BingX is committed to creating a fair, secure and stable trading environment for our valued users. To ensure the smooth operation of P2P Trading, all P2P merchants must adhere to the following guidelines:
P2P Merchant Onboarding Requirements
To become a BingX P2P merchant, applicants must complete their KYC verification, bind their email address and phone number, and wait for approval from our team before they can start posting ads.
Merchants are expected to ensure payment, release of tokens and replying to users in a timely manner. Merchants are to maintain a positive service attitude. Please refrain from canceling orders arbitrarily and appealing maliciously. When away, do set your status to "Pause Business" promptly. Respecting platform users and upholding the principles of integrity and fair trade are fundamental.
P2P Merchant Regulations
1. Fundamentals
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Upon becoming a P2P merchant, please read the BingX P2P Merchant Guide.
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Merchants are prohibited from leaving contact information associated with third-party platforms in their ad listings. If transactions occur outside the BingX domain using third-party platforms, BingX assumes no responsibility for any losses incurred.
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As buyers, merchants can initiate order appeals and contact customer support for assistance if a user fails to release funds within 30 minutes after completing the payment.
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As sellers, merchants should release assets promptly upon receiving payment from users after verifying that the user's identity and payment amount is accurate.
2. Making and Receiving Payments
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When making payments, merchants must use an account that matches their KYC verification on the platform.
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When receiving payments, merchants must use an account that matches their KYC verification on the platform.
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When making payments, merchants can cancel the order if the user's account information is inconsistent with their KYC verification on the platform.
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When receiving payments, merchants can request that the user cancels the order if the user's account information is inconsistent with their KYC verification on the platform. If a payment has already been made, merchants should initiate a refund and ask the user to cancel the order. If the user refuses to cancel the order, merchants can initiate an appeal, and our team will assist with the cancellation after verifying the situation.
3. Asset Security
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Merchants must not participate in any form of transactions involving illegal funds.
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If a user's bank card or other types of fund accounts are frozen due to receiving payment from the merchant, the merchant must actively cooperate with the platform and the user by providing relevant proof of transfer.
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If a merchant's bank account gets frozen, please reach out to our online customer support and provide information on the frozen account and reasonable evidence connecting it to the transaction with the user.
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If a merchant deposits illegal assets or funds into the platform, causing losses for the platform and its users or resulting in legal issues, the platform can revoke that merchant's privileges. Furthermore, the funds in the merchant's account will be frozen indefinitely, and both deposit and withdrawal capabilities will be disabled. If the situation is severe and judicial authorities request assistance in freezing the platform account and related assets, BingX will provide full cooperation.
4. Grounds for Revoking Merchant Status
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If a merchant is uncooperative with our online support in handling orders or intentionally delays the process, and this behavior is severe, his/her merchant privileges will be revoked. If this results in a loss to the user's assets, the platform reserves the right to deduct the corresponding amount and transfer it from the merchant to the user.
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When a dispute arises with the responsibility on the merchant's side, multiple refusals to cooperate resulting in user losses will lead to the revocation of the merchant's status.
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If a merchant discloses user information such as names, contact information, addresses, etc., causing adverse effects, his/her merchant status will be revoked.
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If the merchant spreads negative information and comments that adversely affect the platform's reputation will result in the removal of merchant qualification. Any unfriendly behavior, including insults and threats to platform users, if not corrected after a warning, will result in the removal of merchant qualification.
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If a merchant's activities are deemed illegal or criminal by the platform or judicial authorities, his/her merchant status will be revoked, and his/her account assets will be frozen as required by the judicial authorities. Merchants suspected of money laundering by the platform will also have their merchant status revoked.
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If a merchant uses automated programs to engage in malicious price manipulations or sets abnormal rates, thereby disrupting the order of the platform, his/her merchant status will be revoked.
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Merchants who attempt to guide users into private transactions on third-party platforms, causing user asset losses or misconduct, will have their merchant status revoked.
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If a merchant triggers the platform's risk control and is found to have provided false documentation (including but not limited to forged or altered payment receipts, chat and transaction records, judicial freeze documents, case materials, etc.), his/her merchant status will be revoked.
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If a merchant intentionally directs users to trade on other platforms/exchanges during the transaction process and is repeatedly reported for doing so, his/her merchant status will be revoked.
Note: Applying to Revoke Merchant Status
If a merchant wishes to revoke his/her merchant status due to personal reasons, the merchant must submit a request to the platform's email or customer support. After receiving the request, the platform will verify if there are unresolved appeals or outstanding orders. After verification is completed, the merchant's status will be revoked within 3 working days. After successful revocation of merchant status, the merchant cannot reapply to become a merchant within 90 days.
5. Penalties
| Types of Violation | Situation | 1st Violation | 2nd Violation | 3rd Violation |
| Improper Payments | The merchant marks the order as paid without actually making the payment and the user appeals. | Warning | 24-hour ban on P2P Trading | 48-hour ban on P2P Trading |
| The merchant makes a transfer using an account that is inconsistent with his/her KYC verification and the user appeals, resulting in a negative impact. | Warning | 48-hour ban on P2P Trading | Removal of merchant status | |
| The merchant receives payment using an account that is inconsistent with his/her KYC verification and the user appeals, resulting in a negative impact. | Warning | 48-hour ban on P2P Trading | Removal of merchant status | |
| The merchant using a business or institutional account for receiving and making payments is deemed as not using accounts consistent with his/her KYC verification. | Warning | 48-hour ban on P2P Trading | Removal of merchant status | |
| The merchant does not cooperate in providing the correct payment method after being informed by the user that the provided payment method is incorrect. | Warning | 24-hour ban on P2P Trading | 48-hour ban on P2P Trading | |
| Types of Violation | Situation | 1st Violation | 2nd Violation | 3rd Violation |
| Improper Behaviors | The merchant is found to be using multiple accounts or instructing others to create accounts to engage in order stalling, delaying payments, wash trading, etc. | 24-hour ban on P2P Trading | 48-hour ban on P2P Trading | Removal of merchant status |
| The merchant is found using others' accounts to transfer funds to other merchants on the platform, leaving sensitive information in the transfer remarks or conducting card testing. | Removal of merchant status | - | - | |
| The merchant engages in verbal conflicts or other uncivilized behaviors with BingX's users or staffs. | Warning | 48-hour ban on P2P Trading | Removal of merchant status | |
| The merchant is determined by the risk control system to have been snatching orders with low rates and does not cooperate in resolving the situation. | Warning | Removal of merchant status | - | |
| Abnormalities in the merchant's ads, detected either by the risk control system or reported by users (such as ads with close limit figures like 30,193 - 39,013, instances where both minimum and maximum order limits are set unusually high and more) | Warning and removal of ad(s) | 48-hour ban on P2P Trading | Removal of merchant status | |
| The merchant posting ads to buy at a high rate or sell at a low rate, with excessive conditions or limits that render users unable to place orders. Such ads are considered invalid ads. | Warning and 24-hour ban on P2P Trading | Removal of merchant status | - | |
| Types of Violation | Situation | 1st Violation | 2nd Violation | 3rd Violation |
| Appeals | Malicious appeal: 1. The merchant initiates an appeal without making the payment when buying crypto. 2. The merchant initiates an appeal after receiving the correct payment from the user but not releasing the crypto. |
Warning | 48-hour ban on P2P Trading | 72-hour ban on P2P Trading |
| The merchant experiences an issue with his/her payment account and provides a new payment method. However, the merchant fails to release the funds within 30 minutes after receiving payment, resulting in users initiating an appeal. | Warning | 48-hour ban on P2P Trading | 72-hour ban on P2P Trading | |
| The merchant is reported and verified to have been involved in fraudulent activities. | The merchant status will be revoked with withdrawal service and P2P trading restricted. Funds related to the activities will be frozen. | - | - | |
| The merchant fails to resolve the appeal as agreed upon despite the CS intervention after he/she receives payment from the user as a seller but the order is canceled accidentally or due to a timeout. | Warning Funds related to the order will be frozen until the appeal is resolved. |
24-hour ban on P2P Trading | 48-hour ban on P2P Trading | |
| The merchant, as a seller, fails to refund the user within 24 hours after receiving payment from a user's payment account that doesn't match the user's KYC verification and requesting order cancellation. | Warning Funds related to the order will be frozen until the appeal is resolved. |
24-hour ban on P2P Trading | 48-hour ban on P2P Trading | |
| The merchant intentionally delays taking action after receiving payment from a user that exceeds the actual order amount. | 24-hour ban on P2P Trading Funds related to the order will be frozen. |
48-hour ban on P2P Trading | Funds related to the order will be frozen until a refund is processed. | |
| The merchant, as a buyer, pays the user less than the order amount and doesn't take proactive steps to resolve the issue. | 24-hour ban on P2P Trading Funds related to the order will be frozen. |
48-hour ban on P2P Trading | Funds related to the order will be frozen until a refund is processed. |
| Types of Violation | Situation | Results (Depending on Severity of the Situation) | ||
| Risk Control Triggered | The merchant, as a buyer, fails to inform the user of the resolution within 24 hours after receiving notification from the user that the merchant's transfer has caused the user's receiving account to be frozen. (If not addressed within the given timeframe, the account's P2P trading function will be restricted) | Delisting of all ads, restricting the ability to post ads, or revoking of merchant status | ||
| The merchant makes a payment to the user as a buyer, resulting in the freezing of the user's bank card or other fund accounts by legal authorities. | Temporary delisting of ads or revoking of merchant status until the user's account is restored | |||
| The merchant explicitly refuses or doesn't actively cooperate with the platform's Anti-Money Laundering verification requirements when anomalies are detected by the risk control system. | Revoking of merchant status with both withdrawal service and P2P trading restricted | |||
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