P2P Trading Regulations

Issuance date: 20/08/2025

This regulation applies to all ONFA P2P users who have completed KYC and are not located in restricted jurisdictions.

Objective: To create a secure, transparent, and fair trading environment.

I. General Provisions & Legal Compliance

Users are required to complete KYC and comply with AML/CFT regulations.
Users are solely responsible for complying with local laws and tax obligations.
Do not transact outside the ONFA platform. ONFA is not liable for any risks arising from off-platform transactions.
Do not use multiple accounts to manipulate transactions.
Offensive language, spam, and fraud are prohibited.
All forms of brokering or inducing transactions off ONFA are prohibited. Violations may result in suspension or account closure.
Using multiple accounts, bots, or automated tools to manipulate prices, create false liquidity, or distort the market is prohibited.
Users must behave civilly; insulting, threatening, spamming, disseminating false information, or harming the reputation of ONFA or other users is prohibited.
ONFA reserves the right to monitor and review P2P transactions to detect, prevent, and address violations.

Read the advertisement terms carefully before placing an order.
Advertisements must be clear, transparent, and not misleading.
The payment method must match what is stated in the advertisement.
Buyers bear fees charged by banks/payment providers (unless otherwise agreed).
It is recommended to use a payment method that displays the payer's name for easier verification.

Pay the exact amount and within the prescribed time; after transferring, click "Paid."
Use an account name that matches the KYC name on ONFA.
Do not click "Paid" before transferring funds.
If payment has been made but the seller does not release funds → contact the seller directly, then file a complaint if necessary.
Buyers who violate the rules → may have P2P privileges frozen or restricted.
A buyer who cancels or has three transactions canceled by sellers in one day will be suspended from P2P services for 72 hours.

The receiving payment account must match the KYC name on ONFA.
After receiving the full payment → release the asset within 15 minutes.
Do not request customer support to cancel an order without the buyer's consent.
The price in the matched order is final and not subject to renegotiation.
If fees are incurred from third parties, provide clear supporting documentation.
Sellers who violate the rules → may have their accounts restricted or closed.

Order canceled but payment made → ONFA will contact the seller to request a refund.
Payment exceeding the order amount → ONFA will assist in contacting the seller to refund the excess; if the seller refuses, the buyer bears the risk.
Seller does not release funds → ONFA may manually release if the buyer proves payment.
Seller deliberately forces price changes → ONFA will intervene and may manually release funds.
Buyer includes sensitive notes → buyer bears any refund fees.

Buyer clicks "Paid" without transferring funds → ONFA may cancel the order; repeated offenses may result in P2P suspension.
Payment account name does not match KYC → order canceled and buyer is suspended from P2P.
Insufficient payment → buyer must transfer the remaining amount; if the buyer refuses, the seller should refund the funds.
Seller releases funds before receiving payment → the seller assumes the risk.

Advertisements must comply with quantity limits and price differentials as regulated.
Do not insert links or off-platform information into advertisements.
Enable the [Require additional documents] filter when mandatory.
Failure to respond to complaints or having a low completion rate → may result in disqualification.
Receiving many negative responses or manipulating the market → permanent disqualification.
Respond to complaints promptly and cooperate fully in resolution.

Ensure transaction safety and provide compensation in cases where a merchant causes damage.

Has a dispute but does not cooperate. "Non-cooperation" may include failing to respond to complaints, not providing evidence when requested, or deliberately delaying dispute resolution.
Manipulates prices, commits fraud, or provides third-party accounts. This includes placing fake orders to manipulate prices, advertising inaccurate values, or providing incorrect information about payment methods.
Has a payment account frozen without timely reporting.

Participates in money laundering/fraud: Includes conducting transactions that show signs of illegal financial activity or being flagged by authorities or banking partners.
Makes payments that cause multiple user accounts to be frozen. When the system records numerous transactions that lead to the blocking of users' bank accounts.
Provides forged documents during verification. "Forged documents" include providing false information during KYC or during dispute resolution.

Processed within 14–45 working days if all criteria are met and regulations are complied with.

ONFA is not a party to P2P transactions and only provides an intermediary platform.
Users are responsible for the legality and risks of their transactions.
ONFA reserves the right to intervene in disputes but is not obligated to compensate for resulting losses.
Users must cooperate by providing information and evidence when ONFA assists in dispute resolution; ONFA only provides support within the scope of the platform.

Last updated 19 days ago

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