive words or phrases related to digital currency in the remarks field/section when making payment to the seller in legal tender. This includes without limitation words or phrases like USDT, Cryptocurrency, and Bybit purchase.

 

5. Communicate with the seller via the chat feature first if the seller does not send you the digital assets within the specified time (hereinafter referred to as "Delivery") after you have sent the payment and clicked "Payment Complete". You may only file a dispute against the seller once compliance with the Platform’s guidelines is confirmed and the procedures specified by the Platform are properly performed (including without limitation providing relevant legal proof in compliance with the Platform’s requirements) and the seller does not reply. The P2P team is available to assist with user complaints upon request and in compliance with complaint management guidelines. However, the Platform shall not be deemed a party to the P2P transaction. Therefore, the Platform is not obliged to intervene in any P2P transaction disputes between users. Please note that Bybit is hereby entitled to the final interpretation and determination of the penalty in all disputes. Reopening of disputes will be conducted at Bybit's discretion on a case-by-case basis.

 

6. In the event of a violation of the Notice to Buyers, the Platform may take any action it deems appropriate in accordance with this Policy, the terms of this Policy, or applicable law, including without limitation freezing the violator's account or disabling any account functionality on Bybit's transaction Platform/this Platform.

 

7. The buyer's transaction instructions shall not conflict with this policy's User Terms of Service (prices, fees, notes) when placing advertisements.

 

 

Ⅲ Notice to Sellers:

 

After an order is generated, the seller shall ensure:

 

1. The name of the account holder for the account receiving the payment matches the registered name in Bybit (this name should be the same as the verified KYC name on Bybit).

 

2. After confirming receipt of full payment from the buyer, the seller must complete the order within 10 minutes (releasing the cryptocurrency to the buyer, excluding the link confirmation time). Note that the Platform does not support third-party payment and any payment by buyer using third-party payment shall abide by and be dealt with according the Management Rules set out below. The seller remains fully responsible in ascertaining whether the buyer uses third-party payment prior to accepting an order.

 

3. Neither party is entitled to request customer service support to cancel an order without the buyer's consent unless otherwise provided by the Platform.

 

4. Pricing for confirmed orders between the Seller and Buyer is considered final and non-negotiable.

 

5. Please ensure to stay connected through the cell phone number or email registered on the Platform in the event of incomplete orders or disputes with buyers.

 

6. The seller is required to provide proof of the transaction from the service provider to show the amount deducted by the payment service provider in the event that additional fees were charged by the payment service provider.

 

7. The seller's transaction instructions must not conflict with this policy's User Terms of Service (prices, fees, notes) when placing advertisements.

 

8. In the event of a violation of the Notice to Sellers, the Platform may take any action it deems appropriate in accordance with this Policy, the terms of this Policy, or applicable law, including without limitation freezing the violator's account or disabling any account functionality on Bybit or the transaction platform.

 

 

Ⅳ. Users shall comply with anti-money laundering principles:

 

1. Users shall follow the Platform's identity verification management requirements for user identities and accounts and ensure that the accounts displayed on the Platform are legally registered and used by them.

 

2. Users should actively cooperate with the Platform for verification and assist in providing the necessary risk control documentation (subject to the risk control measures being in effect then) when the Platform has reason to suspect money laundering.

 

3. The Platform is entitled to disable all or part of the user's account functionality if they do not comply (IV.2.)

 4. It is the user's responsibility to ensure that they are legally entitled to conduct the transactions pursuant to applicable law. The Platform is not liable in any way for the legality or illegality of user transactions. Although the Platform is not a part of any P2P transactions between users, to ensure that all transactions are legally compliant, the Platform may (but is not obligated to) review the legality of transactions conducted by users and their compliance with applicable local laws when necessary.

 

 

Ⅴ. Notification of Risk and Disclaimer

 

1. You are fully aware of the risks inherent in P2P transactions, including, but not limited to, the fluctuation in the value of digital assets, the creditworthiness of the counterparty to a P2P transaction, and the compliance risk associated with legal currency transactions.

 

2. You possess sufficient investment knowledge and experience, are capable of assuming the risks associated with P2P transactions, and agree to assume sole liability for all risks associated with P2P transactions.

 

3. You shall not include any personal data (including social media and messenger) in the transaction conditions or automated reply messengers for the sake of both parties' security.

 

4. You shall not use any sensitive words, including "Bybit," the local bank's name, the payment system or your username or nickname.

 

5. It is prohibited to conduct P2P transactions using multiple accounts. If we discover such accounts, we reserve the right to prevent all associated user accounts from conducting transactions.

 

6. You have read and understood this Policy as well as the Bybit Platform's terms and conditions, consulted with professionals, and independently determined whether and how to conduct P2P transactions based on their recommendations prior to conducting P2P transactions.

 

7. The Platform is not involved in the P2P transaction. As a result, any disputes arising between users regarding P2P transactions are unrelated to the Platform. The Platform has neither the right nor the obligation to resolve any disputes that may arise. The Platform shall not assume any financial or other obligation or liability to any party (including without limitation indemnification).

 

8. You agree and authorize the Platform to take any reasonable action (including, without limitation, canceling transactions or disabling account features in certain circumstances) to protect the legal rights of yourself, the Platform, and any other users in accordance with this Policy and the Bybit Platform terms and rules.

 

9. Please keep in mind that the payment method displayed on Bybit P2P represents the users' legal currency transaction options. Bybit will have no business relationship with the payment method displayed on the Platform.

 

10. When transferring payment to the seller’s bank account, you shall be responsible in verifying that the seller’s name is identical to his or her name verified and registered on Bybit’s Platform. Bybit shall not be responsible for any losses or liability arising from your error in verification or failure to verify the seller’s identity prior to transfer of payment. 

 

 

Ⅵ. Irregular Transactions and Corresponding Actions to be Taken:

You agree that, to the fullest extent permitted by applicable law, the P2P Trading platform will not be liable for your losses resulting from P2P transactions or the use of services under this Policy, including but not limited to hacker attack, power outage, or unavoidable technical failure, except in the case of Bybit’s P2P Trading platform's wilful misconduct or gross negligence.

Bybit reserves the right to immediately restrict, suspend, or terminate your account or service access without prior notice at its sole discretion in the following circumstances:

• There are reasonable grounds to doubt that you violated or attempted to violate this Policy.

• We find that you conduct P2P transactions through multiple accounts.

• It is necessary for the protection of other users. We will not be liable for any failure to provide you with service access, including any potential delay, damage, or inconvenience if we exercise our rights and restrict or block your access to our service.

• If you fail to fulfill the obligations in the investigation process of disputes, it may result in financial loss to other users on the platform.

• We confirm that you are using our P2P Trading platform in a manner that has the potential to negatively impact other users' ability to use our service or to prevent them from using it.

• It is alleged that an offender violated or attempted to violate the legal rights of others (including, but not limited to, other users' privacy and intellectual property rights such as marketing) through the use of abusive language, insults, blackmail, harassment, threat, or any other manner during interaction with other users, or distribute personal data collected to any other party.