Unless otherwise provided herein, capitalized terms used herein will have the meaning set forth in the Agreement. Whenever the contents or interpretation of this Policy and the Agreement conflict, this Policy shall prevail, unless the Agreement specifically refers to thehttps://kikitrade.zendesk.com/hc/en-hk/articles/4411555980303 provision(s) from which it is intended to deviate from.
(1) General Provisions
Kikitrade may provide a peer-to-peer (“P2P”) trading platform which allows Users to exchange their local and digital currencies (the “P2P Platform”). Kikitrade may restrict access to the P2P Platform to only certain Users, and Users are required to comply with the terms of this Policy, the Agreement, and any laws, regulations or rules that may be applicable to such User before commencing any trading activities on the P2P Platform.
Users shall strictly comply with the KYC/AML Policy and complete the User Verification process as may be required by us from time to time. Notwithstanding any provision in this Policy or the Agreement, the Company reserves the right to, at its sole discretion, limit or restrict any User’s access to the P2P Platform at any time without providing a reason or notice to the User.
Users shall ensure that any accounts they use for the settlement of any P2P trading activities on the P2P Platform (“P2P Accounts”) are legally registered and only used by themselves, and that they are the legal and beneficial owners of the P2P Accounts. The P2P Accounts shall be under the same name as the User as verified under the user verification process by Kikitrade.
Users shall be responsible to ensure that they have the legal rights to the transaction in accordance with applicable laws. Kikitrade or the Company shall not be responsible for the legality or illegality of Users’ transactions in any way. While Kikitrade or the Company is not part of any P2P transactions between the Users, to make sure all transactions are legally compliant, Kikitrade may, but is not obliged, review the transactions carried out by Users for the legality as necessary and take actions in accordance with applicable laws and regulations
We may, at any time, and at our sole discretion, modify the terms in of this Policy without notice to the Users. Any such modification will be effective immediately upon public posting. Your continued use of any of the Kikitrade Services and/or the P2P Platform following any such modification constitutes your acceptance of the modified terms. If you do not accept the revised content, you should stop using the P2P Services.
If and when we identify, at our sole discretion, any money laundering or terrorist financing risks relating to any activities on the P2P Platform, Users shall actively cooperate with us in its verification, and assist in providing any risk control evidence as needed.
(2) Orders and Transactions:
The P2P Platform intends to help you find counterparties who may act as buyers when you are selling or as sellers when buying.
Users intending to place an advertisement on the P2P Platform shall first be registered as an advertiser with Kikitrade subject to Kikitrade’s approval in its sole discretion. Users should include in their advertisements clear descriptions of any terms and conditions they may wish to impose on the transaction, which shall not contradict any provisions under this Policy or the Agreement, and specify the payment method. Before any User initiates an order with the counterparty pursuant to an advertisement, where applicable, always read carefully their terms and conditions that have been written in the advertisement description page to avoid unnecessary disputes between the parties after the order gets initiated.
Users should ensure the payment method that has been used during the order is consistent with the payment method that is selected during advertisement configuration. Users should also be solely responsible when using any payment method. Kikitrade or the Company does not warrant or represent that the use of any payment method for the purpose of P2P transactions on the P2P Platform does not violate the terms and conditions of any service providers involved in the transaction under such payment method regardless of whether such payment method is supported or made available on the P2P Platform.
Once a User initiates a transaction with the identified counterparty, the User will be bound by the relevant prices of the digital assets as indicated in the advertisement (“Purchase Price”). After the order matches successfully, the Purchase Price as well as the amount of digital assets being bought or sold (“Purchased Assets”) is locked and cannot be changed for this transaction.
Effective payment details must be processed through the P2P trading system. Kikitrade only provides online transaction platform, and is not a party to a P2P transaction. Neither Kikitrade nor the Company shall be responsible for any transaction disputes arising from the payment channels other than the payment method provided by the P2P trading system.
In each transaction, the Purchased Assets will be held by Kikitrade until the transaction is paid in full. The buyer must provide adequate evidence (including payment slip) that the payment was made within 48 hours upon starting any trading disputes. If there is reasonable ground to believe that the buyer has conducted any fraudulent, unlawful or malicious activity, the Company reserves the right to take appropriate action as it deems necessary at its sole discretion, including but not limited to notifying the seller for a refund and disclose, at the Company’s sole discretion, information of the buyer, including but is not limited to their contact information, login and transaction records and/or any other details or records.
Users acting as a buyer in a P2P transaction shall only indicate that the Purchase Price has been duly transferred once the Purchase Price irreversibly instructed to be transferred to the selling User’s designated P2P Account using the specified or agreed payment method. The selling Users undertake to monitor all transactions in their P2P Accounts as well as any activities on the P2P Platform relating to the advertisements posted by them, and shall promptly confirm receipt of the buying User’s Purchase Price to effect the transfer of the Purchased Assets.
Users should not engage in any form of P2P trading that is facilitated by a third party channel, such as social media, chat messaging apps, or face-to-face trading, or otherwise solicit or encourage other Users to conduct P2P transactions using means or a platform other than the P2P Platform. Kikitrade shall not be and cannot be responsible for any loss of or damages to assets through transactions that are performed or initiated outside of the P2P Platform by the Users.
Where any chat, comment, discussion, review or other similar functions where Users can use communicate with other Users are made available on the P2P Platform, the rules applicable to the Kikitrade Community under the Community Rules shall also be applicable to Users using such functions on the P2P Platform.
Both the buyer in a P2P transaction on the P2P Platform should bear any additional transaction costs involved in the transfer of the Purchase Price. For the avoidance of doubt, the sending amount should be inclusive of the transaction cost and the seller should always receive the full amount, and the buyer is always responsible for fiat transaction fees as required by the payment service provider. In case of the extra fees charged by the payment service provider or that the actual amount transferred does not match the Purchase Price, the receiving User, being the selling User, shall provide proof of transaction by service providers to clearly show the amount deducted by the payment service provider.
If a User acting as a buyer has completed the payment of the Purchase Price in accordance with the prescribed instructions of the P2P Platform, but the seller fails to deliver the Purchased Assets to the buyer within the specified time frame, the buyer should first communicate with the seller through the chat box function. Once the buyer has made sure that the applicable rules, terms and conditions have been complied with and has correctly performed the procedures stipulated by the P2P Platform (including but not limited to providing payment proof), and there is no response from the seller, then the buyer may file an appeal against the seller via the P2P Platform and Kikitrade shall use its best endeavour to assist with the complaint if requested by the User. However, Kikitrade is not a party to a P2P transaction and is not obliged to intervene in any disputes between Users engaging in P2P transactions, notwithstanding that Kikitrade has the right of any final interpretations and judgments for the sanctioning of appeal cases.
Kikitrade may publish (and amend from time to time at its sole discretion) additional rules, instructions and tutorials regarding the use of the P2P Platform, which shall constitute part of this Policy. Users shall regularly review the same before conducting or initiating any transactions using the P2P Platform. Any breach of such rules, instructions and tutorials published by Kikitrade shall constitute a breach of this Policy and appropriate measures may be taken against Users committing such breach.
In case of any User’s violation of this Policy, the Agreement or relevant laws and regulations as may be reasonably suspected by Kikitrade or the Company, Kikitrade may take measures as it considers fit in its sole discretion, including but not limited to freezing or suspending the violator’s Account, disabling any account functions on Kikitrade, temporarily or permanently restricting the violator’s access to the P2P Platform, or any other measures as Kikitrade or the Company sees fit at its sole discretion. Kikitrade is under no obligation to disclose or otherwise provide a reason or justification of implementing such measures or to notify the Users whether or when (if ever) such measures will be lifted.
Kikitrade may, at its sole discretion, publish materials indicating the measures to be taken against Users who conduct activities on the P2P Platform that are contradictory to this Policy, the Agreement, or any other laws and regulations. However, such information is only published for the Users’ reference and Kikitrade shall not be bound by these rule or be otherwise prohibited to take more severe measures against Users in the event of violations.
(4) Risk Warning
By using the P2P Platform, Users are deemed to fully understand the risks associated with P2P transactions (including but not limited to the risk of fluctuations in the value of digital assets, the credibility risks concerning the counterparties under P2P transactions, and the compliance risks of fiat currency transaction) and have sufficient investment knowledge and experience, and the ability to bear the risks associated with P2P transactions, and agree to independently bear all such risks arising from the engagement in P2P transactions.
Any personal information (i.e., social networks, messengers) disclosed in the trading conditions or otherwise on the P2P Platform is done so at the sole risk of the disclosing User and Kikitrade shall not be responsible for any disputes arising from such disclosure.
(c) Before a P2P transaction, you have read and understood all contents of this Policy, the Agreement and relevant rules on Kikitrade, and have consulted professionals before deciding at your own discretion on whether or not and how to complete the P2P transactions based on their recommendations.
Kikitrade is not a party to a P2P transaction. Therefore, any disputes between Users engaging in P2P transactions have nothing to do with Kikitrade. Kikitrade has neither the rights nor the obligations to resolve any disputes arising therefrom. It is not obliged to assume any financial or non-financial obligations or responsibilities to any party (including but not limited to indemnities).
It is the Users’ responsibility to conduct proper due diligence when transacting with any other User of the P2P Platform in order to promote the security and safety of your assets and transactions.
You understand and acknowledge that Users who are approved as an advertiser by Kikitrade may not be 100% credible and Kikitrade is in any way responsible for any of the actions of such approved advertisers.
You agree and authorize Kikitrade to take all reasonable actions (including but not limited to cancelling or suspending transactions or disabling account features under certain circumstances) in accordance with this Policy, the Agreement, and relevant rules on Kikitrade to safeguard you, the platform’s and other Users’ legitimate rights.
(5) Limitation of Liability and Indemnity
Kikitrade or the Company shall in no event be liable to the Users or any other person for any direct, indirect, incidental, special, punitive or consequential damages, including any loss of business or profit, arising out of any use, or inability to use, the website, relating to any activities on the P2P Platform.
You agree to indemnify, defend and hold Kikitrade, the Company, its affiliates, present and future officers, directors, shareholders, employees, agents and its affiliates, harmless from and against any and all claims, demands, losses, damages, penalties, liability and costs, including reasonable attorneys’ fees, in connection with or arising out of any use of the P2P Platform by you, or your breach of this Policy or the Agreement, including but not limited to claims that transaction/trading executed and/or made available by or on behalf of you, infringes upon the rights of third parties, or is otherwise unlawful.