Transaction Regulations
(CNY Transactions Excluded)
Notice to BUYER:
  1. Please complete payment timely and click “I’ve paid”. If the buyer cancels the order or the order is canceled due to timeout, the buyer will get one cancellation record.
  2. Should there be 3 canceled orders, the buyer will be barred from buying digital assets in a single day.
  3. If the seller didn’t provide the accept payment method, the buyer Will get a cancellation record. And if a buyer was barred due to this, please contact customer service team to release the restriction.
  4. If the order cancelled due to the buyer not clicking the “I’ve paid” button after completing payment,  the seller is entitled to complete the order or cancel it after the refund.
  5. DO NOT CLICK “I’ve paid” if payment is uncompleted since this is considered as a malicious act. Should there be any complaints towards malicious confirmation of payment, the seller can refuse the transaction.  If the circumstances are grave, we will freeze the buyer’s account.
  6. Should there be any complaint due to the payment is uncompleted in 10 minutes and the buyer can't be connected, the seller can cancel the order.
  7. If the seller can provide proof that money have not been received, while the buyer can't be contacted for more than 24 hours while the order is still under complaint. VNEX OTC customer service will release the coin to the seller.
  8. Please complete payment by using your own beneficiary account. If you use others’ beneficiary account for payment, the seller is entitled to cancel the transaction after refund.
  9. Please check and confirm if the seller's accepted payment methods are accurate before transferring money to the exact beneficiary account of the seller. the buyer will bear all the possible risk if money is transferred to an account that is not stated in the seller's trade terms.
  10. Digital assets corresponding to pending orders will be locked, waiting for buyer's payment and then seller's release. If no digital assets are received 5 minutes after the buyer pays the order and clicks  “I’ve paid”, the buyer can click “Complaint” and our customer support team will intervene to judge this complaint case.
  11. If the buyer pays the order someone else beneficiary account, the seller is entitled to:
    • Ask the buyer and the owner of the beneficiary account to hold their ID cards or passports for video KYC so as to prove the legitimacy of the funds
    • Cancel the order after the refund.
    • The seller has right to hold digital assets for 72 hours. After 72 hours, the seller shall decide to release the digital assets or refund.
  12. Please DO NOT mention some words like BTC/Bitcoin/USDT during the payment, otherwise, the seller is entitled to cancel the transaction after refund.

Note: For trading disputes, VNEX OTC has the final jurisdiction. For malicious freezing orders, malicious payment, transaction fraud and other acts, VNEX OTC can choose to freeze OTC accounts, if necessary, to assist the judiciary to deal with.

Notice to SELLER:
  1. Please double check you want to sell digital assets at the selling price after setting it. Should there be any complaints arising from price issues, we will judge that the buyer has the owner right of the assets and then transfer them to the buyer.
  2. If the order canceled due to the buyer doesn’t click the “I’ve paid” button after completing payment,  the seller is entitled to completing the order or cancel it after the refund.
  3. If no payment is received 5 minutes after the buyer clicks “I’ve paid”, the seller can click “Complaint” for further processing. If the buyer clicks the “I’ve paid” button before completing payment, or seller can’t receive the payment in 2 hours, or buyer cancels the order after payment completed, the seller is entitled to cancel the transaction after the refund
  4. Please carefully check if the name on the payment information corresponds with the real-name of the buyer. should there be any complaints towards inconsistent payment information, the seller can refuse the transaction.
  5. After checking the payment on net banking, please release the digital assets as soon as you receive the payment. If the seller doesn't release within 30 minutes after the buyer clicked the “I’ve paid” button, should there be any complaints,  the buyer is entitled to cancel the transaction. If the seller refuses to cooperate, we will release the digital assets to the buyer directly and freeze the seller's OTC account.
  6. If any payment complaint arise between the buyer & the seller, the buyer will need to provide sufficient transaction evidence & if the seller can't be contacted within 24 hours, we will release the digital asset to the buyer & all possible risk or loss will be on the seller.
    But if the buyer can't be contacted by our customer service team, we will release the digital assets back to the seller after 30 days of no complaints from the buyer in question.
  7. As a seller, Please ensure that you can process orders in time before posting any sell advertisement. It is highly recommended that you cancel any advertisements when going offline or if you are unable to timely process the order, so as to avoid unnecessary complaint.
  8. If the buyer pays the order with others’ beneficiary account, the seller is entitled to:
    • Ask the buyer and the owner of the beneficiary account to hold their ID cards or passports for video KYC so as to prove the legitimacy of the funds
    • Cancel the order after the refund.
    • The seller has right to hold digital assets for 72 hours. After 72 hours, the seller shall decide to release the digital assets or refund.

Note: For trading disputes, VNEX OTC has the final jurisdiction. For malicious freezing orders, malicious payment, transaction fraud, and other acts, VNEX OTC can choose to freeze OTC accounts, if necessary, to assist the judiciary to deal with.

Notice to MAKER:

Definition of the maker: Makers are users who post buy/sell advertisements on VNEX OTC.

  1. To post an advertisement, you must maintain a minimum total asset equivalent to 0.01 BTC and complete the real-name verification.
  2. Please cancel the advertisements when go offline or unable to timely process the order, to avoid unnecessary complaint. Such Advertisements will be processed normally if they are placed by the taker.
  3. Should there be 3 canceled buying orders, the maker will be barred from buying digital assets for 24 hours.
  4. But if a buying Advertisement has 5 or more unprocessed orders it will be automatically hidden in the list,& will display when only 2 unprocessed orders is remaining.
  5. Please carefully check if the name in the payment information is the same with the real-name of the taker in the selling order.
  6. Please ask the buyer & the seller to negotiate how to share the transaction fee in case if anyone of you chooses Paypal or other third-party payment methods. If no negotiation is made before payment, the order will be processed normally.
  7. If Paypal or bank is investigating the transaction, please cooperate with the Maker to complete the transaction.
  8. Paypal or other third-party payment methods, some banks support refund after transfer.  In order to prevent the buyer malicious refund of payment, when using the corresponding payment methods, please do KYC well before paying with the buyer to avoid your losses. If there is a corresponding loss, please understand VNEX OTC cannot accept the corresponding complaint.
  9. If you being MAKER as an ordinary user, the maximum coin you can trade is: 10BTC/100ETH/100,000USDT/10,000EOS/5000HT/100,000HUSD
  10. If you being MAKER as a verified merchant, the maximum coin you can trade is: 50BTC / 1000ETH / 200,000USDT / 200,000HUSD / 100,000EOS / 100,000HT
Notice to TAKER:

If the user (maker&taker) pays the order with others’ beneficiary account, VNEX OTC is entitled to:

  1. Ask the owner of the beneficiary account to hold their ID cards or passports for video KYC so as to prove the legitimacy of the funds
  2. Ask the owner of the beneficiary account to prove the relationship between him and the user.
  3. VNEX OTC is entitled to restrict transfer and withdrawal function of such accounts according to risk control rules.
  4. VNEX OTC is entitled to restrict some functions of such accounts forever if doesn't receive any sufficient evidence by account user or the owner of the beneficiary account.

The content of the rules will be optimized in real time according to the operation situation. Please pay attention to the update of the content.

The minimum amount for each single local currency order:

Local Currency Ordinary Trade Block Trade
CNY 100 100000
USD 15 15000
SGD 20 20000
INR 1000 1000000
VND 350000 300000000
CAD 20 20000
AUD 20 20000
KRW 15000 15000000
CHF 15 15000
TWD 500 500000
RUB 1000 1000000
GBP 10 10000
HKD 100 100000
EUR 10 10000
NGN 5000 5000000
IDR 200000 200000000
PHP 1000 800000
KHR 60000 60000000
MYR 50 50000

The maximum amount for each verification level:

Local Currency C0: Real name Verification Incomplete
(accumulation)
C1: Real name Verification Completed
(single/accumulation)
C2: Advanced Verification Completed
CNY 0 2000/10000
USD 1000
SGD 1000
INR 70000
VND 20000000
CAD 1000
AUD 1000
KRW 1000000
CHF 1000
TWD 30000
RUB 60000
GBP 1000
HKD 8000
EUR 1000
MYR 3000