BananaCrystal P2P Terms Of Use
A. BananaCrystal Peer-to-Peer (BananaCrystal P2P)
By subscribing to BananaCrystal Peer-to-Peer available on BananaCrystal.com or such other URL as may be designated by BananaCrystal from time to time, as well as any mobile apps or other related services or applications thereto (“BananaCrystal P2P”), you acknowledge that you have read, understood and accepted all of the terms and conditions in these Peer-to-Peer Product Terms (“P2P Terms”), and you acknowledge and agree that you will be bound by and will comply with these P2P Terms. If you do not understand and accept these P2P Terms in their entirety, you should not subscribe.
B. Overview of BananaCrystal P2P
1. BananaCrystal P2P is a platform that allows users to directly trade Digital Assets with other users. You may trade on BananaCrystal P2P to buy or sell Digital Assets as a Seller or a Buyer.
a. As a Seller, you may publish an offer on BananaCrystal P2P to buy or sell Digital Assets (“Advertisement”). An Advertisement includes the amount of Digital Assets that you would like to trade, the price that you would like to trade for your Digital Assets, the Order Limit, the payment method that you would like to use, the Payment Window and other applicable terms and conditions for your offer. In consideration for the use of BananaCrystal P2P, we may charge Seller fees as set out on our P2P Fee Structure page. We may adjust the fees at our sole discretion from time to time.
b. As a Buyer, you may place an Order to an Advertisement previously published by indicating the amount of Digital Assets that you would like to trade. As a Buyer, 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 Seller. In consideration for the use of BananaCrystal P2P, we may charge Buyer fees as set out on our Fee Structure page. We may adjust the fees at our sole discretion from time to time.
2. You may either be a Buyer or a Seller of Digital Assets on BananaCrystal P2P regardless of whether you are acting as a Seller or a Buyer.
3. We may require you to satisfy certain eligibility criteria to be able to publish an Advertisement on BananaCrystal P2P, as may be amended by BananaCrystal from time to time.
4. You understand and agree that placing an Order to an Advertisement on BananaCrystal P2P represents your acceptance of the offer published in that Advertisement and constitutes a promise to trade Digital Assets. In such a case, BananaCrystal locks the amount of Digital 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 Digital Assets. You understand that the locked amount of Digital Assets cannot be used in any way whatsoever unless the Order is canceled or the Digital Assets are released to the Buyer upon confirmation of the Fiat Currency transfer by both the Buyer and the Seller.
5. BananaCrystal is not a party to any transaction that you may enter into on BananaCrystal P2P as you will be directly trading with other users. BananaCrystal does not have any control whatsoever over the trading amount, price, payment method, Order Limit, Payment Window and terms and conditions of each Advertisement as they are entirely set by the Seller at its own discretion. BananaCrystal only facilitates the transactions entered into on BananaCrystal P2P as described in Article 4 above.
6. Experienced users with frequent trading activity on BananaCrystal P2P and a high Order completion rate may submit an application to become a verified merchant (“Verified Merchant”) and benefit from certain advantages when trading on BananaCrystal P2P, such as higher levels of trading limits, lower fees, more advanced trading tools and availability of their Advertisements in P2P Express as described in Section E below. BananaCrystal has sole discretion in determining the criteria and requirements applicable for Verified Merchants, which may vary depending on location, and reserves the right to refuse applications depending on the market conditions or other relevant factors. Depending on your location, you may be also eligible to sign-up for additional categories of Verified Merchants such as a P2Pro Merchant, reserved to Verified Merchants that hold advanced qualifications to provide a professional Digital Assets exchange service (such as holders of local Digital Assets exchange licenses, operators of payment gateways), Block Merchants, reserved to Verified Merchants that have a high volume order on average and satisfy certain liquidity requirements, among others, who can trade large amounts of Digital Assets or Cash Merchants (see Section 14 below). You may be required to agree to additional terms to be able to complete your registration as a Verified Merchant or for other categories of Verified Merchant if available in your location.
C. Choice of Payment Method
7. Payment methods available on BananaCrystal P2P are displayed as options available to users to perform the Fiat Currency transfer in consideration of the trade of the Digital Assets. Unless expressly provided otherwise, BananaCrystal does not have any form of relationship with the payment methods listed on BananaCrystal P2P. Availability of a payment method on BananaCrystal P2P shall not be construed as a recommendation, vetting or endorsement by BananaCrystal.
8. To be able to trade on BananaCrystal P2P, each Seller must indicate one or multiple payment method(s) for their Advertisements, which must be a payment method available in BananaCrystal P2P and each Buyer placing an Order to such Advertisement must agree to use one of the payment method(s) indicated by the Seller for the Fiat Currency transfer to be completed in consideration of the trade of the Digital Assets.
9. Each party trading on BananaCrystal P2P must have a payment method with an account owner name that is identical to the name appearing on their BananaCrystal Account, as confirmed 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 BananaCrystal Account. BananaCrystal reserves the right to suspend or terminate your access to BananaCrystal 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 BananaCrystal Account.
10. You understand and agree that by placing an Order to an Advertisement on BananaCrystal P2P either as a Buyer or a Seller, you authorize BananaCrystal to display your username/ merchant name and share your full name as confirmed in the identity verification process of your BananaCrystal Account with the counterparty user that you are trading with.
11. If you are a Buyer, you are required to make the Fiat Currency transfer in consideration of such Digital Assets after placing an Order within the Payment Window indicated in the Advertisement. The Fiat Currency to be transferred to the Seller will not be deducted by BananaCrystal, you are solely responsible for making the transfer yourself outside of BananaCrystal P2P, using one of the 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 BananaCrystal P2P in case you repetitively cancel Orders after placing them or in case your Orders are repetitively getting canceled automatically due to your failure to make Fiat Currency transfer within the Payment Window.
12. If you are a Seller, you are solely responsible for verifying the Fiat Currency transfer made by the Buyer in consideration of the Digital Assets and for providing instruction to BananaCrystal to release the Digital Assets for which an Order was placed. To release such Digital 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 Digital Assets within fifteen (15) minutes, and in any case within a reasonable period of time 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 BananaCrystal to release Digital 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 Digital 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, unless otherwise required by law. 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 BananaCrystal P2P, you should not release the Digital Assets and make a refund of any Fiat Currency that you may have received. You may lose access to all or part of BananaCrystal P2P in case you repetitively fail to confirm release of Digital Assets in a timely manner despite receipt of the Fiat Currency transfer from the Buyer.
13. By trading on BananaCrystal 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 Digital Assets, unless the Seller has explicitly agreed to bear such additional fees or costs. Therefore, the Fiat Currency to be transferred by the Buyer as consideration of the traded Digital 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 (if the Seller is the Seller) or provide the Buyer the proof of such Transfer Fees in prior (if the Seller is the Buyer).
14. Depending on your location and the value of the Digital Assets that you would like to trade on BananaCrystal P2P, you may be able to do the Fiat Currency transfer in cash or you may be able to submit an application to post Advertisements where the Payment Method is set as cash (“Cash Merchant”). You may need to agree to additional terms and conditions to become a Cash Merchant. You understand and agree that by choosing to make the Fiat Currency transfer in cash may expose you to unpredictable security risks, such as robbery and counterfeit bills. In case the offender is a BananaCrystal verified user, we will block withdrawals and services for the BananaCrystal Account of such user, however, BananaCrystal is not liable in any way whatsoever (including but not limited to, liability in contract, tort including negligence, misrepresentation, restitution or otherwise) for any losses, damages, loss of profits, loss of sales or business, loss of agreements or contracts, loss of anticipated savings, loss of or damage to goodwill and indirect or consequential loss that may result from these risks. You must contact your local law enforcement authorities to protect your legal rights and interests and seek compensation from the offender.
D. T+1 / T+2 Withdrawal Waiting Period
15. You may be subject to a waiting period between 24 to 48 hours to withdraw the Digital Assets that you purchased on BananaCrystal P2P in case you have been trading with certain Fiat Currencies, as may be determined by BananaCrystal in its sole discretion. The waiting period shall start upon the release of the Digital Assets to you. Any other trading activity you may perform with your BananaCrystal Account will not be affected during the withdrawal waiting period.
E. P2P Express
16. P2P Express allows Buyers to directly place an Order by indicating the amount of Fiat Currency or Digital Assets they would like to trade on BananaCrystal P2P and their preferred payment method. The Orders placed using P2P Express will be automatically matched with existing Advertisements posted on BananaCrystal P2P by Verified Merchants, based on the best available price.
You understand and agree that by using P2P Express, you allow BananaCrystal to choose for you the Advertisement offering the best available price for your preferred payment method, you will not have access to all Advertisements published on BananaCrystal P2P and you will not have the possibility to select the Advertisement for which you will place an Order.
F. Appeal Procedure
17. As BananaCrystal is not a party to the Digital Assets trade between the Buyer and the Seller, BananaCrystal 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.
18. However, in case of a conflict during a trade on BananaCrystal P2P that the parties cannot solve by directly contacting each other through the Chat Service made available by BananaCrystal, BananaCrystal offers both parties the opportunity to file an appeal. You understand and agree that the appeal mechanism offered by BananaCrystal is not a representation, undertaking, or guarantee from BananaCrystal in any way whatsoever to resolve the disputes between the parties and has the sole purpose of offering a mediation channel to the users.
BananaCrystal reserves the right to suspend or terminate access to BananaCrystal P2P for users who are uncooperative during the appeal process. You may lose access to all or part of BananaCrystal P2P in case an Advertisement that you have posted has multiple ongoing appeals.
19. BananaCrystal 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 BananaCrystal on a case-by-case basis.
G. Ratings, usernames and Communications between users
20. After completing a Digital Asset trade on BananaCrystal 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 BananaCrystal P2P and this may affect whether or not they decide to trade with you. You can see your current rating on BananaCrystal P2P.
You may lose access to all or part of BananaCrystal P2P if your rating is below the acceptable level of rating to be determined by BananaCrystal 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.
21. You shall not include the name “BananaCrystal”, names of any banks, payment service providers or any other wordings that may be misleading or sensitive in your username.
22. 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 BananaCrystal P2P.
23. In using BananaCrystal P2P, you may view content or utilize services provided by third parties, including hyperlinks to the third parties’ websites and services of such parties (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.
H. Suspicious Trading Behaviour
24. You acknowledge that our decision to take certain actions, including limiting, suspending, or terminating your access to BananaCrystal 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 BananaCrystal is under no obligation to disclose the details of its risk management and security procedures to you.
25. We will restore your access to BananaCrystal 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.
26. You acknowledge that we reserve the right to disclose your contact details to any Regulatory Authority if we reasonably suspect that your BananaCrystal Account is being used for any illegal, fraudulent or unauthorized activity.
I. Risk Disclosure
27. Digital Assets prices can be volatile. These fluctuations may affect the value of Digital Assets you buy or sell on BananaCrystal 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 BananaCrystal is not liable for any losses you may incur.
28. You agree that, if any balances or other amounts are incorrectly or erroneously transferred (as detected by BananaCrystal in our reasonable discretion) or alleged to have been incorrectly or erroneously transferred, to your account via a P2P transaction, and/or if there are any fraudulent activities in connection with the relevant transaction, we reserve the sole right to claw-back or reverse any such balance, amount, or transaction (in each case in our reasonable discretion and subject to any mandatory provisions of any applicable laws).
J. General Terms
29. All terms and references used in these P2P Terms and which are defined and construed in the BananaCrystal Terms of Use (the “Terms of Use”), but are not defined or construed in these P2P Terms, shall have the same meaning and construction in these P2P Terms.
30. These P2P Terms are to be read together with the Terms of Use. 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 of Use.
K. Definitions
“Seller” means a user publishing an Advertisement. A Seller may be also referred to as a “Maker” from time to time.
“Advertisement” means an offer published on BananaCrystal P2P that includes the amount of Digital Assets that the user would like to trade, the price for such Digital Assets, the payment method that the user would like to use when trading, the Order Limit, the Payment Window and other applicable terms and conditions for the offer as determined by the user publishing the offer.
“Buyer” means a user trading on BananaCrystal P2P to purchase Digital Assets, either as a Seller or a Buyer.
“Cash Merchant” has the meaning given to it in clause 14.
“Order” means a promised trade of Digital Assets on BananaCrystal P2P that the Seller and the Buyer 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.
“Order Limit” means the minimum and maximum amount of Digital Assets or Fiat Currency that Buyers can trade in a single Order, as determined in a specific Advertisement by the Seller.
“P2P Terms” means these Peer-to-Peer Product Terms and Conditions.
“Payment Window” means the time period set by the Seller within which the Fiat Currency transfer in consideration of the Digital Assets should take place.
“Seller” means a user trading on BananaCrystal P2P to sell Digital Assets, either as a Seller or a Buyer.
“Buyer” means a user who places an Order to an Advertisement previously published by a Seller.
“Third Party Content” has the meaning given to it in clause 23.
“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.
“Verified Merchant” has the meaning given to it in clause 6.