PEER-TO-PEER (P2P)

idax Limited Liability Company (Registration number: 6803016) is an authorized Virtual Asset Service Provider ("VASP") in accordance with Resolution No.504 dated September 21, 2022 of the Financial Regulatory Commission of Mongolia, under the Law on Virtual asset service provider.

1. idax PEER-TO-PEER (IDAX P2P) TRADE

1.1. By subscribing to idax Peer-to-Peer available at https://........................... as well as mobile apps or other related services or applications thereto (“idax P2P”), you acknowledge that you have read, understood and accepted all of the terms and conditions in these Peer-to-Peer Terms of Use (“P2P Terms”), and you agree that you will be bound by and comply with it.

1.2. If you do not understand and do not want to accept these P2P Terms in their entirety, you should not subscribe.

2. DEFINITIONS

2.1. “Advertiser” means a User publishing an Advertisement. An Advertiser may be also referred to as a “Maker” from time to time.

2.2. “Advertisement” means an offer published on idax P2P that includes the amount of Virtual Assets that the User would like to trade, the price for such Virtual Assets, the payment method that the User would like to use when trading, the Order Limit and other applicable terms and conditions for the offer as determined by the User publishing the offer.

2.3. “Buyer” means a User trading on idax P2P to purchase Virtual Assets, either as an Advertiser or a Taker.

2.4. “Order” means a promised trade of Virtual Assets on idax P2P that the Advertiser and the Taker have agreed upon based on the terms and conditions listed in the relevant Advertisement. An Order represents an acceptance of the offer to trade published in an Advertisement.

2.5. “Order Limit” means the minimum and maximum amount of Virtual Asset or Fiat Currency that Takers can trade in a single Order, as determined in a specific Advertisement by the Advertiser.

2.6. “Payment section” means the time period set by the Advertiser within which the Fiat Currency transfer in consideration of the Virtual Assets should take place.

2.7. “Seller” means a User trading on idax P2P to sell Virtual Assets, either as an Advertiser or a Taker.

2.8. “Taker” means a User who places an Order to an Advertisement previously published by a Advertiser.

2.9. “Third Party Content” has the meaning ascribed to it in clause 7.4

2.10. “Transfer Fees” means the sum of all fees or charges imposed by the payment service provider of the payment method selected by the parties in consideration for the transfer of Fiat Currency from the Buyer to the Seller.

2.11. “Merchant” has the meaning ascribed to in clause 3.8

3. SERVICE TERMS OF IDAX P2P

3.1. idax P2P platform allows users to directly trade Virtual Assets with other Users. You may trade on idax P2P to buy or sell Virtual Assets as an Advertiser or a Taker.

3.2. As an Advertiser, you may publish an offer on idax P2P to buy or sell Virtual Assets (“Advertisement”). An Advertisement should include the amount of Virtual Assets that you would like to trade and the price, the Order Limit, the payment method that you would like to use, the Payment Time and other terms. In consideration for the use of idax P2P, we may charge Advertiser fees as set out on our Virtual assets service Terms of Condition. We may adjust the fees at our sole discretion from time to time.

3.3. As a Taker, you may place an Order to an Advertisement previously published by indicating the amount of Virtual Assets that you would like to trade. As a Taker, you must use a payment method supported by the Advertisement for which you are placing an Order and you must comply with the terms and conditions determined by the Advertiser. Unless expressly provided otherwise by idax, Takers are not subject to any fees when trading on idax P2P.

3.4. You may either be a Buyer or a Seller of Virtual Assets on idax P2P regardless of whether you are acting as an Advertiser or a Taker.

3.5. We may require you to satisfy certain eligibility criteria to be able to publish an Advertisement on idax P2P, as may be amended by idax from time to time.

3.6. You understand and agree that placing an Order to an Advertisement on idax P2P represents your acceptance of the offer published in that Advertisement and constitutes a promise to trade Virtual Assets. In such case, idax locks the amount of Virtual Assets indicated in the Order until both parties of the transaction confirm successful completion of the Fiat Currency transfer to be performed in consideration of the Virtual Assets. You understand that the locked amount of Virtual Assets cannot be used in any way whatsoever unless the Order is cancelled or the Virtual Assets are released to the Buyer upon confirmation of the Fiat Currency transfer by both the Buyer and the Seller.

3.7. idax is not a party to any transaction that you may enter into on idax P2P as you will be directly trading with other Users. idax does not have any control whatsoever over the trading amount, price, payment method, Order Limit, Payment Time and conditions of each Advertisement as they are entirely set by the Advertiser at its own discretion. idax only facilitates the transactions entered into on idax P2P as described in Article 1.5 above.

3.8. Experienced Users with frequent trading activity on idax P2P and a high Order completion rate may submit an application to become a Merchant and benefit from certain advantages when trading on idax P2P, such as higher levels of trading limits, lower fees, more advanced trading tools. idax has sole discretion in determining the criteria and requirements applicable for Merchants to verify.

4. PAYMENT METHOD

4.1. idax supports Fiat currency transfers for trading Virtual Assets according to the payment method available on idax P2P. idax does not have any form of relationship with the payment methods listed on idax P2P.

4.2. In order to trade on idax P2P, the Advertiser must use the payment method available on idax in Advertisement.

4.3. Each user trading on idax P2P must verify their payment account and the owner name that is identical to the name appearing on their idax Account, during the identity verification process. It is prohibited to use any payment method where the account owner name is not identical to the name appearing on your idax Account. idax reserves the right to suspend or terminate your access to idax P2P if it is identified that you used a payment method with an account owner name that is not identical to the name appearing on your idax Account.

4.4. You understand and agree that by placing an Order to an Advertisement on idax P2P either as a Buyer or a Seller, you authorize idax to display your username/ merchant name and share your full name as confirmed in the identity verification process of your idax Account with the counterparty User that you are trading with.

4.5. If you are a Buyer, you are required to make the Fiat Currency transfer in consideration of such Virtual Assets after placing an Order within the Payment Time indicated in the Advertisement. The Fiat Currency to be transferred to the Seller will not be deducted by idax, you are solely responsible for making the transfer yourself outside of idax P2P, using the selected payment methods indicated in the Advertisement. Once you complete the Fiat Currency transfer, you are required to confirm such transfer by clicking the “Transferred, notify seller” button. You may lose access to all or part of idax P2P in case you repetitively cancel Orders after placing them or in case your Orders are repetitively getting cancelled automatically due to your failure to make Fiat Currency transfer within the Payment Time.

4.6. If you are a Seller, you are solely responsible for verifying the Fiat Currency transfer made by the Buyer and for providing instruction to idax to release the Virtual Assets. To release such Virtual Assets, you should click “Confirm release” after you fully receive the Fiat Currency payment from the Buyer. We recommend you to confirm the release of Virtual Assets within fifteen (15) minutes upon receiving the Fiat Currency payment from the Buyer in full. By clicking “Confirm release” you are confirming that you successfully received the Fiat Currency transferred from the Buyer and you are instructing idax to release Virtual Assets held in escrow to the Buyer for completion of the Order. This action is final and cannot be reversed. To avoid financial loss, do not confirm release of the Virtual Assets under any circumstances before you ensure that you received from the Buyer the corresponding Fiat Currency in full. All payments are final upon completion. In case the account holder information of the Buyer that you see on the payment method through which the Fiat Currency transfer was made is inconsistent with the User’s verified identity information appearing on idax P2P, you should not release the Virtual Assets and make a refund of any Fiat Currency that you may have received.

4.7. By trading on idax P2P, the Buyer agrees to bear any Transfer Fees that may be charged by the respective payment service provider for the payment method selected by the parties for the Fiat Currency transfer to be made in consideration of the Virtual Assets. Therefore, the Fiat Currency to be transferred by the Buyer as consideration of the traded Virtual Assets must be inclusive of any Transfer Fees to ensure that the Seller receives the full Fiat Currency amount as appearing in the Order (e.g. if the order amount is 10,000 USD, and an additional 5 USD is charged by the payment service provider of the selected payment method, 10,005 USD should be paid by the Buyer, instead of 10,000 USD). In case such Transfer Fees are charged by the respective payment service provider to the Seller, the Seller should clearly disclose them in the Advertisement.

5. T+1 / T+2 WITHDRAWAL WAITING PERIOD

5.1. You may be subject to a waiting period between 24 to 48 hours to withdraw the Virtual Assets that you purchased on idax P2P in case you have been trading with certain Fiat Currencies, as may be determined by idax in its sole discretion. The waiting period shall start upon the release of the Virtual Assets to you. Any other trading activity you may perform with your idax Account will not be affected during the withdrawal waiting period.

6. APPEAL PROCEDURE

6.1. As idax is not a party to the Virtual Asset trade between the Buyer and the Seller, idax has neither the right nor the obligation to resolve any disputes between the Buyer and the Seller and is not liable for any loss you may incur in connection with a completed payment.

6.2. However, in case of a conflict during a trade on idax P2P that the parties cannot solve by directly contacting each other through the Chat Service made available by idax, idax offers both parties the opportunity to file an appeal. You understand and agree that the appeal mechanism offered by idax is not a representation, undertaking, or guarantee from idax in any way whatsoever to resolve the disputes between the parties and has the sole purpose of offering a mediation channel to the Users. idax reserves the right to suspend or terminate access to idax P2P for Users who are uncooperative during the appeal process. You may lose access to all or part of idax P2P in case an Advertisement that you have posted has multiple ongoing appeals.

6.3. idax hereby reserves the right of any final interpretations and judgments for the sanctioning of appeal cases. Reopening of appeals will be determined at the sole discretion of idax on a case-by-case basis.

7. RATINGS, USERNAMES AND COMMUNICATIONS BETWEEN USERS

7.1. After completing a Virtual Asset trade on idax P2P, you may be asked to rate and write feedback for the counterparty to share your experience. The rating and feedback mechanism intends to create a respectful, safe, and transparent environment for all Users. Your rating is visible to any User trading on idax P2P and this may affect whether or not they decide to trade with you. You can see your current rating on idax P2P. You may lose access to all or part of idax P2P if your rating is below the acceptable level of rating to be determined by Idax in its sole discretion. You will be notified in case your Account is subject to such restriction and we may share information that may help you improve your rating.

7.2. You shall not include the name “idax”, names of any banks, payment service providers or any other wordings that may be misleading or sensitive in your username.

7.3. You shall not share any personal information, social network details or other contact information in the terms and conditions for an Advertisement, when using the Chat Service or in any other way when trading with other Users on idax P2P.

7.4. In using idax P2P, you may view content or utilize services provided by third parties, including hyperlinks to the third party’s websites and services (the “Third Party Content''). We do not endorse, adopt or control any Third Party Content and will have no responsibility or liability for such Third Party Content whatsoever. Your dealings or correspondence with such third parties are solely between you and the third parties. We are not responsible or liable for any loss or damage of any sort incurred as a result of any such dealings and you understand that your usage of the Third Party Content, and your interactions with third parties’, is solely at your own risk.

8. SUSPICIOUS TRADING BEHAVIOR

8.1. You acknowledge that our decision to take certain actions, including limiting, suspending, or terminating your access to idax P2P may be based on confidential criteria that are essential to our risk management and security protocols, including but not limited to circumstances in which we are unable to provide you with information about the reasons for such limitation, suspension or termination, whilst an investigation is ongoing (by us and/or a third party such as the police). You agree that idax is under no obligation to disclose the details of its risk management and security procedures to you.

8.2. We will restore your access to idax P2P as soon as possible once the reasons for the suspension no longer exist. However, we are under no obligation to notify you if and when such suspension will be lifted.

9. RISK DISCLOSURE

9.1. Virtual Asset prices can be volatile. These fluctuations may affect the value of Virtual Assets you buy or sell on idax P2P, which may be lower or higher at the time of and after completion of the transaction. You are solely responsible for your investment decisions and idax is not liable for any losses you may incur.

10. OTHER TERMS

10.1. All terms and references used in these P2P Terms comply with the idax exchange Virtual Assets Terms of Service ("Terms and Conditions").

10.2. These P2P Terms are to be read together with the Terms and Condition. In the event of any conflict or inconsistency between these P2P Terms and the Terms of Use, the order of precedence in which the documents are to be read is first the P2P Terms and then the Terms and Condition.