The Toobit P2P Terms and Conditions (the "Terms") govern your access to and use of peer-to-peer trading services (the "Service") provided by Toobit ("Toobit", "Platform", "we", "our", or "us").
Before using the Service, please read the Terms carefully. Digital asset prices are highly volatile and may fluctuate significantly before and after a transaction is completed. Toobit does not provide investment advice, and you are solely responsible for your trading decisions.
By accessing or using the Service, you ("you", "your", as the "User" ) acknowledge that you have read, understood, and agree to be bound by the Terms, as well as other applicable Toobit terms, including but not limited to the Toobit User Agreement, Privacy Policy, and platform rules.
1. Relationship to other terms and amendments
1.1 Supplementary Terms: The Terms supplement the Toobit User Agreement. In the event of any inconsistency, the Terms shall prevail with respect to the Service.
1.2 Amendments: Toobit may amend the Terms at any time in response to legal or business changes. The updated version will become effective upon publication. Your continued use of the Service constitutes acceptance of the revised terms.
2. Definitions
P2P services: Technology services from Toobit enable users to trade digital assets directly with one another using fiat currency.
Advertisement (Ad): A listing published by a user offering to buy or sell digital assets, including price, limits, payment methods, and time requirements.
Maker / Advertiser: A user who publishes an ad on the platform.
Taker: A user who accepts an ad and creates an order.
Order: A transaction agreement is formed when an ad is accepted.
Escrow: A mechanism under which the seller's digital assets are temporarily locked by the platform until the transaction is completed.
Digital assets: Cryptocurrencies or blockchain-based assets supported by Toobit.
3. Eligibility
You must meet the following requirements to use the Service:
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Be at least 18 years old or of legal age in your jurisdiction;
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Complete identity verification (KYC) as required by the platform;
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Use payment accounts (e.g., bank accounts or e-wallets) that are registered under the same name as your verified Toobit account;
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Have full legal capacity and the ability to assume legal responsibility;
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Comply with all applicable laws and regulations.Toobit may restrict or terminate access if you are located in a prohibited jurisdiction.
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Claw-back rights: Toobit reserves the right to recover, reclaim, or offset any assets in your account if assets are incorrectly credited due to system errors, fraud, or other issues.
4. Roles and responsibilities
4.1 Platform role: Toobit acts solely as a technology platform providing listing, matching, and escrow services. Toobit is not a party to any transaction and does not process fiat payments.
4.2 Buyer responsibilities:
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Complete payment within the specified payment window using your own verified account;
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Pay the full order amount, including any transfer fees;
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Do not include sensitive terms (e.g., "BTC", "Bitcoin", "Toobit") in payment notes.
4.3 Seller responsibilities:
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Release assets only after confirming receipt of full payment;
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Once released, the transaction is final and irreversible;
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The seller may reject payments made from accounts not matching the buyer's verified name.
5. Advertisements
Advertisers may publish ads that include:
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Asset type
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Pricing method
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Order limits
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Payment methods
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Payment time limits
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Additional terms
Advertisers must ensure all information is accurate and compliant.
Toobit reserves the right to remove or restrict any non-compliant ads.
6. Orders and transaction process
When an ad is accepted:
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An order is created;
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The seller's assets are locked in escrow;
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The buyer completes payment within the time limit;
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The seller confirms receipt and releases the assets.
Orders may be canceled automatically if payment is not completed on time.
7. Payment methods
Fiat payments are conducted through third-party payment providers (e.g., bank transfers or e-wallets).
Users must:
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Use payment accounts consistent with their verified identity;
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Use only the payment methods specified in the ad.
Toobit does not process or control fiat payments.
Any third-party fees are borne by users unless otherwise agreed.
8. Escrow mechanism
Toobit provides an escrow service to secure transactions.
When an order is created:
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Seller's assets are locked in escrow;
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Buyer completes payment;
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Seller confirms receipt;
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Upon confirmation, the platform releases the digital assets to the buyer.
In case of disputes, asset release may be determined based on the appeal outcome.
Releasing assets before confirming payment may result in loss of funds.
9. Disputes and Appeals
If a dispute arises:
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Users should first resolve the issue via order chat;
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If unresolved, submit an appeal.
Toobit may review:
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Payment proof
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Chat records
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Transaction history
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Account information
Decisions are made based on reasonable judgment of available evidence. Toobit is not liable for losses arising from dispute resolutions.
10. Fees
Toobit may charge fees for certain Service, including:
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Advertising fees
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Transaction fees
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Other service fees
Fees are subject to change and will be announced on the platform.
11. Prohibited conduct
Users must not:
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Engage in fraud;
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Use third-party payment accounts;
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Manipulate market prices;
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Harass or threaten other users;
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Use misleading usernames (e.g., "Toobit", "Official", "Customer service");
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Share personal contact details to induce off-platform trading.
Violations may result in account restrictions, suspension, or termination.
12. Compliance and AML
Toobit complies with applicable AML and CTF regulations and may:
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Monitor transactions;
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Require additional verification;
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Report suspicious activities.
Accounts involved in illegal activity may be restricted or terminated.
13. Account restrictions and termination
If a user violates the Terms or poses a security risk, Toobit reserves the right to:
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Restrict account functions;
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Suspend or terminate services;
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Freeze assets during investigations.
14. Governing law
Terms shall be governed by the laws of the jurisdiction where Toobit operates.
15. Risk Disclosure
P2P trading involves risks, including but not limited to:
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Counterparty default
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Payment fraud
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Market price volatility
Disclaimer
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Digital asset prices are volatile. Toobit does not provide investment advice. You are solely responsible for assessing whether trading or holding digital assets is appropriate for you in light of your financial situation.
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Toobit is not liable for service interruptions caused by force majeure events (e.g., natural disasters, war, cyberattacks, government actions).
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Toobit is not responsible for losses caused by third-party payment failures or delays.
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For professional advice, please consult your legal, tax, or financial advisor and ensure compliance with local laws.
