Seller Policy
OKX-SHOP E-Commerce Platform Store Opening Terms and Conditions
Welcome to settle in OKX-SHOP E-Commerce Platform (hereinafter referred to as the "Platform") and become a cooperating merchant of the Platform. To standardize the operational order of the Platform, protect the legitimate rights and interests of merchants, consumers and the Platform, and clarify the core obligations and relevant rules of merchants during settlement and operation, these terms and conditions are specially formulated. Please read all the contents of these terms and conditions carefully before completing the store registration and settlement procedures. Your completion of registration and settlement procedures means that you voluntarily accept all the agreements of these terms and conditions, abide by the relevant operational rules of the Platform voluntarily. If you do not agree to any part of these terms and conditions, please do not carry out any settlement or operation-related operations.
1. General Provisions
1.1 These terms and conditions apply to all merchants (hereinafter referred to as "Merchants") who register, settle in and carry out business activities on the OKX-SHOP Platform. They are the core agreement between the Merchant and the Platform regarding store operation, and have the same legal effect as other operational rules and agreements of the Platform. If there is any inconsistency between these terms and conditions and other rules of the Platform, these terms and conditions shall prevail; matters not explicitly stipulated in these terms and conditions shall be subject to other relevant rules of the Platform.
1.2 The Merchant shall ensure that it possesses legitimate business qualifications (including but not limited to business licenses, relevant industry licenses, etc.), ensure that all submitted settlement materials are true, legal, accurate and valid. If the materials are changed, the Merchant shall submit an update application to the Platform in a timely manner. Otherwise, all resulting liabilities shall be borne by the Merchant itself, and the Platform has the right to suspend or terminate the Merchant's operation authority.
1.3 The Merchant shall carry out business activities in good faith, strictly abide by relevant national laws and regulations and Platform rules, shall not engage in illegal and irregular acts such as false transactions, fraud against consumers, and illegal operation, and consciously maintain the Platform's image and market order.
2. Core Business Rules
2.1 Account and Real-Name Registration Rules
- When registering an OKX-SHOP store, the Merchant must complete the Platform real-name registration, which requires providing true and valid personal identity information (including but not limited to name, ID number, contact information, etc.), to ensure that the identity information is consistent with the actual situation.
- Each natural person may only register one OKX-SHOP store and shall not register multiple stores repeatedly.Only one OKX-SHOP merchant can be associated with a single OKX wallet account.. If the Platform detects repeated registration, it will directly reject the registration application or ban the registered store.
- The real-name of the store must be exactly the same as the real-name of the OKX wallet bound by the Merchant, and there shall be no inconsistency, typos, homophones or forged information. If any problem such as abnormal fund access and transaction dispute handling failure is caused by the inconsistency of the name, all losses shall be borne by the Merchant itself; the Platform has the right to freeze the store according to the actual situation and require the Merchant to complete the real-name information verification and correction.
2.2 Order Processing Rules
After receiving the orders submitted by Platform users (hereinafter referred to as "Customers"), the Merchant shall complete all relevant processing operations of order review, confirmation, stock preparation, etc. within 24 hours (including but not limited to checking order information, confirming inventory, contacting customers to confirm delivery details, etc.). If the Merchant fails to process the order within the above time limit, it shall be deemed a breach of contract by the Merchant, and the Customer has the right to file a complaint with the Platform. The Platform will take disposal measures such as warning, deducting points, and restricting store traffic against the Merchant according to the complaint situation and relevant rules, and all losses caused to the Customer shall be borne entirely by the Merchant.
If the Merchant receives a valid complaint from the Customer and the breach of contract is established, the Platform will lock the store. The Merchant must pay the deposit of the amount specified by the Platform before applying to unlock the store. The unlocking procedure shall be handled in accordance with the official guidelines of the Platform. If the Merchant receives a valid complaint again after the store is unlocked, the Platform will increase the penalty intensity, including but not limited to raising the deposit amount, extending the store locking period, and restricting the store's operation authority. If the Merchant receives valid complaints for multiple times (the specific number shall be subject to the relevant rules of the Platform), the Platform has the right to directly close the store and not refund the paid deposit and the remaining funds in the store account, and all resulting losses shall be borne by the Merchant itself.
2.3 Fund Access and Withdrawal Rules
- When the Merchant carries out fund deposit and withdrawal operations on the Platform, it must go through the Platform's manual review process. The review time is 1-180 minutes (the specific review time may fluctuate according to the daily fund access/withdrawal volume, operation time period and other factors). Please arrange fund operations reasonably, wait patiently for the review result, and the Platform will process the fund arrival and transfer immediately after the review is completed. The normal waiting caused by manual review shall not be deemed a breach of contract by the Platform, and the Merchant shall not refuse to perform business obligations or claim compensation from the Platform on this basis.
- The Merchant shall ensure the legality and compliance of fund access and withdrawal operations. If any problem such as review failure, fund failure to arrive or transfer is caused by the Merchant's own reasons (including but not limited to providing false account information, illegal fund sources, account information leakage, etc.), all relevant losses shall be borne by the Merchant itself, and the Platform has the right to suspend the Merchant's fund operation authority and pursue relevant liabilities of the Merchant.
- Withdrawal Time Regulation: The time for the Merchant to initiate withdrawal operations must strictly follow UK time 7:00-17:00 (excluding holidays and temporary suspension periods announced by the Platform). Withdrawal applications initiated beyond this time period will be deferred to the next UK time 7:00 for processing. The resulting waiting time shall not be deemed a review delay of the Platform, and all relevant liabilities and losses shall be borne by the Merchant itself.
- Withdrawal Fee Regulation: When the Merchant withdraws store funds, the Platform will deduct a handling fee of 3% of the withdrawn amount. The handling fee will be directly deducted from the withdrawn amount, and the remaining amount after deduction will be transferred to the OKX wallet bound by the Merchant or the designated account. The actual received amount shall be subject to the amount after deducting the handling fee by the Platform, and the Merchant shall not raise any objection or claim against the deduction of the handling fee.
- Payment Arrival Time Regulation: The payment arrival time for the Merchant is 5 days (120 hours), calculated from the date when the Merchant processes the order. If there are special circumstances (including but not limited to order disputes, system failures, fund review abnormalities, etc.), the payment may be delayed. The Merchant can contact the Platform's manual customer service to check the payment arrival progress and apply for assistance. The Platform will feedback and handle it in a timely manner according to the actual situation.
2.4 Store Operation Term and Closure Rules
After the Merchant completes the store registration and settlement, the minimum operation term is 31 days (calculated from the date when the store is approved and officially granted the operation authority). If the Merchant actively applies to close the store when the actual operation term is less than 31 days, it shall pay a fine to the Platform, and the fine amount is 20% of the total funds in the store account (including but not limited to payment for goods, deposit, balance, etc.).
The fine must be paid in full within 3 working days after the Merchant submits the store closure application; if the Merchant fails to pay the fine on time, the Platform has the right to freeze the store account funds to deduct the corresponding fine, and the insufficient part has the right to recover from the Merchant. If the Merchant applies to close the store after the operation term of 31 days, the store closure procedure shall be handled in accordance with the Platform's rules without paying the fine stipulated in this clause.
2.5 Personal Fund Safety Liability Rules
- The Merchant shall properly keep all information related to fund and account safety such as store login account, payment password, mobile phone verification code, and OKX wallet key by itself. It shall not rent, lend, transfer the account, password, key to any third party, nor carry out store operations or fund management operations on non-Platform official devices (including but not limited to unknown public computers, mobile phones with malicious software implanted, etc.).
- The Merchant shall independently prevent risks such as phishing websites, fraud information, and malicious links, and must not disclose personal identity information, account information, fund information, etc. to any third party. If fund theft, fraud, loss or account abnormality is caused by the Merchant's own negligence, information leakage, illegal operations, etc., all liabilities and losses shall be borne by the Merchant itself, and the Platform shall not bear any compensation or liability.
- The Merchant shall regularly conduct safety inspections on the store account and OKX wallet, and take safety protection measures such as changing passwords and enabling two-factor authentication in a timely manner. If the Merchant fails to take necessary safety protection measures, resulting in account safety risks and fund losses, all liabilities shall be borne by the Merchant itself.
- If the Merchant finds any account abnormality (including but not limited to remote login, abnormal fund changes, unfamiliar operation records, etc.), it shall immediately contact the Platform's official customer service channel for processing. If the Merchant fails to detect or report in a timely manner, resulting in expanded fund losses, the expanded part of the losses shall be borne by the Merchant itself.
- The Platform only provides technical support and review services for e-commerce operation and fund transactions, and does not assume guarantee liability for the Merchant's fund safety. Except for the fund losses caused by the Platform's intentional or gross negligence, the Platform shall not bear any compensation liability, and the Merchant shall not file a claim, complaint or litigation against the Platform due to fund safety issues.
3. Other Supplementary Rules
3.1 The Merchant shall be fully responsible for all operations under the store account. If any transaction disputes, fund losses, Platform penalties, etc. are caused by improper account management, information leakage, etc., all shall be borne by the Merchant itself.
3.2 The Platform has the right to modify and update these terms and conditions according to the changes of UK national laws and regulations and the operational needs of the Platform. The modified terms and conditions will be notified to the Merchant through the Platform merchant background, internal letter, etc. If the Merchant does not raise any objection within 3 days from the date of receiving the notification, it shall be deemed to have accepted the modified terms and conditions; if the Merchant does not accept the modified terms and conditions, it may apply to close the store and go through the store closure procedures in accordance with clause 2.4 of these terms and conditions.
3.3 During the business operation, the Merchant shall strictly abide by relevant laws and regulations such as the UK E-Commerce Act, protect consumers' legitimate rights and interests such as the right to know, right to choose, and fair transaction right, shall not sell fake and shoddy, expired, unqualified goods, and shall not conduct false propaganda, price fraud and other acts. Otherwise, the Platform has the right to take disposal measures such as removing goods, closing the store, deducting the deposit, and shall be transferred to the relevant law enforcement departments for handling if the circumstances are serious.
3.4 If the Merchant's illegal operation causes losses to the Platform (including but not limited to fines, compensation, reputation losses, administrative penalties, etc.), the Platform has the right to recover from the Merchant, and the Merchant shall bear all compensation liabilities.
4. Supplementary Provisions
4.1 These terms and conditions shall take effect on the date when the Merchant completes the store registration and settlement approval, and shall terminate when the store is officially closed and all relevant matters are handled completely.
4.2 Any dispute arising between the Merchant and the Platform regarding these terms and conditions shall be resolved through friendly negotiation first; if the negotiation fails, either party has the right to file a lawsuit with the people's court having jurisdiction over the place where the Platform is located.
4.3 Matters not covered by these terms and conditions shall be implemented in accordance with the relevant operational rules, supplementary agreements of the Platform and relevant UK laws and regulations.
OKX-SHOP E-Commerce Platform
Last updated date: October 8, 2023
Contact Info
- Address: 12 Marina Boulevard, #19-02, Marina Bay Financial Centre Tower 3, Singapore 018982
- Phone: +447947096818
- Email: Onlinestore@okx.com
