P2P MERCHANT TERMS OF USE

Last Updated: 09 September 2019

These P2P Merchant Terms of Use were created in the English Language and the English Language version shall prevail in the event of any conflict.

About Us and our Terms of Use

This P2P Merchant Terms of Use is between you (“Certified P2P Merchant” “you” or “your”) and each of:

AAX Exchange (Malta) Limited incorporated in the Republic of Malta and located at Ewropa Business Centre, Level 3 - 701, Dun Karm Street, Birkirkara, BKR 9034, Malta

and

AAX Limited incorporated under the International Business Companies Act of 1994 of the Republic of Seychelles having company number 211854.

(together “AAX” or “we” or “our”)

This P2P Merchant Terms of Use (“P2P Merchant Terms”) governs your use of the AAX Platform to post advertisements and offers for sale of Virtual Financial Assets (VFA) (“Sale Advertisements”) and advertisements stating requirements for purchase of VFA (“Purchase Advertisements”). This P2P Merchant Terms of Use shall be read with AAX Terms of Use.

We may, at our sole discretion, amend this P2P Merchant Terms and other policies, guidelines, or rules of the AAX Platform for the sale of VFA, from time to time by posting the updated P2P Merchant Terms on our Platform or by any other means at our sole discretion. We shall notify you in advance of such changes or amendments. If you do not agree to such changes or amendments, you may terminate your P2P Merchant Account by contacting Customer Support. By continuing to use your P2P Merchant Account after the changes come into effect, you agree to be bound by the revised P2P Merchant Terms.

For any questions or problems relating to our Platform, products, services or this ITC Merchant Terms, please contact our Customer Support at support@aax.com.

DEFINITIONS

  • “AAX” collectively means AAX Exchange (Malta) Limited (Incorporated in the Republic of Malta) and AAX Limited (incorporated in the Republic of Seychelles);

  • “AAX P2P Trading Platform” means P2P Trading provided by AAX on the Platform;

  • “Advertisement” means an advertisement for Sale or Purchase of VFA and vice versa on the AAX P2P Trading Platform;

  • “Certified P2P Merchant” means User that has been accepted and authorized by AAX to post Sale or Purchase Advertisements on the AAX P2P Trading Platform;

  • “Counterparty” means the opposite party in any trade executed on the AAX Platform;

  • “Fiat” means money or currency of any country or jurisdiction that is designated as legal tender and circulated, used and accepted as a medium of exchange in the country or jurisdiction of issuance and that is accepted for VFA for P2P Trades on the Platform;

  • “P2P Merchant Account” means a Certified P2P Merchant Account held with AAX Platform in accordance with P2P Merchant Terms of Use;

  • “P2P Client” means User that places a ‘buy’ or ‘sell’ Order or executes a P2P Trade with a Certified P2P Merchant on the AAX P2P Trading Platform;

  • “Order” means any instruction from a user on the AAX Platform to ‘buy’ or ‘sell’ in relation to products or services available on the Platform;

  • “P2P Trading” refers to direct sale and purchase of VFA on the AAX Platform with trades executed directly between P2P Merchants and Purchasers of VFA;

  • “Platform” or “AAX Platform” means our website(s), our application(s), our application programming interfaces (“APIs”), our notifications, and any information or content appearing therein

  • “Products” or “Services” means trading in VFAs, trading in derivatives linked to VFA or any other services that may be offered by AAX through the AAX Platform from time to time;

  • “Restricted Jurisdictions” means all jurisdictions listed above and any jurisdiction referred to in Clause 2.1.2;

  • “Trade” means an Order that has been matched, fulfilled, or executed on AAX Platform;

  • “User” means any person or entity that has registered on the AAX Platform by accepting the AAX Terms of Use;

  • “Virtual Financial Assets” or “VFA” means cryptocurrency, virtual currencies, virtual commodity or digital tokens or virtual financial assets;

  • “Wallet” or “AAX Wallet” means a software application (or another mechanism) on the AAX platform that provides a means for holding, storing, and transferring VFA, including users VFA address, VFA balance, and cryptographic keys.

  1. Acceptance of General Terms

1.1. In order to create an P2P Merchant Account on the AAX Platform, you first agree to sign up, register as a User, and agree to accept the Terms of Use of the AAX Platform.

  1. P2P Trading on AAX P2P Platform

2.1. You agree to provide information and/or identity documentation for advanced KYC verification in relation to approval as Certified P2P Merchant on the AAX Platform and warrant that such information provided by you is truthful and accurate and documents provided are genuine and not fraudulent.


2.2. AAX has sole discretion to approve or reject applications for Certified P2P Merchant.


2.3. You agree to maintain applicable amount of VFA in your AAX Wallet and agree to authorize AAX to block VFA for the purposes of security deposit in accordance with Clause 5 below for the posting of Purchase or Sale Advertisements on AAX P2P Platform.


2.4. After activation of your P2P Merchant Account, you may proceed to post Sale or Purchase Advertisements in accordance with this P2P Merchant Terms.


2.5. Once Sale or Purchase Advertisements are posted, you agree to be accessible and respond to queries from P2P Clients. If you are not available, you agree to cancel or suspend your Advertisements failing which Orders may be executed and the applicable VFA will be placed in escrow and blocked for trading and will only be released on acceptance of the trade or resolution of the dispute on the AAX Platform.


2.6. You agree to use ‘real time’ remittance methods such as Alipay, WeChat Pay, or real-time remittance offered by banks for payment in relation to Trades. You agree to complete. Orders in accordance with the timeframe for such real-time remittance in relation to Trades.


2.7. You agree to maintain the applicable VFA balance in your AAX Wallet and authorize AAX to freeze and place the applicable VFA in escrow for the processing of an executed Order in relation to an Advertisement. Such VFA placed in escrow shall not be available for trading on the AAX Platform.


2.8. You may as far as possible avoid accepting payments from third parties or payments from accounts not in the name of Certified P2P Merchant, P2P Client, or User on AAX Platform.

In the event of a mismatch in name or inconsistencies between User Account names and name of the payment account holder, you shall have the right to withhold transfer of VFA to the Purchaser for 72 hours and you may ask the P2P Client to provide Identity documentation and video KYC to prove that the source of funds or VFA is legal. In the event that the P2P Client fails to provide proof of identity and video KYC, you may choose to refund the payment to the P2P Client and notify AAX at support@aax.com.

If you accept third party payments from a remittance account that is not in the P2P Client name, causing the payment account of another person to be frozen, AAX shall investigate the source of the mismatch between the name of the bank account and the P2P Client and shall have the right to directly freeze the Certified P2P Merchant Account and cancel Sale Advertisements posted by the Certified P2P Merchant.


2.9. You agree and accept that it is your sole responsibility to verify and check if the payment amount received from the Certified P2P Merchant or P2P Client matches the amount in accordance with the executed Order prior to releasing VFA. AAX shall not be liable for the shortfall for payment received if you have failed to check the payment amount prior to releasing VFA to P2P Client.


2.10. You also agree that you shall not accept payments from P2P Clients from bank accounts in Restricted Jurisdictions as per Clause 2.1.2 of AAX Terms of Use (link).


2.11. You shall agree to indemnify AAX and hold us harmless for any losses suffered by AAX as a result of any regulatory action suffered by AAX on account of failure to follow these P2P Merchant Terms.


2.12. AAX does not automatically match orders or guarantee Trades on the AAX P2P Trading Platform. Certified P2P Merchants and P2P Clients are expected to make their own decision to negotiate and execute P2P trades in accordance with information and terms specified on the Advertisements and P2P Merchant Terms.


2.13. AAX reserves the right to place limits on Your ‘buy’ or ‘sell’ Orders or temporarily suspend Sale or Purchase Advertisements in the event of frequent order cancellations or unpaid orders over a certain daily threshold.


2.14. Grounds for disqualification of P2P Merchants

AAX reserves the right to disqualify Certified P2P Merchants in the event of:

a ) Dishonest transactions reported from multiple users or P2P Clients in relation to a Certified P2P Merchants;

b ) multiple branch accounts are linked to the same P2P Merchant Account with frequent trading behavior;

c ) use of insulting, disrespectful and inappropriate behavior reported to AAX;

d ) trade cancellation rate over 10% in the last 30 days;

e ) average release time of over 5 minutes in the last 30 days;

f ) payment time is over 10 minutes in the last 30 days;

g ) purchaser average’s cancellation time is over 5 minutes in the last 30 days;


Any decision to disqualify P2P Merchants is the final decision of AAX

  1. Guidelines for Posting Sale and Purchase Advertisements on the AAX P2P Platform

3.1. Certified P2P Merchants may post Sale and Purchase Advertisements indicating quantity and price of VFA available for sale, minimum and maximum trade amounts, payment methods accepted, and other conditions. You agree that you are solely responsible for the content of the Advertisements and you agree to check the same before listing the Advertisements. AAX shall not be liable for content posted by Users.


3.2. You agree and accept that your Advertisements shall meet the Guidelines on Acceptable Use of the AAX Platform stated in Clause 2.6 of the AAX Terms of Use. In particular, you agree not to post, publish, upload, display, distribute, or share materials that are unlawful, inappropriate, profane, pornographic, obscene, indecent, libelous, defamatory, abusive, or knowingly false, and/or that infringe intellectual property rights third parties. You also agree not to abuse referrals or promotions or conduct surveys, contests, or pyramid schemes, or promote or advertise products or services without appropriate authorization.


3.3. Certified P2P Merchant profiles may carry information such as completed trades or User ratings. You may not post malicious and false reviews. In the event that you have received a review or rating you believe to be malicious or false you may notify AAX Customer Care.

AAX shall, after examining the facts and any supporting documentation may delete such reviews or ratings.


3.4. You retain the Intellectual Property Rights (IPR) rights over any images and or content you post or display on your Purchase or Sale Advertisements on the Platform. You warrant that such content is not and will not infringe the rights of any third parties. We shall not be responsible or liable for any use of such content, nor the use of any content or information submitted or posted by other users or visitors. By submitting, posting, or displaying such content, you grant us a worldwide, non-exclusive, royalty-free license (with the right to sublicense) to use, process, copy, reproduce, adapt, modify, publish, transmit, display and distribute such content in any and all media or through any distribution channels (now known or later developed), subject to the applicable provisions in our Privacy Notice.


3.5. You agree that AAX may monitor the content of Sale or Purchase Advertisements posted and shall have the right to suspend Advertisements that breach the P2P Merchant Terms of Use.

  1. Deposits and Fees


4.1. AAX reserves the right to change or revise Deposits and Fees for the listing of Advertisements and executed Transactions at its sole discretion or introduce new deposits or fees for P2P Trading. We will provide you with advance notice of any changes or revisions in Security Deposit or Fees. Advertisements placed prior to changes and revisions shall not be affected.

If you do not agree with any changes, revision or introduction of fees, you may not post further advertisements or apply for suspension of you P2P Merchant Account.

  1. Dispute Resolution

5.1. In the event, you have any dispute in relation to an P2P Trade, you may raise a dispute through the Dispute Resolution mechanism on the AAX Platform. Please refer to Clause 4.6.3 of the AAX Terms of Use for the dispute resolution mechanism. You agree that AAX’s decision on all unresolved disputes shall be final.


5.2. You agree that you shall not raise disputes that are false, malicious, and baseless

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