Announcement Center

Welcome to the merchant services provided by CoinW.

This Merchant Service Agreement (hereinafter referred to as "this Agreement") is signed by CoinW (hereinafter referred to as "this Platform" or "us") and the platform merchants (hereinafter referred to as "you").

When you apply for or use the advertising rights through the relevant interface of this Platform’s website, API (if any), or mobile application, it means that you have fully read, understood, and voluntarily accepted this Agreement and the rules announcements in the web pages of the Platform, including any modifications, revisions, or changes made by us to this Agreement and the future possibility of publishing any new rules from time to time (hereinafter referred to as "this Agreement"). If you do not agree with this Agreement and the updates of the Agreement, please stop using the merchant services of thisPlatform and apply to the Platform for cancelingyour merchant qualification.

 

Important Statement:

 

1. In addition to complying with the provisions of this Agreement, merchants are also subject to the various rules and announcements that may be updated from time to time on this Platform. If you do not agree with this, please stop applying for merchant services immediately. If you have already started using merchant services, please stop using them immediately and apply to this Platform to cancel your merchant qualification.
2. This Agreement will take effect on the date of its publication on the website of the Platform and will be amended or updated from time to time. The amendment of this Agreement will take effect on the date when the amended Agreement is published on the Platform. If part of the content of this Agreement is inconsistent with the updated rules of this Platform published later, the updated rules published at that time shall prevail.
3. Merchants are independent trading parties from this Platform and enjoy advertising rights after paying for the security deposit and being reviewed and certified by this Platform; however, this does not mean that merchants are 100% trustworthy, nor does it mean that there is any guarantee relationship between this Platform and merchants. We do not endorse or guarantee any brand or credit for any violation of the rules of this Platform by merchants, nor do we assume any legal responsibility for any adverse consequences caused by merchants themselves.
4. Merchants shall ensure that the use of services under this Agreement is for legitimate purposes only, and it is strictly prohibited for merchants to use this Platform and abuse the rights they have to engage in money laundering, smuggling, commercial bribery, malicious manipulation of the market or interference with the trading system and other illegal transactions or improper activities. If merchants are found to have violated the above provisions by this Platform, we have the right to take multiple measures against merchants, including but not limited to account restriction, freezing, cancellation of merchant qualification, deduction of deposit, reporting to judicial organs, and so on.

I: Scope of Application

The services provided under this Agreement are applicable to users belonging to the following three categories, collectively referred to as "merchants".

(I) Ordinary merchants and certified merchants who have applied for certification through this Platform and have officially obtained the "qualification for advertising publication".

 

(II) Users who have not yet passed the certification application review but have submitted a certain amount of deposit to this Platform.

 

(III) Certified merchants who have applied to revoke their merchant qualifications and whose certification has not yet been approved and deposit is still retained in this Platform's account."

II:Services

After you apply for and pass the review on this Platform and become an official merchant of this Platform, you will enjoy the following services in addition to the general user privileges of this Platform:

 

(I) Advertising Publication Service

To facilitate merchants to trade more conveniently and flexibly, you will have the corresponding advertising publication permission after becoming a merchant.

 

Important Reminder: After you get the merchant advisement permission, you have the obligation to report to thisPlatform all your payment methods. If your payment bank card account is frozen subsequently, you or your authorized person should fill in the "Frozen Account Information Registration" in a timely manner so that thisPlatform can take relevant measures.

 

(II) One-to-one Service

To improve transaction efficiency and effectively solve potential complaints and order processing, we provide one-to-one exclusive services to merchants.

 

(III) Exclusive Mark

To enhance transaction trust and distinguish from ordinary users, we will display a corresponding exclusive prominent mark before the nickname of the user who becomes a merchant on the interface of this Platform.

 

(IV) Others

ThisPlatform may launch other new product services or adjust and upgrade existing product services according to changes of our business policies. The updated services are subject to the announcements on the service web-page and product display web-page of thisPlatform. 

 

III: Merchant Qualifications

 

In order to improve the security of transactions and the credibility of merchant identities, this Platform provides you with certification services for merchant qualification applications.

 

(I) Certification Document requirements

1. Name, phone number, WeChat (or Telegram), nickname, emergency contact name, emergency contact phone number, and relationship with emergency contact.
2. Security Deposit (certified merchants need to pay a certain amount of security deposit to ensure the amount of the security deposit will be shownon your asset management account.)
3. Original photo of the personal information page of the resident ID.
4. Proof of permanent address: property ownership certificate/rental contract/water and electricity gas bill (property ownership certificate needs to show the owner's name, property address and the stamp of the issuing unit. The tenancy contract should show the tenant's name, rental property’s address, owner's stamp, and both parties' ID numbers. The water and electricity bill should show the recent dates and the address).

(II)Application Process

Complete the necessary information ➡ Pay the security deposit ➡ Wait for the review➡ Feedback on the review(within 3 working days)

(III)Cancellationof Merchant Qualification

If a merchant wishes to cancel the certification for their own reasons, they must submit a written request to thisPlatform. Once the Platform receives the request, if it is confirmed that the merchant is not involved in any pending disputes or has any negative records, thisPlatform will complete the cancellation within seven(7) working days and transfer the funds from the securitydeposit account to the merchant's operational account.

(IV) Data Description

1)The certification service is an identity recognition service provided by this Platform. Once you have completed the certification on this Platform, the corresponding identity information and certification results will not be modified or cancelled for any reason. If your identity information has changed after the certification is completed, you should provide relevant documents issued by the competent authority to this Platform within two (2) days so that this Platform will assist you in changing the corresponding certification information of your account. Failing to update your information mentioned before, you shallbear all the consequences on your own.

2)This Platform reserves the right to modify or change the provisions of this Agreement at any time unilaterally, and publishes the amendedAgreement through this Platform. This Platform does not need to notify you separately. If you continue to use the services provided by this Platform after any modification or change of this Agreement is made, it means that you have read, understood and agreed to accept the modified Agreement. If you do not agree with the updatedAgreement, you should immediately stop using the services provided by this Platform.

3)You have authorized this Platform to retain the certification documents submittedby you when you apply for the merchant qualification. This Platform promises not to disclose, modify or reveal your certification documents, except for the legal or agreed reasons, and not to use the non-public information saved on this Platform for any commercial purpose, except for the following situations where you authorize this Platform to disclose relevant information:

1.When thisPlatform provides information to judicial and administrative authorities.

2.When thisPlatform provides information to our affiliated enterprises.

3.When a third party provides services to youthrough this Platform, they may ask to provide necessary information (excluding bank account information) from you so that they can provide services to you .

4.In order to resolve any civil disputes between you and the third party, this Platform has the right to provide the third party with your identity information. For any other privacy protection terms, please refer to the privacy policy terms published by this Platform.

IV: Security Deposit 

(I) Margin Introduction

In order to safeguard the safety and smoothness of transactions on the Platform for merchants, the Platform will require merchants to make certain amount of security deposit as a transaction guarantee in their accounts on thisPlatform after they have passed the KYC authentication and anti-money laundering examination on thisPlatform. The specific amount of the security deposit will vary according to the specific circumstances of the merchant and the differences in the advertising rights on the Platform. Please refer to the personal information page of the mechant displayed on this Platform for the specific amount of the security deposit. 

(II)Circumstances for Deducting the SecurityDeposit

1.In the following situations, this Platform has the right to dispose of the merchant's security deposit, such as seizure, and the security deposit will be seized for ≥1 month. If it is confirmed that the merchant has caused losses to this Platform and/orother users, the security deposit will be deducted in proportion.

(1) In the course of a transaction, if the merchant is in a dispute and thisPlatform decides that the merchant is liable and should assume responsibility and fulfill its corresponding obligations, and the merchant does not cooperate after being contactedand has causedloss to other users.

(2) If the merchant uses this Platform to engage in any fraudulent, money laundering, illegal exchange of foreign currency, malicious manipulation of transaction prices, or malicious destruction of trading order, or other illegal or unethical behavior.

(3) If the merchant uses the CoinW brand for false advertising or malicious misleading publication causing damage to the brand reputation of this Platform.

(4) If the merchant borrows multiple bank cards from others without authorization, uses other people's bank cards for payment or receipt, or engages in other illegal purposes such as money laundering, resulting in damage to relevant users or third parties.

(5) If the merchant has any abnormal pending orders and cannot be reached by the Platform due to such reason as being taken into custody by the police

(6) If the merchant violates this Agreement or any legal documents or rules published on this Platform.

(7) If the bank account is frozen and the merchant has not reported to the Platform in accordance with the regulations.

(8) If the merchant is using the same payment methods and bank accounts for other platforms and have not taken any preventative measures which has lead to other users’ bank accounts being frozen and caused losses to other users. 

(9) If the merchant solicits users to use services from other platforms. 

1. If the merchant is found to fake user registration for getting the promotional rewards from this Platform. 

(11) If the merchant tries to persuadethis Platform’s users and partners to use otherplatforms.

(12) Other situations where the Platform reasonably thinks that security deposit needs to be deducted.

After thisPlatform has deducted all or part of the security deposit in accordance with this Agreement, the merchant shall fully replenish the security deposit within the scope of the deduction amount.

2.The specific amount that this Platform decides to deduct from the security deposit depends on the seriousness of the merchant’s conducts and the consequences the merchant’s conducts have lead to:

(1) Generally, the deduction amount is limited to the actual loss that has incurred. However, if the amount of the loss has exceeded the amount of the security deposit, the Platform has the right to deduct the whole amount of the security deposit and require the merchant to make more security deposit, the amount of which is decided by this Platform.

(2) If any ofthe following situations occur, this Platform will have the right to directly deduct the entire security depositfrom your account:

① The Platform has reasonable evidence to prove that the merchant directly participated in or assisted in money laundering or other illegal or improper behavior.

② When the merchant uses services on other platforms with inadequate risk control measures such as inadequate real name authentication and anti-money laundering measures and is confirmedto be related to any money laundering events.

③ If the merchant trade privately outside the Platform without retaining the counterparty’s basic information such as real names and IDs which leads to illegal assets from the couterparty coming to the Platform. 

④ Other situations that the platform considers appropriate to directly deduct the full margin.

⑤ If the bank cards used by the merchant are repeatedly frozen but the merchant has not reported to the Platform in accordance with the rules of the Platform which has lead to serious losses or adverse consequences to other users of the Platform.

V: Merchant Expulsion and Penalty Rules

If the following situations occur, the Platform has the right to unilaterally terminate the merchant's qualification.

I: Violating the Platform Rules: 

1. The merchant guides users to conduct offline transactions.
2. The merchant provides invalid payment method and does not cooperate with customer service from the Platform to provide valid payment method.
3. When the merchant has both buy and sell advertisements, and the price of the buy advertisement is higher than the price of the sell advertisement, or there is any other disruptive behaviour that has adversely affected the price thus cause disorder of this Platform.
4. The merchant privately asks users for extra fees, money and other fees under various names.
5. The merchant uses a bank account under which name is not consistent with the name that is verified by the Platform and has been complained by other users more than three(3) times (including three times) resulting in adverse consequences.
6. Use corporate or institutional accounts for payment and receipt by merchants as this conduct is considered as non-real name transaction.

II: Failing to Meet Assessment Standards

If a merchant fails to meet the following assessment standards within thirty (30) days, the Platform has the right to impose sanctions and require the merchant to rectify the situation:

1. Transaction amount is less than 50% of the merchant's average transaction amount within 30 days;
2. Order completion rate is less than 90% within 30 days;
3. Average asset release time is more than 10 minutes within 30 days;
4. Number of malicious cancellations is more than 10 times within 30 days.

III: Triggering Risk Control Alert

1. If you are involved in renting or buying and selling bank cards for transactions and the Platform is suspected you of money laundering by using this Platform, your merchant qualification will be immediately terminated. If there is concrete evidence suggesting that you are directly involved in money laundering, we will actively report to the relevant judicial authorities.
2. If the merchant registers different accounts or instructs others to register accounts by using someone else name or any other misconducts (such as delayingpayment on purpose).
3. After being confirmed by this Platform and being reported by other users for misconducts for 3 times (for example, only having one payment method which is in the location that is different from merchant’s nationality available such as PayPal  and cause usersunable to trade).
4. The merchant has been verified by thePlatform to withdraw money for a third party that is directly involvedwith money laundering and fails to provide reasonable proof.
5. If there is evidence suggesting that the merchant's payment has caused the recipient's account being frozen and the merchant refuses to cooperate for more than two (2) times.
6. The merchant uses programmes to maliciously list the orders with low prices.  
7. If the merchant maliciously exploits the rules and loopholes of thePlatform for profit or uses other accounts to exploits benefits from thisPlatform or benefit from any activities that are damaging to this Platform .
8. If the merchant engages in transactions on platforms that do not conduct KYC procedures and anti-money laundering risk control measuresor through other OTC channels outside this Platform and the associated accounts or sub-accounts are verified by thisPlatform as associated with money laundering, thisPlatform has the right tocancel the merchant's qualification. In the event when other users’ accounts involved in the transactions with the merchant are frozen as a result, the merchant is responsible for assisting with unfreezing other users’accounts. 
9. To avoid bringing illegal funds from off-site sources into thisPlatform through unauthorized cross-platform OTC transactions, merchants are advised to take necessary measures for real-name authentication and anti-money laundering risk control of the transaction counterparties. Additionally, effective funds isolation measures should be implemented and the merchant should ensure that the payment methods used on thisPlatform should not be used or saved in other platforms. If a merchant fails to properly isolate accounts in cross-platform transactions and has caused other users’ accounts being frozen, we reserve the right to directly revoke your merchant qualification.
10. After thisPlatform's investigation, if a merchant's bank accounts are repeatedly frozen without reporting to thisPlatform as required or assisting the Platform in handling the issue, thisPlatform has the right to cancel the merchant's qualification.
11.  

IV: Customer Service Intervention For Complaint Orders

1. Within 30 days, the merchant has been complained more than three (3) times.
2. If a dispute occurs and the merchant refuses to cooperate with customer service to resolve the dispute or deliberately delays to resolve the issue, the merchant's qualification will be cancelled. If it has caused lossesto other users’ assets, thisPlatform has the right to deduct the corresponding security deposit to compensate other users. 
3. If the documents provided to this Platform are found to be fake or unauthentic after the merchant triggers the Platform's risk control alert (including but not limited to forged or altered payment records, chat history and transaction records, judicial seizure documents, filed materials, etc.), the merchant's qualification will be directly terminated, and customer service has the right to disable some functions of the account depending on the situation.

V:Other Non-compliant Behaviors:

1. Merchants disclose user's personal information such as name, contact information, address, etc.
2. Merchants post advertisements or spread negative information that adversely affects thisPlatform.
3. Merchants insult, threaten or engage in any other misconducts towards other users of thisPlatform.
4. Merchants disrespect other users or staff of this Platform verbally (mocking, insulting, etc.).
5. Merchants induce users to engage in transactions that violate this Platform’s rules.
6. Merchants submit false or fakedocuments or information when applying for merchant’s qualification.
7. Merchants conduct fraudulent or other dishonest behaviors in transactions or defame this platform which damages the reputation of the Platform.
8. Other situations that this Platform thinks reasonable to cancel the qualification of the merchant. 

VI: Trading Rules

(I) Basic Principles

Merchants on this Platform should strictly abide by the principles of honest trading, timely payment, quick release of tokens, non malicious blocking of orders, non malicious placing of orders, non arbitrary cancellation of orders, good service attitude, strong service awareness, respect for users and staff of thiaPlatform, and comply with the basic trading principle of being honest and fair.

(II) Trading Principles

I: Payment and Receipt Rules

1. Merchants are required to use the bank account under which the name is consistent with the Platform’s account name when making the payment transfer to other users.  
2. Merchants are required to usethe accounts that are verified by thisPlatform.
3. Merchants' receipt account requirements, using accounts that are certified by thisPlatform to receive money from users.
4. If users use non-real-name authenticated accounts to pay the merchant, the merchant can cancel the order.
5. If users use non-real-name authenticated accounts to pay, merchants can request the other party to cancel the order. If the payment has already been received, merchant can return the payment through its original payment path and ask the other party to cancel the order. 

II:Funding Safety Regulations:

(1) Merchants must not participate in any transactions involving illegal funds.

(2) Ifa user complains to the Platform when the user’s bank account get frozen due to a merchant’s payment, the merchant must actively cooperate with thisPlatform's staff and provide relevant evidence.

(3) If a merchant's account is frozen, the merchant should promptly contact the online customer service and provide information about the frozen account, along with the evidence suggesting why the frozen account issue is caused by other users of the Platform. 

(4) If a merchant brings illegal digital assets or illegal funds into thisPlatform, resulting in losses to thisPlatform's or other users’ assets or legal risks, thisPlatform has the right to cancel the merchant's qualification and freeze the deposit indefinitely. If judicial authorities require this Platform for assistance in freezing the merchant’s account and related assets, thisPlatform will comply with the judicial authorities’requirement.

III:Operational Regulations

(1) After becoming a merchant, the merchant shouldparticipate in the merchants training beforelisting advertisements and orders.

(2) ThisPlatform does not encourage merchants to leave contact information such as WeChat IDs in the remarks section. If a merchant conducts direct transactions with users outside of thisPlatform, thisPlatform will not be responsible for any losses.

(3) If the merchant has completed payment, but the user has not released the funds within 15 minutes, the merchant may click on the "complaint" button and contact the online customer service for assistance in resolving the issue.

(4) Without the user's consent, merchants are prohibited from transferring small amounts to the user's bank card or other financial accounts for testing purposes. If this occurs twice, the merchant's advertising qualifications will be immediately cancelled.

VII: Liability Exemption

As a merchant, in addition to abiding by the liability limitations and exemptions stipulated in thisPlatform's User Agreement, Legal Statement, and Risk Disclosure Statement, you should also carefully read and abide by the following liability exemption or limitation clauses:

(1) Due to the complexity of off-exchange funding and the special nature of digital asset transactions, you need to pay special attention to the risks of money laundering. To ensure the safety of your own transactions and assets, you need to strictly follow the process and rules prompts for transactions, and carefully identify and check the identity of the transaction party according to the requirements of real name authentication and anti-money laundering, otherwise you may face risks such as asset freezing due to the transaction party being suspected of committing a crime, and thisPlatform will not be liable for any losses arising from this.

(2) ThisPlatform provides information matching services for digital asset transactions only. The buying and selling of digital assetsare independent and spontaneous acts of users. ThisPlatform does not participate in the transaction process andyou are responsible for any loss that incurs during the transaction process

(3) If you violate thisPlatform's trading rules and the provisions of thisAgreement, you should assume responsibility for the third party, and thisPlatform is not liable for any legal and/or monetary compensation responsibility for this. ThisPlatform does not endorse merchants, nor does it assume any legal responsibility for any adverse consequences resulting from merchants themselves.

(4) In order to prevent criminals from using thisPlatform to engage in money laundering, illegally profiting from the price difference for foreign exchange and other illegal activities, merchants shall not bring any illegal or unidentified source of funds from off-exchange transactionsto this Platform (especially when merchants engage in cross-platform trading and withdrawal, you should carefully check the other transaction party’s identity and separate the fund for transactions in this Platform from other platforms). Ifit is confirmed by thisPlatform that the merchant is engaged in illegal activities or immoral acts in various forms (such as intentionally renting or buying other people's cards for money laundering or illegally buying or selling US dollars) we have the right to take multiple measures against you, including but not limited to restricting the account, freezing the account, terminating your merchant qualification, deducting your security deposit, transferring you to judicial authorities, etc., and will not assume any responsibility for any losses caused to you or any related third parties.

(5) ThisPlatform does not encourage you to rent or buyother people's bank cards for trading.

1. If you rent or buy other people's cards for money laundering, incurring any loss to thethe real owner of the bank card, we will not be responsible for any losses incurred. If we need to transfer you to the judicial authorities, this Platform shall not be responsible for any losses that might occur to you.
2. If you have previously used a rented or purchased card from another person to do transactions and caused the other user’s bank account being frozen, you should actively help with unfreezing the bank account of other user. If you refuse to fulfill the relevant cooperation obligations, thisPlatform has the right to deduct your deposit as compensation for the other user who has suffered losses, and will not be liable for any losses incurred by you.

(6) This Platform may have third party’s links, such as online banking websites (hereinafter referred to as "Linked Websites") displayed on this Platform for identityreview or KYC purposes. The Linked Websitesare not controlled by thisPlatform, and we do not make any guarantees or commitments for any information, products and services, and other content displayed on the Linked Websites. If you use any services, information, and products provided by the third-party websites, it is your personal decision; therefore you should assume all the responsibilities arising therefrom.

 

VIII: Other

(1) This Agreement shall take effect on the date of its publication on this Platform and shall terminate on the date when your merchant qualification is terminated and the obligations of both parties under this Agreement have been fulfilled.

(2) If you have any questions about this Agreement, please contact us through the following email: [email protected].

(3) The final interpretation of this Agreement belongs to this Platform.