P2P Trading Rules

 

1. Terms and Definitions

Advertisement (Ad) shall mean an offer to sell or buy a certain amount of crypto or virtual fiat asset posted by a user on the P2P Platform, specifying the asset, its price and the maximum and minimum tradable amount.

Arbitration shall mean a procedure for submitting a dispute or issue that arose in the course of a P2P Trade on the Platform to the Platform Operator for resolution.

Buyer shall mean a user who enters into a Trade on the Platform to buy Virtual Assets.

Maker shall mean a user who posts a trade advertisement (ad) on the P2P Platform to buy or sell crypto or a virtual fiat asset.

Order shall mean a command to buy or sell a certain amount of crypto or virtual fiat asset via the P2P Platform, initiated by the Taker in response to an Ad posted by a Maker. By placing an Order, the user effectively opens a Trade.

Price shall mean the following: 1) For crypto-to-fiat trades: The rate at which a virtual asset will be traded for another virtual asset (i.e. exchange rate). 2) For trades between virtual fiat assets and fiat currencies: Percentage markup over the asset’s exchange rate charged by either the Buyer or the Seller. In both cases, the Maker sets the Price when posting a trade advertisement (ad) on the P2P Platform.

P2P Chat shall mean a live chat feature used for communication between users while engaging in a P2P trade on the Platform.

Seller shall mean a user who enters into a Trade on the Platform to sell Virtual Assets.

Taker shall mean a user who places an Order to buy or sell crypto or a virtual fiat asset in response to a trade advertisement (ad) posted on the P2P Platform by a Maker. By responding to an Ad, the Taker effectively opens a Trade.

Trade shall mean a purchase or sale transaction involving crypto or a virtual fiat asset. Every Trade opened on the P2P Platform is automatically assigned an ID number that is identical to the relevant Order’s number.

Trading Amount shall mean the amount of crypto that the user wishes to buy or sell. The Trading Amount must be specified when posting a trade advertisement (ad) on the P2P Platform.

Trading Parties shall mean users engaging in a purchase or sale transaction with each other on the P2P Platform, whereby one of the Parties acts as the Seller and the other one as the Buyer.

Virtual Fiat Asset shall mean an exchange token traded exclusively on TokenSpot. It only exists in digital form and must not be regarded as an alternative form of national currency or its equivalent, nor as a medium of exchange.

2. General Provisions

2.1. The P2P Platform is an online service for trading cryptocurrencies and virtual fiat assets directly between users. TokenSpot shall not be a party to any such trades, and shall act merely as a transaction guarantor.

2.2. The P2P Platform supports posting Buy and Sell ads for crypto/fiat and virtual-fiat/fiat trading pairs only.

2.3. By using this P2P Platform, the User effectively confirms that he/she has carefully studied and understood these P2P Trading Rules, and undertakes to observe them.

2.4. To access P2P trading on TokenSpot, the User must verify their account, enable two-factor authentication (2FA) and Telegram notifications, and assign themselves a nickname. A nickname can only be assigned once and cannot be changed at a later stage.

2.5. The User hereby guarantees that their account on the P2P Platform was created in accordance with TokenSpot’s Terms of Service, and that the User shall use this account personally and for personal purposes only. Users are prohibited from using more than one account on the P2P Platform.

2.6. Users are prohibited from posting multiple ads on the P2P Platform with identical price parameters and payment preferences.

2.7. This P2P Platform supports posting ads with payment options such as wire or bank transfer only. Users are hereby prohibited from posting ads stipulating cash payment or other payment methods that are not supported by the Platform.

2.8. This Platform shall not act as a party to any P2P trade, and shall not initiate dispute resolution between users. In the event of an irreconcilable dispute arising between the Trading Parties in the course of a P2P trade, the User may refer said dispute to arbitration.

2.9. The User must fully understand and acknowledge the risks associated with trading on a P2P platform, including risks arising from crypto price volatility, user reliability issues and legal risks related to fiat currency transactions. The User hereby confirms that he/she has read, understood and accepted TokenSpot’s Risk Warning.

2.10. The User hereby acknowledges and accepts that, in the event of a violation of these Trading Rules by the User, the Platform Operator reserves the right to suspend the User’s access to P2P trading, block the User’s account or take other necessary action to ensure the security of the Platform and its users.

2.11. Should any issues arise with regard to using the P2P Platform, the User can contact Customer Support using the live chat feature at https://www.tokenspot.com.

3. Seller Rules

3.1. The Seller must receive payment to a bank card or account whose holder’s name matches the Seller’s full name submitted while verifying their Account on the Platform. The Seller may not use a non-personalized card or account for receiving payment.

3.2. Should the Seller choose wire transfer via the Faster Payments System (SBP) as their preferred payment option, the Seller must specify the name of the receiving bank in the Payment Details field. The Seller must not designate SBP wire transfer as their preferred payment option if that will prevent the Seller from recovering the money in case the Buyer accidentally transfers the payment to a wrong bank. In the event of a dispute arising from such a situation the Seller shall be issued a warning, and in case of repeat violation the Seller’s account shall be suspended from the P2P Platform.

3.3. When posting a Sell Ad, the Seller must not use its Remarks field to impose any counterparty requirements that would be contrary to these P2P Trading Rules.

3.4. Upon receiving confirmation of full payment submitted by the Buyer, the Seller must complete the Trade by confirming the receipt of payment within the timeframe specified in the Ad. Should the Seller fail to confirm payment receipt within the designated timeframe, the Trade shall be automatically referred to Arbitration by the Platform, and the traded crypto asset shall be locked till the end of the arbitration.

3.5. In the event of an unfinished Trade or a dispute with the Buyer, the Seller must remain available for communication and promptly respond to the Buyer’s messages via the P2P Chat. If a trading dispute is referred to Arbitration, the Seller must promptly respond to the Platform Operator’s queries and requests, and assist the Operator in resolving said dispute.

3.6. If the Seller happens to accidentally open a Trade on an Ad whose terms they do not find suitable, the Seller must promptly request the Buyer to cancel the Trade, or refer this Trade to Arbitration.

4. Buyer Rules

4.1. The Buyer must submit payment with the Payer’s full name matching the Buyer’s full name submitted while verifying their Account on the Platform. The Platform does not support payment options where the Payer’s full name does not match any of the Platform Users’ names.

4.2. If the Seller chooses instant payment or faster payment as their preferred payment option, the Buyer may not use any other payment method (such as international wire transfer) without prior consent from the Seller.

4.3. When posting a Buy ad, the Buyer must not use its Remarks field to impose any counterparty requirements that would be contrary to these P2P Trading Rules.

4.4. When opening a Trade on a Sell ad, the Buyer shall submit payment in the amount indicated in the Order, within a designated time limit, using a payment option designated by the Seller.

4.5. When submitting payment via fiat wire transfer, Users are hereby advised not to mention crypto or the Platform in the transfer description (including language such as ‘crypto’, ‘BTC’, ‘USDT’, ‘TokenSpot trading’, ‘debt payment’, etc.) as a precaution against having their transfer declined or blocked by the bank. The Buyer should only provide a transfer description for a fiat wire transfer if required so by the Seller.

4.6. The Buyer shall only press ‘Payment Sent’ after transferring the payment. Pressing ‘Payment Sent’ without submitting the payment shall be considered a violation of these Trading Rules, and the Platform Operator reserves the right to block the Buyer’s Account in such instance.

4.7. In the event that the Seller fails to confirm the receipt of payment after the Buyer has submitted the payment and pressed the ‘Payment Sent’ button, the Buyer is hereby advised to contact the Seller using the P2P Chat. Should the Seller fail to confirm payment receipt within the designated timeframe, the Trade shall be automatically referred to Arbitration by the Platform, and the traded crypto asset shall be locked till the end of the arbitration.

4.8. In the event of an unfinished Trade or a dispute with the Seller, the Buyer must remain available for communication and promptly respond to the Seller’s messages via the P2P Chat. If a trading dispute is referred to Arbitration, the Buyer must promptly respond to the Platform Operator’s queries and requests, and assist the Operator in resolving said dispute.

4.9. If the Buyer happens to accidentally open a Trade on an Ad whose terms they do not find suitable, the Buyer must cancel the Trade themselves.

5. Arbitration

5.1. The User hereby understands and accepts that the Platform Operator shall make arbitration decisions based on these P2P Trading Rules along with applicable law of the Russian Federation and the Operator’s internal policies and regulations. The Operator’s arbitration decisions shall be final and non-appealable.

5.2. The Platform Operator may request any supporting documents it deems necessary from Trading Parties to deliver an arbitration decision as promptly as possible.

5.3. Liability for failure to deliver shall lie with the Trading Party that fails to fulfill their obligations. However, in the event of a dispute arising from such failure both Trading Parties must invest every possible effort to resolve the dispute through arbitration.

5.4. The Platform Operator’s Customer Support team shall respond to arbitration requests in order of arrival.

5.5. The User hereby understands and accepts that the process of dispute arbitration may take up to 24 hours or more depending on the specifics of the case.

6. Security

6.1. The User hereby acknowledges and understands that the Platform Operator’s staff will never initiate communication with users via the P2P Chat or external messengers such as Telegram, WhatsApp, etc. Should the User receive a message claiming to come from Platform staff or Customer Support, the User must promptly notify Customer Support using the live chat feature at https://www.tokenspot.com.

6.2. The User must carry out all communications regarding active P2P Ads and Trades solely through the P2P Chat available on the TokenSpot Platform. DO NOT use external messengers for such communications, as it entails the risk of getting scammed.

6.3. Users are explicitly prohibited from supplying their Ads with Remarks proposing to discuss a prospective Trade outside the P2P Chat or to carry out a Trade using an external messenger for communication.

6.4. The User is hereby advised not to complete Trades upon receiving proof of payment, since wire transfer receipts can be fabricated and used for scamming. Make sure you check your bank account to verify the receipt of funds before completing a Trade.

6.5. If a wire transfer is taking longer than the time limit specified in the Ad, the Buyer should not rush to cancel the Trade. Instead, the Buyer should wait for an eventual status update on the wire transfer from their bank. If the time designated for payment is running out and there is still no status update from the bank, the Buyer should refer the Trade to Arbitration in order to avoid having it automatically cancelled by the Platform.

7. Ethical Guidelines

7.1. The User hereby undertakes to conduct operations on the P2P Platform with honesty and integrity.

7.2. The User shall refrain from using profane or offensive language in their communications with other users on the Platform or with Customer Support staff.

7.3. Users are hereby prohibited from posting P2P Ads involving a fictitious Price or Trading Amount. The Trading Amount specified in an Ad must be consistent with the User’s actual available amount of crypto or fiat assets, and its designated Price must be consistent with the preferred exchange rate of the asset or with markup percentage (for virtual-fiat/fiat trades), and with the market conditions at hand.

7.4. A trading price designated by the Maker and accepted by the Taker shall be considered valid, final and non-negotiable.

7.5. The User must keep track of their active Ads and deactivate them when necessary.

7.6. When posting an Ad, the User must specify all of its terms and conditions, including counterparty requirements (such as a requirement to provide a photo of the Counterparty’s bank card against the background of the Order Details screen, or provide a transfer description when sending a wire transfer). No additional terms or requirements may be put forth by either party once a Trade has been opened.

7.7. For the sake of avoiding unnecessary trading disputes, all Users are hereby advised to pay attention and exercise prudence when posting Ads, opening Trades, submitting payment details, specifying prices and trading amounts, and performing other operations on the P2P Platform.