Dear 8V users:
【OTC trading introduction】:
1. What is an OTC transaction?
In OTC trading, users buy and sell cryptocurrencies directly on the OTC platform, trading platform or marketplace.
As a facilitator of transactions, OTC platforms provide a channel for both buyers and sellers to post offers. At the same time, online digital asset custody services ensure the safe and timely delivery of digital assets during transaction execution.
2. Are the quotes I see on the OTC trading platform provided by 8V?
The quotations displayed on the OTC quotation list page are not provided by 8v. 8V is just a platform to promote transactions, and the quotations are provided by the merchants themselves.
3. How does the platform protect OTC traders like me?
All online transactions are escrow protected. After the advertisement is released, the system will deduct the corresponding amount of cryptocurrency from the seller's OTC wallet in advance for escrow. That is, if the seller absconds with the money and refuses to release the assets, our customer service staff can pay the buyer the escrowed cryptocurrency.
If you are a seller, please do not release cryptocurrency until you have confirmed receipt of payment from the buyer. Please note that some payment methods used by buyers do not support instant credit and may risk their funds being withdrawn.
4. Is it possible to trade without authentication? What do I need to do before trading on the OTC platform?
4.1. All users need to complete identity authentication before they can use the OTC function. You can click [My - Real-Name Authentication] to enter. Before starting an OTC transaction, you must enable SMS verification and at least one 2FA verification (email, Google Authenticator or Security Key) in [Security Settings].
5. Can I use someone else's account to pay on my behalf?
cannot. For security reasons, we only allow the name in the verified identity information to be the account owner's name. If the verified name is incorrect, you need to contact customer service to modify it before adding the payment method correctly.
Your OTC activity may face a 15-day sanction period if paying the seller using someone else's bank/payment account. If you receive 3 warnings from the client team, you may be permanently banned from participating in OTC trading.
6. What is the "payment period"?
The payment term is usually preset by the ordering party. When posting an advertisement, the ordering party can set the collection/payment period by itself, ranging from 15 minutes to 6 hours (depending on the fiat currency).
【User Trading Rules】:
In order to create a fair and safe trading environment for you and improve the user's trading experience
These rules will come into effect from the date of publication, and will be revised or improved from time to time, and the revised or improved new rules will take effect from the date of publication;
All users should comply with anti-money laundering principles:
1. Users should strictly follow the platform's real-name authentication management requirements for user identities and accounts, and ensure that all relevant accounts used on the platform are registered and used legally by themselves;
2. When users trigger the anti-money laundering risk control warning of this platform, they should actively cooperate with the anti-money laundering verification work required by the platform, and actively assist in providing relevant risk control evidence materials (specific measures are subject to the platform risk control audit requirements at that time).
3. If a user triggers an anti-money laundering risk control warning and does not cooperate with the platform's anti-money laundering verification work, the platform has the right to restrict all or part of the functions of its account.
【Information for Buyer】:
1. You need to select the payment method supported by the seller, complete the payment within the specified time according to the amount on the order page, and be sure to click "I have paid" after payment;
2. Please be sure to use the payment method with your real name. Users must pass KYC verification before conducting OTC transactions. Users need to ensure that the relevant account and identity information displayed on the platform are verified by the user himself. and legal use, the platform does not support non-real-name payment;
3. The buyer should ensure that the total amount of the order received by the seller is in line with the amount shown in the transaction terms, or is consistent with the total amount of the order.
4. Please do not click "I have paid" when the payment is not completed or not paid. This behavior is a malicious card and may cause some functions of your account to be restricted; the user shall bear the relevant losses.
5. If the buyer has not paid, you can cancel the order, please do not pay again after cancellation; if you have already paid, please do not cancel. In order to avoid unnecessary losses due to operation errors, please make sure that the operation is correct.
6. You need to choose the payment method of real-time arrival. If you choose a non-real-time payment method to pay for the order, you must obtain the seller's consent in advance;
7. When making payment, it is not allowed to remark sensitive words such as BTC, digital currency, and currency purchase;
8. If the seller fails to release the coins within the specified time after you have completed the transfer and clicked "I have paid", you can contact the platform customer service to file a complaint. If your operation fully complies with the platform regulations and provides relevant legal certificates, we will Deal with it in a timely manner and determine that the asset belongs to you.
Note: The non-real-time account transfer methods currently include: Alipay to bank card, WeChat to bank card, single transfer for over 50,000 orders from 17:00 to 9:00, etc. With the changes in the business of each payment channel, non-real-time account transfer The specific type of approach will be adjusted accordingly.
【Notice to Seller】：
1. The payment account information you use must be consistent with your real-name authentication information on the platform;
2. After receiving the full payment from the buyer and verifying that it is correct, the coin release should be completed within 30 minutes; the user shall bear the loss caused by the order being cancelled by the merchant due to the buyer's failure to click "I have paid" in time
3. The user is responsible for the losses caused by the user's operating errors, multiple transfers/repeated transfers/wrong transfers, etc.
4. The user is responsible for the loss of buying at a higher than market price or selling at a lower than market price due to the wrong price entered by the merchant when placing an order
5. The user is responsible for the loss caused by the delay of the message caused by the business, and the user is responsible for it
6. If you have an unfinished order or a dispute with the buyer, please keep your contact information (mobile phone number bound to the platform) unblocked.
【Risk Warning and Disclaimer】:
1. You fully understand the high risks of OTC transactions, including but not limited to the risk of large fluctuations in digital assets, the high credit risk of counterparties under OTC transactions, and the high compliance risk of fiat currency transactions;
2. You have sufficient investment knowledge and experience, and have the ability to bear the risks of OTC transactions, and agree to independently undertake all the risks arising from investing in OTC transactions;
4. Under the OTC transaction, the platform is not the actual transaction party, so any disputes between users arising from OTC transactions have nothing to do with the platform. The platform has the right but no obligation to undertake the function of dispute resolution, nor is it obliged to assume substantial obligations or responsibilities to any party. (including but not limited to liability).
6. You agree that, if not due to the platform's intentional or gross negligence, including but not limited to hacker attacks, power outages or unavoidable technical failures, any loss you incur in OTC transactions or when using services under these rules, To the maximum extent permitted by law, the platform is not responsible.
7. The platform reserves the right, at its sole discretion, to immediately restrict, suspend or ban your account or access to the platform without notice if the following circumstances occur:
● we have reason to suspect that you have violated or may be violating these Rules;
●We believe that other users must be protected from danger or property damage. If we exercise our right to restrict or deny your use of the Services, we will not be liable for any consequences of our failure to provide you with access to the Services, including any delay, damage or inconvenience that may be caused;
●If we determine that your use of our platform in any way may adversely affect other users' use of our services or prevent them from enjoying our services;
●If the violator is found to have used obscene language, insults, extortion, harassment, threats, or otherwise violated or attempted to violate the legal rights (such as privacy and publicity rights) of other users in the course of communicating with other users and other intellectual property rights), and collect any personal information of other users for the purpose of spreading on the Internet or personal attacks.
You acknowledge that our decisions to take certain actions, including restricting use of the Services, suspending or closing your account or wallet, may be based on confidentiality standards that are critical to our risk management and security protocols. You agree that 8V is under no obligation to disclose details of its risk management and security procedures to you.
We will lift the suspension as soon as possible once the reason for the suspension no longer exists. However, we are under no obligation to notify you when such suspension, if any, is lifted.
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