Thank you for using PayPH service. PayPH, as an over-the-counter trading and payment service platform, aims for service users to exchange their local and digital currencies with being applied to multiple industry scenarios. The platform allows users to complete a new crypto currency (such as PHPT) purchase order or a crypto currency sale order at our guided price. Using the services of this platform stands for your recognition and consent on the terms and conditions of this agreement. In the case if you do not agree to these terms of service as well as their modifications, please do not use this platform.
Using the platform or our services will be deemed as your irrevocable agreement to these terms and conditions.
Please note that you are expected to visit this page regularly referring to the revision and modification of these terms of service. Please review the current terms of service before conducting business. Your continued use of the site will be considered as acceptance of any revised content.
Nevertheless, we will try our best to notify you of any changes to these terms of service as well as the significant impact of these terms on your rights and obligations. Your account can only be used by yourself. The platform will not be responsible for any property loss caused by your lending the account to others. You are responsible for maintaining proper security and controlling all accounts, passwords, or any other codes or credentials you use to access the service. You may not sell, borrow, share or even provide any necessary details to other persons or entities for the access to your account.
Your account must not contain misleading or fraudulent information, including but not limited to possessing a non-personal phone number, forging false reputation information for your account, forging your country of origin, or providing fraudulent identification documents and other supporting documents.
You may be required to complete your identity verification at any time or may be required to submit additional identity certificates and other supporting documents to us when we deem it necessary. Failure to complete the identity verification will be considered a violation of this agreement.
This service is only applicable to users aged 18 or above. Accessing or using our service represents your statement and guarantee that you are at least 18 years old and have not been deprived of the right to apply this service, as well as that you are not on any trade or economic sanctions list, such as the UN Security Council sanctions list, nor are you restricted or prohibited from participating in any type of transaction by the European Union, Hong Kong monetary authority, Hong Kong customs, overseas assets control office of the U.S. Department of the treasury and other administrative and law enforcement agencies.
Our service is not available in all countries or regions, as a result, you are not allowed to use our service in the condition of not meeting these requirements.
Digital assets, as known as virtual financial assets, convertible virtual currencies, cryptocurrencies, virtual currencies, digital currencies or digital commodities, includes USDT (BEP20), PHPT (BEP20) on Binance Smart Chain, USDT (TRC20) on Tron, etc., which are based on the cryptographic protocol of the computer network. The protocol can be (I) Centralized or decentralized, (II) closed or open source, and (III) used as a medium of exchange and/or value storage. Digital currency relies on blockchain technology and the system, exposing it to security shocks, such as computer system hacking. Moreover, any currency-related assets will face the risk of collapse of the economic system.
You need to understand and agree that our services are provided in accordance with the current technology and conditions. Although we have tried our best to ensure the continuity and security of our services, we can not fully foresee and prevent the possible service interruption, data loss and other losses and risks due to legal, technical and other risks, including but not limited to force majeure, viruses, trojans, hacker attacks, system instability, third-party service defects, government actions and other reasons. We will not be liable for damages if the system platform fails to operate normally due to the above conditions and thus making users unable to use the services.
With a registered account, you can create cryptocurrency (such as PHPT, USDT) to buy or sell. The system will help you match a corresponding counter party to start Crypto Currency OTC trading.
Creating a cryptocurrency transaction means that you agree and accept the user agreement of this site and accept the instant price.
After the order is successfully matched, the price of the digital currency is locked, and no additional fees can be changed or increased in this transaction.
You must complete the payment in accordance with the valid payment details provided by the P2P platform. The platform is not responsible for transaction disputes arising from payment channels other than the payment methods provided by the P2P transaction system.
PayPH undertakes the role of escrow throughout the whole transaction until the seller confirms that the full payment has been received.
According to our requirements, when there is a transaction dispute, the buyer needs to provide proof of payment within 48 hours, including the serial number of transfer. Where there is reason to believe that the buyer is engaging in fraudulent activities, we can provide the buyer's information to the seller to recover funds and prevent or detect fraudulent activities. The extent of information disclosure is based on what we believe is necessary to achieve the above purpose, including but not limited to the buyer's contact information, login and transaction records and/or any details and records, and the buyer's identity verification measures.
If there is a dispute between the buyer and the seller in the transaction, either party can resolve it through the PayPH customer service staff. You irrevocably authorize PayPH to release the disputed digital currency to the buyer based on the payment evidence of the transaction terms, the user's reputation, and the relevant provisions of the privacy policy.
The automatic cancellation of the order caused by the buyer’s failure of operation will be deemed as the cancellation without disputes, overturn or change.
Providing fraudulent information or documents in a dispute, or making a claim in a false manner, or otherwise attempting to force the transaction in favor of itself shall be deemed a breach of this agreement. If we find that your account creates a risk of fraud that puts PayPH or our customers at risk, we will temporarily restrict your account's use and service rights, and in serious cases, even permanently suspend your account service.
In addition, we have the right to suspend, restrict or terminate the use of your account at our discretion when:
1. We have reason to believe that the service you use violates local laws or regulations, or you use the service in a fraudulent manner, or violate the purpose of this agreement;
2. We have reason to believe that you have provided false, misleading or deceptive information when you register, verify your identity, trade or use any service on this platform;
Any applicable laws, regulations or orders issued by competent authorities.
We provide you with non-financial institution payment service, a digital asset transfer service entrusted by you to collect and pay on your behalf; collection and payment service refers to the service we provide for you to collect or pay on your behalf.
You can receive payment for digital assets from others by our collection and payment service. Specifically, it refers to the whole process from the time when you entrust us to recharge your digital assets in other blockchain wallets to your PayPH account or entrust us to collect the payment for digital assets paid by a third party to your PayPH account or your other wallet account according to your instructions.
You can make payment to the third party designated by you through the payment service. Specifically, it refers to the whole process from the time when the payment is paid out from the PayPH account designated by you to the PayPH account or blockchain account of a third party according to the instructions given by you or the authorized party; or the whole process from the time when you entrust us to transfer your digital assets in PayPH to your or someone else’s blockchain account according to this agreement or from the time you entrusted us to collect the relevant funds and charge them to your PayPH account, to the time when you entrust us to record all or part of the above funds to the PayPH account or blockchain account of a third party according to the instructions given by you or the authorized party.
After you send us an instruction to collect and pay on your behalf, the instruction is irrevocable without legal procedures or in accordance with this agreement.
PayPH is not a bank or other centralized financial institution. The fund transfer involved in this agreement is realized through blockchain. You accept the reasonable time of fund transfer during the transfer.
Based on the relevant laws and regulations, we are unable to provide guarantee and advance funds for the services under this agreement.
We will manage the money you entrust us to collect or pay for us in strict accordance with the laws and regulations or the regulatory requirements of the competent authorities. We draw your attention to the fact that the digital asset balance recorded in the PayPH account is different from your own legal currency deposit and is not protected by the “deposit insurance regulations”. It is actually the value of the prepaid digital asset that you entrust us to keep and whose ownership belongs to you.
Due to the centralization and decentralization of PayPH digital asset wallet, we promise that the digital currency of users in PayPH escrow account shall be regarded as the user's property, and the acquisition of this property interest can also be guaranteed by the grant of inheritance right. Before canceling the account, the balance of funds in the account must be 0. If the account holder dies, the relevant heirs of the account holder can provide corresponding certificates to apply to PayPH to withdraw the account balance. The specific requirements for providing certificates are as follows:
Testamentary successor:
1. The will of the account holder;
2. Scanned copies of the front and back of the original identity document of the applicant's country or region;
3. The applicant's letter of commitment (testamentary inheritance);
4. The death certificate of the account holder; if the amount in the account is greater than or equal to us$5,000, valid legal documents (such as court judgments) need to be provided, and no death certificate is required.
The above 1 and 2 are applicable to, but not limited to:
We are exempt from responsibility if we are unable to provide services normally due to the following reasons:
Notwithstanding the provisions of the preceding paragraph, we will take reasonable actions to actively promote the normalization of services.
The validity, interpretation, modification, execution and dispute resolution of this agreement shall be governed by the Federal Law of the UAE and the Law of the Emirate of Dubai. Disputes arising from this agreement shall be dealt with in accordance with the laws of the Emirate of Dubai and shall be under the jurisdiction of the people's court where the defendant is domiciled.