Welcome to Megabit Platform’s Merchant Services.
This Merchant Service Agreement (hereinafter referred to as “this Agreement”) is entered into by Megabit (hereinafter referred to as “the Platform” or “we”) and the platform merchants (hereinafter referred to as “you”).
When you start applying for or using advertising publishing rights through the Platform’s website, API (if any), or mobile application interfaces, it indicates that you have thoroughly read, understood, and voluntarily accepted this Agreement and various related rules and announcements on the service pages, including any modifications, revisions, or changes made to this Agreement by us from time to time, as well as any new rules that may be issued (collectively referred to as “this Agreement”). If you disagree with this Agreement or the rules after modification or change, please immediately stop using the Platform’s merchant services and proactively apply to the Platform to terminate your merchant qualification.
Important Statement:
1.Merchants must comply with the terms of this Agreement and are also bound by various rules and announcements updated by the Platform from time to time. If you disagree, please immediately stop applying for merchant services. If you have already started using the merchant services, please stop using them immediately and proactively apply to the Platform to terminate your merchant qualification.
2.This Agreement will be officially implemented from the date of publication and will be modified or improved from time to time. The new rules will take effect from the date of publication. If any part of this Agreement conflicts with rules updated by the Platform later, the new rules will prevail.
3.As an independent trading party to the Platform, even after being certified and depositing a security deposit, the merchant is not guaranteed to be 100% reliable, nor does it imply any guarantee relationship between the Platform and the merchant. We do not endorse or take any responsibility for the merchant’s violations of the Platform’s rules or any adverse consequences resulting from the merchant’s actions.
4.Merchants must ensure that the services under this Agreement are used for legal purposes only. Merchants are strictly prohibited from using the Platform and its permissions for illegal activities such as money laundering, smuggling, commercial bribery, market manipulation, or interfering with trading systems. If the Platform verifies that a merchant has violated these regulations, we have the right to take measures including but not limited to account restrictions, freezing, termination of merchant qualification, deduction of the security deposit, or referral to judicial authorities. We do not assume any responsibility for any losses caused to you or related third parties.
1. Scope of Application
The services of this Agreement apply to the following three types of users, collectively referred to as “merchants”:
1.Ordinary merchants and certified merchants who have officially obtained “advertising publishing rights” through the Platform.
2.Users who have submitted a certain security deposit but whose certification materials have not yet passed the review.
3.Users who have actively applied to terminate their merchant qualification but whose certification has not yet passed the review and whose security deposit remains in the Platform account.
2. Service Content
Once you apply and pass the Platform’s review to obtain advertising publishing rights and become a merchant, you will enjoy the following additional services beyond the normal user rights:
1. Advertising Publishing Service
To facilitate merchants in conducting transactions more conveniently and flexibly, you will have advertising publishing rights once you become a merchant.
Key Reminder: After obtaining merchant publishing rights, you are obligated to report all your payment methods to the Platform. If your payment bank account is frozen later, you or your authorized representative should promptly fill out the “Frozen Account Information Registration” form to enable the Platform to take appropriate measures.
2. One-on-One Service
To improve transaction efficiency and effectively handle possible dispute orders, we provide one-on-one exclusive services to merchants.
3. Exclusive Mark
To enhance transaction trust and distinguish merchants from ordinary users, the Platform will display a corresponding exclusive mark on the interface nickname of users who become merchants.
4. Others
The Platform may launch new products or services for merchants or adjust and upgrade existing products and services according to changes in business policies. The specific service content updates will be subject to the announcements on the Platform’s service page and product interface.
3. Merchant Qualification
To enhance transaction security and merchant credibility, the Platform provides merchant qualification certification services.
1. Certification Materials
•Name, phone number, WeChat (or Telegram), nickname, emergency contact’s name, emergency contact’s phone number, and relationship with the emergency contact.
•Security deposit (certified merchants need to deposit a certain amount of security deposit, and the specific amount will be reflected in the user’s asset management).
•Original photo of the household registration book’s personal information page.
•Proof of permanent address: property certificate/rental contract/utility bills (property certificate should show the owner’s name, property address, and official stamp; rental contract should show the renter’s name, rental address, landlord’s stamp, and both parties’ ID numbers; utility bills should be recent and show the payment address).
2. Application Process
Complete information ➔ Deposit security ➔ Await review ➔ Review feedback (within 3 working days)
3. Merchant Self-Termination of Qualification
If a merchant needs to terminate certification for their own reasons, they must submit a termination application to the Platform. After receiving the written termination application, if the Platform confirms that the merchant is not involved in any unresolved disputes or has no bad records, the Platform will complete the certification termination within 7 working days and transfer the funds in the security deposit account to the merchant’s operable account.
4. Material Explanation
Certification services are provided by the Platform for identity verification. Once you complete certification on the Platform, the corresponding identity information and certification results cannot be modified or canceled for any reason. If your identity information changes after certification, you should provide relevant documents issued by authorized departments within 2 days to assist in updating your account’s corresponding certification information, otherwise, you will be solely responsible for any consequences. The Platform has the right to unilaterally modify or change the content of this Agreement and publish the modified Agreement text through Platform announcements without separately notifying you. If you continue to use the Platform’s services after any modification or change to this Agreement, it indicates that you have read, understood, and agreed to the modified Agreement content. If you do not agree with the modified Agreement content, you should immediately stop using the Platform’s services.
The certification materials you submit to the Platform are irrevocably authorized for retention by the Platform. The Platform commits not to disclose, edit, or reveal your certification materials except for statutory or agreed reasons, and will not use the non-public content stored on the Platform for commercial purposes, except in the following circumstances where you have authorized the Platform to disclose related information:
•To national judicial and administrative authorities.
•To our affiliated enterprises.
•To third parties working with the Platform to provide services, for the third party to provide the necessary information (excluding your bank account information).
•To resolve civil disputes between you and a third party, the Platform has the right to provide your identity information to that third party. For other privacy protection, please refer to the Platform’s publicly announced privacy policy terms.
4. Security Deposit
1. Security Deposit Introduction
To ensure transaction security and smooth operation for merchants on the Platform, after passing the Platform’s real-name verification and anti-money laundering review, the Platform will require merchants to deposit and lock a certain security deposit in their exclusive account as a transaction guarantee. The specific amount and asset type requirements of the security deposit will vary based on the merchant’s specific situation and advertising publishing rights on the Platform, and will be subject to what is displayed in the Platform’s merchant certification personal information.
2. Circumstances for Deducting the Security Deposit
The Platform has the right to seize and handle the merchant’s security deposit in the following circumstances, and the deposit will be seized for ≥1 month. If the deposit is determined to cause damage to the Platform and users, it will be deducted proportionally later:
•If the merchant causes disputes in transactions and is found at fault by the Platform and fails to cooperate after being contacted, causing losses to other users.
•If the merchant engages in illegal activities such as fraud, money laundering, illegal disguised remittance, malicious price manipulation, or disrupting trading order using the Platform.
•If the merchant engages in unauthorized false advertising or malicious misguidance using the Megabit brand, damaging the Platform’s brand reputation.
•If the merchant rents or buys multiple cards from others, uses bank cards in other people’s names for payment or other money laundering purposes, resulting in losses to related users or third parties.
•If the merchant has unusual pending orders that are being appealed but cannot be contacted due to other objective reasons (such as being detained by the police).
•If the merchant violates this Agreement or any legal documents or trading rules on the Platform.
•If the payment method is frozen and the merchant does not promptly report it to the Platform as required.
•If the merchant uses payment accounts from other platforms that are the same as those on the Platform, without effective separation of risk funds, leading to freezing of other users’ accounts on the Platform.
•If the merchant is suspected of guiding users to conduct transactions on other platforms.
•If the merchant is suspected of guiding users to falsely register and obtain the Platform’s new user promotion rewards.
•If the merchant is suspected of persuading the Platform’s partner users to move to other platforms for transactions.
•Other circumstances reasonably determined by the Platform that require deduction of the security deposit.
After the Platform makes all or partial deductions from the merchant’s security deposit according to this Agreement, the merchant must replenish the security deposit in full within the deducted amount range.
4. Specific Margin Deduction Rules
The specific amount of margin deduction is determined by our platform’s risk control evaluation based on the severity of the actual impact:
1.In general, the deduction amount is limited to compensating the actual losses of the affected users. However, if the losses exceed the coverage of the margin, we have the right to deduct the entire existing margin and additionally require you to deposit a certain amount of additional margin. The additional margin amount will be subject to our platform’s final confirmation.
2.If the platform verifies the following special circumstances, we have the right to directly deduct your entire margin:
•a) If there is reasonable evidence that the merchant directly participates in or assists with money laundering or other illegal activities.
•b) If during cross-platform transactions on our platform, there is evidence linking to relevant money laundering events due to inadequate risk control capabilities such as real-name authentication and anti-money laundering.
•c) If the merchant privately creates groups or participates in community transactions without real-name verification of transaction counterparts, leading to illegal assets flowing into our platform.
•d) If the merchant’s payments result in the freezing of bank accounts of three or more users and fails to cooperate with the resolution.
•e) For merchants using bank cards for transactions, if their bank cards are repeatedly frozen without reporting to the platform as required, or if the frozen bank card causes serious losses or adverse effects on other platform users.
5. Merchant Termination and Penalty Rules
The platform reserves the right to unilaterally terminate the merchant’s qualification under the following circumstances:
Violation of Payment Rules:
1.The merchant guides users to conduct offline transactions.
2.The merchant provides invalid payment accounts and does not cooperate with customer service after 1 instance.
3.When a merchant has both buy and sell advertisements, and the purchase price is higher than the sale price, or other reasons that cause abnormal pricing and disrupt the platform’s order.
4.The merchant privately requests additional fees or collects red envelopes or handling fees under various names.
5.The merchant uses an account that does not match the platform’s real-name verification for payments and receives more than 3 complaints from users, causing a negative impact.
6.Transactions using corporate or institutional accounts are considered non-real-name payments.
Performance Metrics:
1.Transaction volume within 30 days is less than 50% of the merchant’s average.
2.Order completion rate within 30 days is below 90%.
3.Average release time per day within 30 days exceeds 10 minutes.
4.Number of malicious cancellations within 30 days exceeds 10.
Triggering Risk Control Abnormalities:
1.Renting or buying others’ cards for transactions, and being judged by the platform as suspected of money laundering, will directly terminate your merchant qualification. If there is solid evidence of your direct involvement in money laundering, we will report to the relevant judicial authorities.
2.The platform determines that the merchant uses small accounts or instructs others to register small accounts to intentionally create orders (or deliberately delay payments).
3.The merchant’s advertisement is deemed abnormal and reported by users 3 times (e.g., only enabling PayPal or other non-native payment methods that cause transaction issues).
4.The merchant directly withdraws funds to a third party suspected of money laundering and cannot provide reasonable evidence.
5.Evidence confirms that the merchant’s payment causes the recipient’s account to be frozen, and there is no cooperation after 2 instances.
6.The merchant uses automated systems to engage in malicious price suppression.
7.Maliciously exploiting platform rule loopholes for profit or using other accounts to fraudulently claim platform activity benefits or harm platform interests and obtain undue gains.
8.The merchant trades on platforms without basic real-name verification and anti-money laundering capabilities or high-risk off-platform communities, and associated accounts or small accounts are verified as suspected of money laundering. The platform reserves the right to directly terminate the merchant’s qualification. If this causes the accounts of other users involved in the transaction to be frozen, in addition to terminating the merchant’s qualification and deducting the margin, you must also assist in unfreezing the accounts of other users.
9.For merchants who conduct unauthorized cross-platform OTC transactions, to prevent the introduction of illegal funds from off-platform sources, ensure proper real-name verification and risk control measures for transaction counterparts. Properly isolate funds and avoid using or setting up the same payment accounts as on the Megabit platform. If the merchant fails to isolate payment accounts in cross-platform transactions and causes user account freezes on the Megabit platform, we have the right to directly terminate the merchant’s qualification.
10.The merchant’s payment accounts are repeatedly frozen without reporting to the platform or cooperating with the platform to handle the issue.
Customer Service Involvement in Dispute Orders:
1.More than 3 complaints from users within 30 days.
2.In the event of order disputes, if the merchant refuses to cooperate with customer service or intentionally delays, leading to severe cases, the merchant’s qualification will be canceled. If it results in user asset loss, the platform has the right to deduct the corresponding margin to compensate users.
3.If the merchant triggers platform risk control and provides false evidence (including but not limited to forged or altered payment proofs, chat and transaction records, judicial freeze documents, case materials, etc.), the merchant’s certification will be directly terminated, and customer service has the right to freeze some account functions based on the situation.
Other Irregular Behaviors:
1.The merchant discloses user’s personal information such as name, contact details, and address.
2.The merchant posts advertisements or spreads negative information about the platform in groups.
3.The merchant abuses or threatens platform users in any unfriendly manner.
4.The merchant disrespects other users/platform staff, engages in language conflicts (mocking, insulting, etc.), or exhibits other uncivilized behaviors.
5.The merchant induces users to engage in illegal transactions and extorts them.
6.Any false information in the merchant’s submitted application materials.
7.Engaging in fraudulent activities or spreading negative opinions about the platform.
8.Any other situations reasonably determined by the platform requiring termination.
6. Trading Norms
(1) Basic Principles
Merchants should strictly follow the principles of honest trading, timely payment, quick release of funds, avoiding malicious order delays, ensuring good service attitude, strong service awareness, respecting platform users and staff, and maintaining fair and honest trading.
(2) Trading Principles
1. Payment and Receipt Standards:
•Merchants are required to use accounts that match the real-name verification on the platform for payments.
•Merchants can use platform-certified accounts for receiving payments.
•If users use non-real-name verified accounts for receiving payments, the merchant may cancel the order.
•If users use non-real-name verified accounts for payments, the merchant can request the order to be canceled. If the payment is already received, it can be refunded, and the order canceled.
2. Funds Security Standards:
•Merchants must not engage in transactions involving illegal funds.
•When users complain about account freezes due to merchant payments, merchants must cooperate with the platform, provide reasonable evidence, and resolve the issue.
•If a merchant’s account is frozen, they must promptly contact customer service, provide account information, and explain the situation related to platform users.
•If illegal digital assets or funds brought by the merchant cause losses or legal risks to the platform and users, the platform has the right to cancel the merchant’s qualification and indefinitely freeze the margin. If the situation is severe and requires judicial assistance, the platform will cooperate with the authorities.
3. Operational Standards:
•After becoming a merchant, participate in advertiser onboarding training.
•The platform does not encourage merchants to leave contact information like WeChat IDs in the notes. Any losses from direct transactions outside the platform are not the platform’s responsibility.
•If the merchant has made a payment and the user does not release funds within 15 minutes, the merchant can click “Appeal” to contact customer service for assistance.
•Merchants are prohibited from transferring small amounts to users’ accounts for testing without the user’s consent. After two such instances, the merchant’s qualification will be canceled.
7. Disclaimer of Liability
As a merchant, in addition to following the limitations and exclusions of liability stated in the platform’s “User Agreement,” “Legal Disclaimer,” and “Risk Disclosure,” you should carefully read and adhere to the following disclaimers or limitations:
1.Due to the complex nature of off-platform funds and the unique characteristics of digital asset trading, you need to be particularly cautious about anti-money laundering risks. To ensure the safety of your transactions and assets, you must strictly follow the process and rules, and verify the identities of trading counterparts. Otherwise, you may face asset freezes due to criminal activities of the trading counterpart, and the platform will not be responsible for any resulting losses.
2.The platform only provides information matching services for digital asset transactions. All buying and selling actions are independent and voluntary transactions by users. The platform does not participate in the transaction process, and any losses incurred during transactions are borne by the user.
3.If you cause losses to third parties due to violations of platform rules and agreements, you are responsible for the third-party liability. The platform does not bear any legal or compensation responsibilities for such actions. The platform does not endorse or guarantee any brand or credit of the merchant and does not assume legal responsibility for any negative consequences caused by the merchant.
4. To prevent illegal activities such as money laundering, covert foreign exchange, and other illicit practices, merchants and users should avoid introducing illegal off-platform assets into the platform. In particular, merchants should ensure proper risk identification and control of trading counterparts and effective isolation of fund accounts when conducting unauthorized cross-platform transactions. Otherwise, if the platform verifies that users are involved in various forms of illegal or unethical behavior (such as intentionally renting or purchasing multiple cards for money laundering transactions or violating regulations by trading in large volumes of USD in restricted zones), we have the right to take actions including but not limited to account restrictions, freezing, termination of merchant qualifications, margin deductions, and referral to judicial authorities. The platform will not be liable for any losses incurred by you or relevant third parties as a result.
5. The platform does not encourage you to independently rent or purchase multiple cards in other people’s names for transactions.
If you rent or purchase other people’s cards for money laundering and cause losses to the card’s real name owner, we will not be responsible for the resulting losses. If verified, we have the right to refer you directly to judicial authorities and will not be liable for any adverse consequences to you. If you have previously used rented or purchased cards for transactions with a user, and those cards are later frozen by the police but the user assumes the cards are still valid and deposits money into them, you should actively cooperate to assist in the unfreezing process. If you refuse to fulfill this cooperation obligation, the platform has the right to deduct your margin as compensation to the affected user and will not be liable for any losses you incur as a result.
6. To implement identity verification, the platform may include links to third-party websites (such as online banking sites) (hereinafter referred to as “linked websites”). The linked websites are not controlled by the platform. We make no guarantees or commitments regarding any information, products, business, or other content on any third-party websites linked from our platform. If you use any services, information, or products provided by third-party websites, it is your personal decision, and you assume all responsibility for any consequences.
8. Other
(1) This agreement takes effect from the date of publication and will terminate when your merchant qualification is revoked and both parties have fulfilled their respective obligations under this agreement.
(2) If you have any questions about this agreement or have any complaints or opinions regarding the handling of this agreement, please contact us at: help@megabit.vip
(3) The final interpretation of this agreement is reserved by the platform.
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