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OKX P2P dispute handling rules

Published on Aug 28, 2023Updated on Aug 14, 20248 min read742

*This rule applies only to non-CNY trades.

Buyer's Dispute

1. Order cancellation:

Even if the payment is successfully completed, there is a possibility that the order may be canceled either due to the expiry of the payment window or mistakenly by the buyer. In such cases, OKX customer support will do their best to reach out to the seller and arrange for a refund. OKX reserves the right to suspend or terminate the accounts of uncooperative or bad-faith* behaviours during the process.

2. Payment amount and order amount mismatch:

If the buyer pays more than the order amount, OKX customer support will contact the seller to arrange a partial refund of the excess amount on best effort basis. When a dispute is raised, the OKX customer service team will carefully review the evidence and information provided by the complainant. The counterparty involved in the trade will be informed that a dispute has been initiated against them and will be asked to provide OKX with relevant information. We will aim to reach a resolution based on the available information, taking into account the platform's policies and guidelines, as well as the specific circumstances of the case. In the event a seller is unable or chooses not to provide a refund, OKX is not liable for any loss resulting from the transaction. OKX reserves the right to suspend or terminate the accounts of uncooperative or bad-faith* users during the process.

3. Delay in releasing ordered crypto by the seller:

If the buyer completes the payment through real-time payment but the seller fails to release the crypto within 15 minutes, OKX customer support will contact the seller to complete the order. If the seller doesn't respond within the specified timeframe, OKX customer support will manually handle the release of the ordered crypto.

For non-instant payment methods where the seller cannot receive payment on time, OKX customer support will contact the seller to release the crypto between 2 to 5 working days based on the user region. If the payment doesn't arrive within the specified timeframe, the seller should contact customer support using the 'Need Help?' option within the relevant order that requires follow-up. If the seller fails to do so, the payment will be considered received, and OKX customer support strives to handle all your disputes with care, including the release of the ordered crypto.

4. Seller's refusal to release the crypto:

OKX customer support will manually release the order after 12 hours if the buyer has paid the correct amount from their account (matching the verified name on their OKX account), but the seller declines from releasing the cryptocurrency, attempting to renegotiate at a higher price except for abnormally low prices (-10% market price).

Note: For orders above 1,000 USD, a (5% range) will be applied, and if the difference exceeds that, the order will be canceled.

5. Buyer's remark in the transfer and non-release of crypto by the seller:

If the buyer includes sensitive words or expressions related to crypto and digital currency, such as the type of crypto trading (P2P or Peer-2-Peer), the name of the crypto exchanges (OKX), or name of the crypto currency (BTC, ETH etc.) or other sensitive information in the payment remarks, OKX customer support will contact the seller to either release the crypto or arrange a refund. Any fees incurred during the refund will be borne by the buyer.

6. Use of offensive language:

If either party uses offensive language on the OKX P2P Platform, including within chat tools with users, customer support live chat, the order comment section, and if multiple disputes are filed against a single user with this basis in mind, the user's account may be partially or entirely suspended from trading.

Seller's Dispute

1. The buyer didn’t pay but clicked Payment completed or Remind seller:

If the buyer fails to pay or provide proof of payment that was issued from the app or website of the payment account and has not been tampered with or can't be reached within the specified timeframe, OKX customer support will cancel the order. If orders are canceled for the same reason for three or more times, that user's account shall be partially or entirely suspended from trading.

If the buyer provides genuine proof of payment, but the seller doesn't receive it, OKX customer support will contact the seller to release the crypto. If the crypto isn't released within the specified timeframe, OKX customer support will manually handle the release. If crypto can not be released as usual, the seller should contact customer support to report the issue. Failure to contact OKX will be considered as payment received.

2. Verified information or paid amount doesn't match:

If the buyer transfers money to a payment account other than the one provided on the order details or to someone else's account, OKX is not responsible for any resulting losses, and a refund is not guaranteed. If the buyer repeatedly makes payments to accounts other than the one specified on the OKX Platform, OKX reserves the right to suspend the buyer's account from trading for 30 days.

If the buyer's payment account name doesn't match the verified name on the OKX Platform, the buyer's P2P function will be suspended for 15 days due to a violation of OKX P2P User Transaction Rules. In such cases, the crypto will not be released, and the seller will be asked to refund the full amount to buyer. The order will be canceled after the seller provides proof of refund and the buyer acknowledges receipt. Any fees incurred during the refund will be covered by the buyer.

If the buyer has paid less than the order amount, the buyer will be asked to pay the outstanding amount within the specified timeframe. Any fees incurred during the refund will be covered by the buyer. If the buyer fails to respond or refuses to pay, the seller will be asked to refund the received funds. OKX reserves the right to suspend uncooperative or bad-faith* users during the process. OKX is not responsible for any resulting losses.

If the buyer pays less than the order amount, but the seller releases the crypto before receiving the full payment, OKX customer support will contact the buyer to request payment of the outstanding amount to the seller. If the buyer refuses to make the payment when an order is already completed and the option to cancel is no longer available, the seller is responsible for the loss. OKX is not liable for any loss resulting from the transaction and reserves the right to suspend uncooperative or bad-faith* users during the process.

3. Seller fails to confirm payment but releases crypto

The seller should contact customer support via the Orders (On App)/ My Orders (On Web) section on OKX platform to report the issue. If the buyer is unresponsive or refuses to cooperate, the seller may report the case to law enforcement agencies.

The seller bears full responsibility in regards to the release of crypto without verifying full payment, which is crucial in maintaining the integrity of the transaction. OKX is not responsible for any resulting losses and can not guarantee the recovery of outstanding funds.

4. Use of offensive language:

If both parties use offensive language on the OKX P2P Platform, including but not limited to chat tools with users, customer support live chat, and order comment section, and multiple disputes are filed against a single user based on this, the user's account may be partially or entirely suspended from trading.

*Uncooperative or bad-faith behaviour including but not limited to; engaging in any fraudulent activities with the intention of deceiving their trading partner, non-paying buyers and non-releasing sellers, abusing the dispute process by creating false dispute and accusations, unresponsiveness, delayed, hostile communication or hidden fees or charges or any attempt to change the terms after the order has been created and leading other users to communicate or trade outside of OKX P2P trading platform. Disclaimer: OKX reserves the sole right to suspend or terminate any or all services provided by OKX to uncooperative or bad-faith users during the process. This activity does not constitute and shall not be considered to be a recommendation to deal in any product or investment advice. Digital assets, including stablecoins and NFTs, are subject to market volatility, involve a high degree of risk, can lose value, and can even become worthless. Digital assets are not covered by insurance against potential losses, nor are they subject to FDIC or SIPC protections. Historical returns are not indicative of future returns. Okcoin/ OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.

Disclaimer
P2P (peer-to-peer) transactions are trades carried out directly between two users. After the buyer and seller are matched on our OKX.COM platform (the "Platform"), the parties shall verify their identities by cross-checking the name of the name of fund sender and against the name of the account holder. The seller shall confirm that the names match before they release the tokens in the P2P OKX platform. OKX does not perform this verification on behalf of the parties in the P2P transaction.

Your use of the OKX P2P trading services and all information, materials and other content (including that of third parties) included in or accessible from OKX P2P trading services is solely at your own risk. OKX's sole responsibility is to facilitate the digital asset transaction process on the Platform. All payments are final upon completion unless otherwise required by law. OKX has neither the right or obligation to resolve any dispute or claim arising from a completed payment. OKX shall not be liable for any losses that may result in or arise from a completed payment.

The buyer/seller may directly contact you to verify your identity or obtain additional information to complete the transaction and/or payment. Such communications or exchange of information may take place outside the Platform. Any such communications between you and the buyer/seller are not controlled or managed by OKX. OKX shall not be responsible for any losses that you may incur arising or resulting from any such communications between you and the buyer/seller.

Third parties, such as verification service providers, escrow agents, payment providers, custodians, and/or banking partners may be involved in any OKX P2P trading services transactions. You may be subject to the terms and conditions of these third parties. OKX shall not be responsible for any losses that arise or result from any third parties.