About OTC Trading on the AAX Platform
4.7.1. You may apply for approval as Certified OTC Merchant. You agree to provide information and/or identity documentation for advanced KYC verification in relation to approval as Certified OTC Merchant on the AAX Platform and warrant that such information provided by you is truthful and accurate and documents provided are genuine and not fraudulent.
4.7.2. AAX has sole discretion to approve or reject applications for Certified OTC Merchant.
4.7.3. You agree to maintain applicable amount of VFA in your AAX Wallet and agree to authorize AAX to block VFA for the purposes of security deposit in accordance with Clause 5 below for the posting of Purchase or Sale Advertisements on AAX OTC Platform.
4.7.4. After activation of your OTC Merchant Account, you may proceed to post Sale or Purchase Advertisements in accordance with this OTC Merchant Terms and directly communicate, negotiate and place or execute Orders for Trades with OTC Clients.
4.7.5. Once Sale or Purchase Advertisements are posted, you agree to be accessible and respond to queries from OTC Clients. If you are not available, you agree to cancel or suspend your Advertisements failing which Orders may be executed and the applicable VFA will be placed in escrow and blocked for trading and will only be released on acceptance of the trade or resolution of the dispute on the AAX Platform.
4.7.6. You agree to use 'real time' remittance methods such as Alipay, WeChat Pay or real time remittance offered by banks for payment in relation to Trades. You agree to complete Orders in accordance with timeframe for such real-time remittance in relation to Trades.
4.7.7. You agree to maintain applicable VFA balance in your AAX Wallet and authorize AAX to freeze and place the applicable VFA in escrow for the processing of an executed Order in relation to an Advertisement. Such VFA placed in escrow shall not be available for trading on the AAX Platform.
4.7.8. You may as far as possible avoid accepting payments from third parties or payment from accounts not in the name of Certified OTC Merchant, OTC Client or User on AAX Platform. In the event of a mismatch in name or inconsistencies between User Account names and name of the payment account holder, you shall have the right to withhold transfer of VFA to the Purchaser for 72 hours and you may ask the OTC Client to provide Identity documentation and video KYC to prove that the source of funds or VFA are legal. In the event that the OTC Client fails to provide proof of identity and video KYC, you may choose to refund the payment to the OTC Client and notify AAX at email@example.com
If you accept third party payments from remittance account that is not in the OTC Client name, causing the payment account of another person to be frozen, AAX shall investigate the source of the mismatch between the name of the bank account and the OTC Client and shall have the right to directly freeze the Certified OTC Merchant Account and cancel Sale Advertisements posted by the Certified OTC Merchant.
4.7.9. You agree and accept that it is your sole responsibility to verify and check if the payment amount received from the Certified OTC Merchant or OTC Client matches the amount in accordance with the executed Order prior to releasing VFA. AAX shall not be liable for shortfall for payment received if you have failed to check the payment amount prior to releasing VFA to OTC Client.
4.7.11. You shall agree to indemnify AAX and hold us harmless for any losses suffered by AAX as a result of any regulatory action suffered by AAX on account of failure to follow these OTC Merchant Terms.
4.7.12. AAX does not automatically match orders or guarantee Trades on AAX OTC Trading Platform. Certified OTC Merchants and OTC Clients are expected to make their own decision to negotiate and execute OTC trades in accordance with information and terms specified on the Advertisements and OTC Merchant Terms.
4.7.13. AAX reserves the right to place limits on Your 'buy' or 'sell' Orders or temporarily suspend Sale or Purchase Advertisements in the event of frequent order cancellations or unpaid orders over a certain daily threshold.
4.7.14. AAX is not a counterparty to Trades executed on the OTC Platform and shall not supervise OTC Trades on AAX OTC Trading Platform. OTC Clients are required to make their own decision to place Orders and execute Trades with Certified OTC Merchant after viewing information on the Certified OTC Merchants profile such as trades executed, ratings or conditions for listed on the Advertisement.