OTC is an OKEx.com (“OKEx”) Peer-to-Peer trading platform, serving users to exchange their local and digital currencies. Users are able to buy and sell Virtual Financial Assets (“VFAs”) on the platform.
The OKEx OTC trading platform and services are provided by OKEX MALTA LTD (Malta), a Malta registered company (“OKExMalta”) and Aux Cayes FinTech Co. Ltd.(Seychelles), a Seychelles registered company (“Aux Cayes”).
Acceptance and Changes of the Terms
By accessing and using OTC you agree to be legally bound by these Terms. If You do not agree to be bound by these terms, You agree not to access or use the OTC services.
Please note that these Terms may be updated and modified from time to time. Please visit this page on a regular basis, especially before proceeding with a transaction, and review the current Terms. Once users choose to use the OTC services, they will be deemed to accept any amendments made prior to such use or transaction. We will endeavour to inform you of any changes to these Terms which may have a material effect on your rights and obligations.
Conditions of Access
Users can only use their own account. The platform will not be held responsible for any loss of property caused by granting access of individuals’ accounts to others.
You are responsible for maintaining proper security and controlling all IDs, passwords, personal identification numbers (PINs), or any other code or credentials you use to access the services. You must not sell, borrow, share or otherwise provide your credentials or any other necessary details to access your account. Your account must not contain any misleading or fraudulent information, including but not limited to non-personal telephone number, fraudulent identification information, fraudulent nationality information, or providing fraudulent identification documents.
We may at any time ask you to complete our certification process and may ask you to submit additional identification documents to us when we feel it is necessary. Users will be deemed to violate these Terms if they fail to complete the authentication process or provide documentation when requested.
Orders and Transactions
With a registered account, users are able to buy and sell VFAs.
The system will help you find a counter-party for the VFA transaction to act as buyer when you are selling or as seller when buying.
Once a User initiates a transaction with the identified counter-party the User will be bound by these Terms and the relevant VFA price indicated. After the order matches successfully, the VFA’s price as well as the amount being bought or sold is locked and cannot be changed for this transaction.
Effective payment details must be processed through the OTC trading system. OKEx is not responsible for the transaction disputes arising from the payment channels other than the payment method provided by the OTC trading system.
During the whole exchange process, the VFAs involved will be kept by OKEx until the purchasing party has made the payment in full. Based on our requirements, the buyer must provide adequate evidence (including payment slip) that the payment has been made within 48 hours upon any trading disputes. If there are reasonable grounds to believe that the buyer has conducted malicious activities, OKEx will reserve the rights to notify the seller for a refund. We might also provide buyer information in order to prevent further fraudulent activities. The extent of the disclosure is based on what OKEx considers necessary to achieve the above objectives, including but not limited to the contact information of the buyer, the login and transaction records and / or any details and records, along with the buyer’s authentication measures conducted by OKEx.
Digital Asset Trading Dispute
This decision is final and cannot be disputed, overturned or changed. In the event that fraudulent information or documents were provided during the dispute and/or a false claim was made and /or an attempt was made to force a disputed transaction, the aforementioned actions will be considered as a breach of this agreement.
Monitoring, Suspension and Termination
We use automatic Fraud and Risk modelling when assessing the risks associated with your account and transactions. If we find that your account is at risk of fraud which puts OKEx or other customers at risk, we will temporarily limit the use of your account. In extreme cases, we reserve the right to terminate the said account and its services permanently. In addition, we reserve the right to suspend, restrict or terminate the use of your account, as appropriate in the following circumstances:
- We have reason to believe that the service you use violates local laws or regulations, or you use the service in a fraudulent manner, or violate the purpose or spirit of these Terms;
- We have reason to believe that you have provided false, misleading or deceptive information during your registration, authentication, trading or any other use of the service, whether for the platform or the counter-party of the transaction;
These are done in compliance with any applicable laws, regulations or orders issued by the authorities. Our rights include freezing your account balance for up to 180 days. However, the freeze might be even longer if it is under court orders and /or other legal procedures /obligations and/or if you have not completed additional authentication measures.