Chapter 1: Online Transactions
1. Buyer Guidelines
1.After making payment for digital assets, buyers must mark the payment as completed within the trading period.
2.Before initiating a transaction, buyers should understand the seller’s detailed information and payment method. Communicate and agree through the platform’s chat window and save the chat records. Chat records are important for resolving disputes and can be used to file a complaint if needed.
3.After making payment, buyers should immediately mark the payment as completed and wait patiently for the seller to confirm receipt. Do not click to cancel the order before the seller releases the assets. Once an order is canceled, the escrowed digital assets will return to the seller’s wallet, and the payment may not be recoverable.
4.Buyers should use accounts (such as bank cards, Alipay, or WeChat) with real-name information that matches the platform’s records. If there is a mismatch, the seller may request a refund and cancel the order.
5.Buyers should verify the seller’s latest payment method and confirm the accuracy of the payment account. If the buyer does not remit to the account specified in the order, they will bear the risk of fund safety.
6.Buyers should transfer the exact amount displayed in the order by the system (accurate to two decimal places) to facilitate timely reconciliation by the seller and release of digital assets.
7.When making a transfer, avoid including any information or keywords related to digital currencies like BTC or Bitcoin in the remarks to prevent the bank from blocking the transaction. Otherwise, the seller may request a refund and cancel the transaction.
8.To ensure timely transactions, choose real-time transfer methods such as Alipay, WeChat, or real-time bank transfers. For transfers exceeding 50,000 during holidays or non-business hours (17:00–09:00), split the transfer into batches (each less than 50,000) to ensure timely receipt.
9.If a buyer cancels three orders in one day, they will be restricted from placing orders for the rest of the day (calculated within 24 hours from the first cancellation). If the buyer is recorded for cancellations due to the seller not providing an effective payment method, contact online customer service for assistance.
10.If a buyer is appealed against by the seller and the system determines the appeal is valid, reasons may include but are not limited to the following situations:
•Order automatically expires and is canceled;
•Order validity extended with reasons provided for not completing payment, and no payment is eventually made;
•Marked as paid without actually making payment.
2. Seller Guidelines
1.When selling, carefully confirm the price at which you are selling. Appeals arising from advertising price issues will result in the assets being determined as belonging to the buyer if there was no misconduct. After the buyer places an order, the seller’s digital assets will be held in escrow by the platform. Once the buyer marks payment as completed, the seller should check the payment via bank card, Alipay, or WeChat and release the digital assets promptly after confirming receipt. Losses due to releasing assets before confirming receipt are the seller’s responsibility.
2.If the buyer does not receive the payment within 15 minutes after marking it as completed, the seller may choose to appeal. If the buyer does not follow the sequence of marking payment before making payment, or if payment does not arrive within 2 hours or the order is canceled after payment, the seller may choose to appeal and refund the payment.
3.When receiving payment, sellers should verify that the buyer’s payment account real-name information matches the platform’s records. If there is a mismatch, be cautious of the payment risk. In such cases, sellers may choose to refund and refuse to complete the transaction. If the user accepts non-real-name payments leading to the freezing of others’ payment accounts, the platform will investigate the source of the funds and may directly freeze the user’s platform account or cancel their merchant certification.
4.After confirming the payment is correct, sellers should release the digital assets as soon as possible. If the buyer has not violated any rules, and the seller fails to release the digital assets within 15 minutes after the buyer marks payment as completed, the buyer has the right to request a refund and cancel the transaction. If the seller refuses to cooperate, Megabit platform has the right to release the digital assets to the buyer and freeze the seller’s account.
5.If a seller is appealed against by the buyer and the system determines the appeal is valid, reasons may include but are not limited to:
•Failure to provide valid payment information, resulting in the buyer’s inability to make payment;
•The buyer provides payment proof and marks payment as completed for over 1 hour, but the seller has not released the digital assets.
6.If there is a mismatch between the real-name information of the payment account and the platform’s certified real-name information, the seller has the right to choose the following actions:
•Request the buyer to provide a video KYC with ID card or passport to prove the legality of the funds;
•Refund the payment and cancel the transaction;
•Hold the digital assets for 72 hours before releasing them. After 72 hours, the seller will decide whether to release the assets or refund them to the original source.
Chapter 2: Offline Cash Transactions
Unlike online transactions, “offline cash transactions” involve private meetings between buyers and sellers.
Users agreeing to this type of transaction accept the terms and conditions of cash transactions and assume all risks and responsibilities. Megabit does not participate directly or indirectly in transactions and assumes no responsibility for potential risks or financial losses. In case of disputes, customer service will only consider clarified transaction rules and order chat records. Both parties must keep proof of cash payment, which can be in the form of photos, formal contracts, or chat dialogues.
1. Buyer Guidelines
1.Ensure personal safety during offline face-to-face transactions.
2.You fully assume the risks that may occur during the offline transaction.
3.When selecting a seller on the platform, do not decide solely based on price—check the seller’s rating, available collateral, and trading duration on Megabit OTC.
4.Do not use any channels or communication tools other than the order chat window.
5.Do not agree to meet in suspicious locations or places far from the city center—meeting locations must be agreed upon by both parties in advance.
6.The cryptocurrency involved in the order will be frozen and released only after the seller confirms receipt of payment.
7.During the transaction, do not allow the other party to take your cash for any reason—cash should be counted and verified in the presence of both parties.
8.Once an order is marked as completed, no appeal can be made under any circumstances.
2. Seller Guidelines
1.Ensure personal safety during offline face-to-face transactions.
2.You fully assume the risks that may occur during the offline transaction.
3.Do not use any channels or communication tools other than the order chat window.
4.The cryptocurrency involved in the order will be frozen and released only after the seller confirms receipt of payment.
5.Once an order is published and the buyer places an order, the seller cannot change the price.
6.Before confirming receipt of payment, sellers must carefully recalculate and check the payment.
7.After confirming receipt of payment, transfer the assets to the buyer within 15 minutes.
8.Once an order is marked as completed, no appeal can be made under any circumstances.
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