Crypto Transaction Regulations

Transaction Regulations

Notice to BUYER:
  • 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.
  • Should there be 3 canceled orders, the buyer will be barred from buying digital assets in a single day.
  • Should there be 3 canceled orders, the buyer will be barred from buying digital assets in a single day.
  • If the seller didn’t provide the accept payment method, the buyer was got cancellation record. Finally, the buyer was barred due to this, please contact customer service team to release the restriction.
  • 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.
  • 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.
  • 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.
  • If the seller can provide proof that money has not been receive, in the meanwhile, the buyer can't be contacted more than 24 hours while the order is under complaint. Customer service will release the coin to the seller. 
  • 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.
  • Please check the seller's acceptable payment methods are accurate and transfer money to the exact beneficiary account of the seller. The buyer needs to hold all the possible risks if transferring money to an account that is not stated in the seller’s trade terms.
  • 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.
  • 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.
  • 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, Lumentrades OTC has the final jurisdiction. For malicious freezing orders, malicious payment, transaction fraud and other acts, Lumentrades OTC can choose to freeze OTC accounts, if necessary, to assist the judiciary to deal with.

Notice to SELLER:
  • 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.
  • 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.
  • 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
  • Please carefully check the payment information is consistent with the real-name information of the buyer. Should there be any complaints towards inconsistent payment information, the seller can refuse the transaction.
  • 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.
  • If there be any complaint, the buyer can provide sufficient transaction evidence, and the seller can't be contacted by our customer service team within 24 hours, we will release the digital assets to the buyer directly. The seller needs to hold all the possible risks of loss. If the buyer can't be contacted by our customer service team, we will release the digital assets in 30 days since order has been complaint.
  • Please ensure you can process orders in time before posting Advertisement. Recommend to cancel the advertisements when go offline or unable to timely process the order, to avoid unnecessary complaint.
  • 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, Lumentrades OTC has the final jurisdiction. For malicious freezing orders, malicious payment, transaction fraud, and other acts, Lumentrades 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 Lumentrades OTC.

  • To post an advertisement, you must maintain a minimum total asset equivalent to 0.01 BTC and complete kyc verification.
  • 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.
  • Should there be 3 canceled buying orders, the maker will be barred from buying digital assets in a single day.
  • But if a buying Advertisement has 5 or more unprocessed orders and will be automatically hidden in the list, will display when only 2 unprocessed orders.
  • Please carefully check the payment information is consistent with the real-name information of the taker in the selling order.
  • Please ask the buyer to negotiate how to share the transaction fee while anyone of you chooses Paypal or other third-party payment methods. If no negotiation is made before payment, the order will be processed normally.
  • If Paypal or bank is investigating the transaction, please cooperate with the Maker to complete the transaction.
  • 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 Lumentrades OTC cannot accept the corresponding complaint.
  • If you being MAKER as an ordinary user, the maximum coin you can trade is: 10BTC/100ETH/100,000USDT/10,000EOS
  • If you being MAKER as a verified merchant, there is not maximum coin for fully verified merchant
Notice to TAKER:

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

  • 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
  • Ask the owner of the beneficiary account prove the relationship between him and the user.
  • Lumentrades OTC is entitled to restrict transfer and withdrawal function of such accounts according to risk control rules.
  • Lumentrades 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.