Date of the last revision: January 10, 2019
Welcome to use Bit-Z OTC service ("OTC service" or "service"). You(user) should carefully read the contents of OTC Terms of Service("the terms") before you (user) use the OTC service. Please be sure to read carefully and fully understand the terms and conditions, especially the terms of exemption or limitation of liability, legal application and dispute resolution clauses, you should focus on reading. By accessing or using the Bit-Z website (https://www.bitz.com), you are required to agree to these terms ("Terms"). If you do not agree to be bound by these terms, do not access or use the Services. (Note: For transaction disputes, the platform has the final jurisdiction. For those who maliciously freeze orders and make payment or suspected use transaction to commit fraud, the platform may freeze their accounts.)
1.Scope and confirmation of the terms
b) Agreement confirmation: You need to confirm this agreement when you use the Bit-Z OTC service for the first time. If you click “I have read and agreed to the above agreement” or other means to confirm, it means that you have fully read and understood and agreed to all terms of this agreement.
2.Revision, entry into force and interpretation of the agreement
a) Revision:Bit-Z reserves the right to amend the terms of this Agreement at any time. Bit-Z reserves the right to amend the terms of this Agreement at any time. We will post the revised agreement content on the Bit-Z platform, either through the email address provided by the user on the website or in any other way. The revised latest agreement will take effect immediately after the release of the Bit-Z platform. The relevant revisions will be applied to all current and subsequent sites. If you do not agree to the terms when you visit or use the site, you must stop using the site. Continuing use of OTC service will be regarded as you accept the latest revised agreement.
c) Final interpretation right: The final interpretation of this agreement is owned by Bit-Z.
3.About OTC and related definitions
b) Fee Description：Users who post transaction ads (including purchase and selling ads) are required to pay 0.5% fee for each completed transaction. Actual fees may be affected by related operation activities and user attributes, subject to final settlement.
c) Buyer: Refersto users who purchase digitalcurrency by placingpurchase digital currency advertisement or browsing seller's advertising order ontheBit-Z OTCtradingpage.
d) Seller: Refers to users who sell digital currency by placing sale digital currency advertisement or browsing buyer's advertising order on the Bit-Z OTC trading page.
e)Advertiser: The user publishes purchase(sale) digital currency advertisements on Bit-Z OTC platform, which will be displayed in the list of purchase(sale) advertisements in OTC transactions.
f)Non-advertiser: The user purchases (sells) the digital currency through Seller (buyer) advertisement in the list of purchase (sale) in OTC transactions.
4.User’s rights and obligations
a) Buyer’s rights and obligations
1) Buyer should complete the payment within the time specified by the “Ad” (“Payment Deadline”) and click the “confirm payment” button. If Buyer cancels an order or an order is cancelled due to system time out, a record of Buyer cancelling an order will be logged into the system.
2) If Buyer (non-advertiser) cancels five orders on the day when such orders are placed, Buyer cannot buy in on the same day; If Buyer has three unpaid orders, Buyer cannot place new orders until the second day 00:00 of Hong Kong time.
3) If the purchase advertisement issued by Buyer (advertiser) has been cancelled 10 times on the same day and the cancellation rate is greater than 50%, then buyer cannot buy in on the same day and published purchase ads will be hidden until the second day 00:00 of Hong Kong time.
4) If Buyer is recorded as cancelling orders in the system and thus is restricted to buy in due to Seller not providing valid payment method, Buyer may contact the platform to remove such restriction.
5) Buyer can not click “I have paid” button without completing payment, which constitutes a malicious act. If such an order occurs, Seller may reject the transaction and contact platform customer services; if the circumstances are serious, the system will freeze Buyer’s account.
6) If Seller has not received the payment from Buyer after Buyer clicks “I have paid” for 2 hours, and Buyer does not provide the actual payment certificate, Seller can contact customer service for intervention.
7) Buyer should use payment account under real name (such as bank account or Alipay account) to make the payment. If Buyer uses a pseudo name account or others’ account, Seller may refund and contact customer service to cancel the transaction.
8) To ensure timely transaction, please use real-time transfer payment method such as Alipay, Wechat pay and bank real time transfer. If a payment exceeds 50,000 yuan, please make the payment in batches to ensure timely transaction in 17:00 to 9:00 on the second day.
9) The digital currency asset corresponding to the ongoing order will be temporarily locked by the platform; if you pay the payment and click “I have paid” 2 hours later, Seller has not released the currency, then you can choose to contact the platform customer service, we will process the order as soon as possible.
10) After payment, if Buyer cancels the order without receiving the corresponding digital currency or seller's refund, or cancels the order without contacting the customer service of the platform, the loss of funds is borne by Buyer.
11) After completing payment, Buyer does not click “I have paid” within the specified “payment period” , which causes Seller to be unable to release the coins until the order is cancelled and the loss of funds caused is borne by Buyer.
12) Note: Buyer should mark down the numbers following “payment note” to the transfer remarks. “Payment note” is used to identify that the transaction corresponds to the order. If the remittance is credited to the account, it is regarded as having complied with the transaction rules. Please do not enter keywords like “BTC”, “Bitcoin” or “Bit-Z”, otherwise Seller may refund and contact contact the customer service to cancel the order.
b) Seller’s rights and obligations
1) You must make sure the value when you sell digital currency. In the case of disputes concerning ad price, Buyer comply with all the rules, we will determine that the asset belongs to the Buyer.
2) After Buyer modifies the status of the order as “paid” or receives Buyer’s payment voucher or SMS, please log in to your payment account to check the actual funds, and check the amount of funds. Seller shall bear the loss of the assets caused by the seller directly by means of SMS or Alipay.Please release the coin at the first time after checking the payment. If Buyer does not have any violations, Buyer does not release the coin within 2 hours after Buyer actually pays and marks the order status as “paid”, Buyer has the right to request the refund or request the platform to intervene and coordinate.If Seller refuses the refund and coordination, we will directly release the coin to Buyer and freeze Seller's account.
3) If Buyer does not follow the rule of clicking "I have paid" after the payment, causing the payment cannot be reached within 2 hours or the order is cancelled after the payment, Seller can choose the refund and contact the customer service to cancel the order.
4) If Buyer uses a non-real name account or other’s account to pay, it is recommended to refund and contact customer service to cancel the order.
5) After Buyer clicks "I have paid", Seller does not receive the payment, Seller needs to communicate with Buyer or contact customer service as soon as possible. If Seller does not release the coin after Buyer clicks "I have paid", the platform customer service will actively intervene to process the order.
6) Coin can not be soldwithin 24 hours after modifying security settings (such as sign-in password, trade password, etc.).
c)Advertiser’s rights and obligations:
1) Advertiser needs to complete real-name authentication (level 2) and bind the mobile number.
2) If the purchase advertisement issued by advertiser has been cancelled 10 times on the same day and the cancellation rate is greater than 50%, then buyer cannot buy in on the same day and published purchase ads will be hidden until the second day 00:00 of Hong Kong time.
3) To guarantee timely transaction, Seller should ensure that he/she is online and can handle orders timely when he/she posts an ad; please remove your ads to avoid unnecessary disputes, if timely processing of orders cannot be guaranteed. If the advertiser is not online for 7*24 hours, the advertisement will be automatically closed.
4) Maliciously posting ads will cause your account to be frozen.
d) Non-advertiser’s rights and obligations:
1) Non-advertiser needs to complete real-name authentication (level 2).
2) If Non-advertiser cancels five orders on the day when such orders are placed, he/she cannot buy in on the same day; where he/she has three unpaid orders, he/she cannot place new orders until the second day 00:00 of Hong Kong time.
3) Maliciously placing orders will will cause your account to be frozen.
5.Force majeure disclaimer, Disclaimer and restrictions
We are not liable for any of the following reasons that prevent us from providing our services:
1) Our system is down for maintenance or upgrades;
2) Force majeure such as typhoon, earthquake, flood, lightning or terrorist attack;
Your computer hardware and software, communication lines, and power supply lines are faulty;
3) Due to your improper operation or use of our services without our authorization or approval;
4) Due to viruses, trojans, malicious program attack, network congestion, system instability, system or device failure, communication failure, power failure, banking reason, third-party services, or government actions.
5) Although the agreement in the preceding paragraph, we will take reasonable actions to actively promote the service to return to normal.
1) Bit-Z only provides you with OTC services. You understand that the information to be sold or purchased on OTC trading page is user-published and may be risky and flawed. Bit-Z will ensure your legal rights and good experience as much as possible by establishing relevant inspection and control systems in accordance with the law. At the same time, in view of the fact that there are a large amount of information in OTC transaction and the real-time changes of information in the information network environment, Bit-Z cannot review the information purchased after the sale and the transaction information thus obtained. You should be cautious about it.
2) Based on the particularity of the transaction of digital assets, you need to pay special attention to the risk of anti-money laundering, and understand the identity of your counterparty according to the KYC principle, otherwise you may face the risk of asset freezing due to the suspect's suspected crime.
3) If the information posted on OTC transaction page constitutes a breach of contract, Bit-Z may immediately delete or block the corresponding information according to the corresponding rules or remove and supervise the information posted by you. You shall bear the losses of assets and profits directly or indirectly caused.
4) When you use the legal currency trading service in violation of relevant laws and regulations, or in violation of this agreement, Bit-Z has the right to limit or freeze your account or account assets, and take other reasonable measures to prevent the expansion of adverse consequences to Bit-Z and the third party caused by your violation.
5) If your actions cause Bit-Z to suffer losses (including direct economic losses, loss of goodwill and compensation for external payments, and indirect economic losses such as compensation, settlement, legal fees, etc.), you should compensate all of the above losses. If your behavior causes Bit-Z to be subject to a third party's claim, Bit-Z may recover the entire loss from you after bear the payment for the third party.
We may provide services to you and your (transactional) counterparty at the same time, and you agree to expressly exempt us from any actual or potential conflict of interest that may exist and not to assert that we have a legal defect in the provision of services.
6.Supporting rules and agreements