Binance P2P Cash Merchant Terms and Conditions

Last Updated: 27 July 2023

By subscribing to become a Cash Merchant on Binance P2P, you acknowledge that you have read, understood, and accepted all of the terms and conditions in the Cash Merchant Terms and Conditions (P2P Cash Merchant Terms). You acknowledge and agree that you will be bound by and will comply with these P2P Cash Merchant terms. If you do not understand and accept these P2P Cash Merchant terms in their entirety, you should not subscribe.

These terms and conditions exclusively apply to users who apply to become a merchant with the ability to post advertisements where the payment method is set as cash, allowing them to meet with other users face-to-face to use cash to complete transactions conducted on Binance P2P (Cash Merchant). These P2P Cash Merchant terms are in addition to any other terms that you may have accepted in relation to your activities on Binance and Binance P2P, including, but not limited to, any of the terms and conditions regarding security deposits required from Verified Merchants.

1. Application:

If you are already a Verified Merchant or Block Merchant, the amount of security deposit that you must provide as a Cash Merchant is calculated based on the number of locations that you would like to have listed as a cash trading site on Binance P2P for the purposes of concluding your trades of digital assets with Users who have submitted an order for your advertisements (Store).

The security deposit to be paid for each store depends on the region you've put down when completing the Know Your Customer (KYC) verification process. 

2. Trading limit:

The single order trading amount should not exceed the deposit amount per store. For example, if you have deposited 5000 BUSD per store and are trading in HKD, the maximum limit per order should be around HKD 39,000(equivalent to USD 5000). 

3. Security deposit management:

You understand and agree that your security deposit will be frozen on Binance to ensure safe transactions, for the purposes described in the Supplementary Clauses to Advertiser Management Regulations on Security Deposit Assets in case  you have breached our terms of use, P2P terms, these P2P Cash Merchant terms, or committed any action described in the Supplementary Clauses to Advertiser Management Regulations on Security Deposit Assets.

4. Request for removal of Cash Merchant status:

In case you request your Cash Merchant status to be removed, Binance will revoke your right to post advertisements as a merchant. If you have no unresolved disputes, your security deposit will be automatically returned to your account within 14 business days.

5. Store location:

a) Locations of stores declared when registering as a Cash Merchant must be a public space.

b) Each store must be equipped with a CCTV recording system that works.

c) We strongly recommend that you locate your store in an office with a comprehensive security system or near a police station in a safe neighborhood with high pedestrian traffic. 

d) Binance reserves the right to refuse, in its sole discretion, registration of any store that is not deemed to be in a safe location or determined to pose a security risk.

e) The registration of any store shall not imply, for any reason, any liability for Binance with respect to the location of the store, the security of its location or security measures to avoid any risks. The responsibility of the stores, their location and any security measures to prevent risks, is and shall be solely and exclusively imputable to the Cash Merchant.    

6. Security risk:

You understand and agree that registering as a Cash Merchant and running a store to trade in cash exposes you to unpredictable security risks, such as robbery, damages, fraud and counterfeit bills. In case the offender is a Binance verified user, we will block withdrawals and services from the users Binance account 

However, Binance is not liable under or in relation to these P2P Cash Merchant terms (including but not limited to, liability in contract, tort including negligence, misrepresentation, restitution or otherwise) in any way whatsoever for any losses, damages, loss of profits, loss of sales or business, loss of agreements or contracts, loss of anticipated savings, loss of or damage to goodwill and indirect or consequential loss that may result from these risks. You must contact your local law enforcement authorities to protect your legal rights and interests and seek compensation from the offender. 

7. Trading process:

When processing a cash order on Binance P2P (either as the buyer or the seller), you are recommended to take a photo of the valid identity card (e.g., a national identity card, passport,driver's license or any other valid identity card in accordance with the applicable laws of the place where the transaction is intended to take place) of the counterparty trading with you, and keep it on your records. You are solely responsible for ensuring that you obtain valid consent of counterparty users to take a photo of their ID, store it, and to retain a record of such consent. 

If your customer does not bring an ID that matches his/her name as confirmed in the identity verification process of their Binance account, you shall cancel the order directly (if you are the buyer) or ask the counterparty to cancel (when you are the seller). If the counterparty user does not cooperate, you can submit a complaint to customer support to request cancellation as per section eight below.

8. Situations where you are required to reach out to customer support:

You have the obligation to reject any transaction outright in the following cases and reach out to our customer support team for further assistance:

a) If the counterparty user’s name on Binance P2P and confirmed by Binance during the identity verification process of their Binance account is different from the name on their valid identity card.

b) If a counterparty user does not bring a valid ID. (When and only when you are the seller, you can ask Customer support for assistance. If you are the buyer, please cancel the order yourself.)

c) the Buyer did not show up at your store within the payment window but marked the order as paid.

9. Once you become a Cash Merchant, your trading performance will be continuously monitored. If your complaint rate is above average, and the completion rate and transaction volume are below average, Binance P2P reserves the right to terminate your Cash Merchant status immediately. If you are not involved in any unresolved disputes, your security deposit will be returned in full upon termination.

10. All terms and references used in these P2P Cash Merchant Terms and which are defined and construed in the Binance terms of use (the Terms of Use”) or P2P terms. 

Terms and references not defined or construed in these P2P Cash Merchant terms, shall have the same meaning and construction in these P2P Cash Merchant terms. These P2P Cash Merchant terms are to be read together with the terms of use and P2P terms. In the event of any conflict or inconsistency between these P2P Cash Merchant terms and the P2P terms or the terms of use, the order of precedence in which the documents are to be read is first the P2P Cash Merchant terms and then the terms of use.