USER AGREEMENT

• PEER TO PEER SERVICE
• PEER TO PEER HOTSWAP SERVICE

 

1. Introduction

1.1 This User Agreement (“Agreement”) governs your use of Bybit Peer to Peer service (“P2P Service”) and Bybit Peer to Peer HotSwap service (“P2P HotSwap Service”) offered by UAB Onlychain Fintech Limited (the “Bybit”, “we”, “us” or “our”). If you (the “User”, “you” or  “your”) do not agree to any terms or conditions of this Agreement, you must immediately cease using the P2P service and/or P2P HotSwap Service.

1.2 This Agreement forms a binding agreement between Bybit and you and serves to supplement our Terms of Service found at https://www.bybit.com/app/terms-service/information  (the “Service Agreement”). To the extent of any inconsistency between this Agreement and the Service Agreement, this Agreement shall prevail.

1.3 By using the P2P service and/or P2P HotSwap Service you agree to be legally bound by this Agreement, the Service Agreement, and all other terms and conditions and rules relating to P2P Service that we may publish from time to time.

1.4 Unless otherwise defined in this Agreement, all capitalized terms used in this Agreement shall have the meaning provided in our Service Agreement.

 

 

2. General

2.1 The P2P Service is a service provided by Bybit that allows Users to trade Digital Assets with other Users on the Bybit’s Platform. You may buy, sell or advertise your intention to buy or sell Digital Assets using the P2P Service on Bybit’s Platform. You buy or sell by responding to an advertisement posted by another User on Bybit’s P2P page (“P2P Advertiser”). Details of trading guidelines can be found at : P2P Terms of User Service.

2.2 The P2P HotSwap is another service provided by Bybit that allows Users to seamlessly convert the Digital Asset acquired via the P2P Service (“Traded Asset”) into another Digital Asset. The conversion of the Traded Asset is provided by a third-party liquidity provider and you may be subject to the terms and conditions of the third-party liquidity provider. Bybit shall not be liable for any losses that arise or result from you engaging or using the services of any third parties relating to P2P HotSwap Services.

2.3 Bybit acts as a neutral party facilitating the transactions between buyer and seller and buyer (in case of P2P service), and buyer, seller, and liquidity provider (in case of P2P HotSwap Service). 

2.4 Fiat payment between buyer and seller occurs outside of Bybit’s Platform and Bybit does not take custody of fiat payment.

In the case of P2P Service:

Buying

1. You pay the seller in fiat, and the seller releases the stablecoins to you.

Selling

1. After fiat is credited into your bank account or digital wallet from the buyer, you release the Digital Asset to the buyer.

 

In the case of P2P HotSwap Service:

Buying

1. You pay the seller in fiat and the seller releases the stablecoins to the third-party liquidity provider.
2. The third-party liquidity provider receives the stablecoins from the seller and converts them into the Digital Asset you intend to buy (“Converted Asset”).
3. The Converted Asset is credited into your account.

Selling

1. After receipt of fiat from the buyer, you release the Digital Asset to third-party liquidity provider.
2. Third-party liquidity provider converts your Digital Assets into stablecoins.
3. Stablecoins are credited into the buyer’s account.

 

2.5 You agree that Bybit is not a party to any transaction in the P2P Service and P2P HotSwap Service that you enter into and that you will be directly trading with other Users and third-party providers (in the case of P2P HotSwap Service). You acknowledge that Bybit does not have control over price, payment method, payment window and any other terms and conditions in the advertisement, as these are dictated by the P2P Advertiser at its own discretion.

2.6 Bybit acts as a facilitator in any transaction conducted by Users and does not make any representation or warranty on any details of the advertisements relating to  P2P Service and P2P HotSwap Service or elements relating to the completion of any transaction arising therefrom. 

2.7 Save as described in and governed by the P2P Appeal Handling Rules, you agree that Bybit has no right nor obligation to resolve any dispute or claim between buyer and seller in any transaction in the P2P Service and P2P HotSwap Service. 

2.8 Your use of the P2P Service and/or P2P HotSwap Service and all information, materials or other kind of content accessible from the P2P Service and/or P2P HotSwap Service is at your own risk.

2.9 You understand and accept the risks that may arise and the related losses you may suffer from using the P2P Service and/or P2P Convert Trade Service, including but not limited to:

(a) losses caused from your own actions (voluntary or involuntary), decisions or judgments;

(b) high price fluctuations of Digital Assets may cause significant losses in a short span of time;

(c) technical or technological anomalies may occur and may result in losses in your Digital Assets.

(d) default in the obligations of the counterparty in delivery.

2.10 You agree and authorize Bybit to take any reasonable action (including, without limitation, terminating or suspending your access to your account, canceling transactions or disabling account features) to protect the legal rights of yourself, the Platform, and any other users in accordance with Agreement, the Service Agreement and all other terms and conditions and rules relating to P2P Service that we may publish from time to time.

 

 

3. P2P HotSwap

In accessing or using the P2P HotSwap Service, you acknowledge and agree to the following:

3.1 Offers

Offers are provided by the P2P Advertiser and third-party liquidity providers.

1. when buying Digital Asset, the fiat-to-stablecoin price is provided by the P2P Advertiser, and the stablecoin-to-Digital Asset price is provided by the third-party liquidity provider; 
2. when selling Digital Asset, the price of Digital Asset-to-stablecoin is provided by the third-party liquidity provider , and the price of the stablecoin-to-fiat currency is provided by the P2P Advertiser.

3.2 Confirming a quotation

When you enter the quantity/amount of Digital assets to buy/sell, you will be sent a quotation. If you do not accept the quotation within a stipulated time, the quotation will expire and you need to obtain a new quotation.

3.3 Creating an order

An order is created when you accept the quotation.

The order is divided into two parts for record purposes in the Bybit’s P2P system and the order displays the following information which is visible to you and the advertiser:

Your order will display the buy/sell Digital Asset details, and

P2P Advertiser’s order will display the sell/buy stablecoins details.

3.4 Completing an order

Buying:

When buying Digital Assets, the third-party liquidity provider will convert the stablecoins released by the P2P advertiser into the Digital Asset you intend to buy and transfer it to your account.

If the P2P Advertiser had released the stablecoins, the fiat payment that you had made will be non-refundable and the order cannot be canceled.

Please note the following:

After the P2P Advertiser releases the stablecoins, Bybit’s system will compare the order price with the current market price. If the price difference exceeds the spread set out below, you can either:

(1) Accept the stablecoins equivalent to the price of the order as stated in the advertisement or

(2) Obtain a new quotation and trade at the price of the new quotation.

 

The above spread may be adjusted by Bybit from time to time at its sole discretion. Please keep yourself updated with the latest version of this Agreement and if you do not agree to the spread imposed by us, please do not continue to use the P2P Service and/or the P2P HotSwap Service.

Selling:

1. If you complete all the steps of placing an order by releasing stablecoins within the agreed period, the transaction will proceed normally.
2. If the order is not completed within the agreed period, the transaction will be aborted, and the third-party liquidity provider will convert the Digital Assets you sold into stablecoins.

Please note the following:

If the order is not completed within the agreed period or if the order is canceled, and the Digital Asset you intend to sell has been converted into stablecoins, Bybit’s system will return the converted stablecoins to you, calculated based on the advertisement price.