MGBX Platform C2C Merchant Management Regulations

Merchant Service Agreement

This Merchant Service Agreement (hereinafter referred to as "this Agreement") is entered into by and between MGBX (hereinafter referred to as "the Platform" or "We") and merchants on the Platform (hereinafter referred to as "You").

By applying for or using the advertisement publishing privileges through the Platform’s website, API (if applicable), or mobile application interfaces, you acknowledge that you have carefully read, understood, and voluntarily accepted this Agreement, as well as all relevant rules, announcements, and any modifications, amendments, or changes made by the Platform at any time. This also includes any new rules or systems that may be introduced in the future (collectively referred to as "this Agreement"). If you do not agree to the terms of this Agreement or any subsequent amendments, you must immediately cease using the merchant services and actively request the termination of your merchant qualification from the Platform.

Important Notice

In addition to complying with this Agreement, merchants must also abide by all rules and announcements periodically updated by the Platform. If you disagree with any of these rules, you must immediately stop applying for merchant services. If you have already started using merchant services, you must cease usage immediately and actively request the termination of your merchant qualification.

This Agreement takes effect from the date of publication and will be subject to modifications or enhancements as needed. Any updated regulations will take effect upon publication. If there is any inconsistency between this Agreement and any subsequently published rules by the Platform, the newly published rules shall prevail.

Merchants operate as independent trading entities from the Platform. Although merchants gain advertising privileges after passing Platform verification and depositing a security bond, this does not imply a 100% trust guarantee nor does it establish any guarantee relationship between the Platform and the merchant. The Platform does not endorse merchant credibility or take responsibility for any violations of Platform rules by merchants. Furthermore, we assume no legal liability for any negative consequences resulting from a merchant’s actions.

Merchants must ensure that the services used under this Agreement are for lawful purposes only. The use of the Platform or its privileges for illegal activities such as money laundering, smuggling, commercial bribery, malicious market manipulation, or interference with trading systems is strictly prohibited. If a merchant is found to be in violation of these rules, the Platform reserves the right to impose multiple penalties, including but not limited to account restrictions, freezing, revocation of merchant qualification, forfeiture of the security deposit, and reporting to law enforcement agencies. The Platform is not liable for any losses incurred by the merchant or related third parties due to such violations.

Chapter 1: General

To ensure fairness, security, and user rights in C2C transactions on the MGBX Platform, and to regulate merchant behavior, these regulations have been formulated with reference to industry-leading platform rules and the Platform’s actual operations. All C2C merchants must strictly comply with these regulations, and violators will be penalized accordingly.

This Agreement applies to the following categories of users, collectively referred to as "merchants":

1. Merchants who have successfully applied for certification through the Platform, including both regular and certified merchants, and have officially obtained advertising privileges.
2. Merchants who have submitted a security deposit to the Platform but whose certification materials are still under review and have not yet been approved.
3. Merchants who have voluntarily applied for qualification termination but whose certification is still under review, with their security deposit remaining in the Platform’s account.

Chapter 2: Merchant Entry Standards

Qualification Requirements

• Businesses/Individuals must complete advanced verification (businesses must submit a business license and legal representative’s ID; individuals must submit an ID and bank card information).
• Accounts must complete KYC verification at an advanced level or higher.
• No record of violations on the Platform or other financial service platforms.

Security Deposit System

• Basic Deposit:
  • Individual merchants: 3,000 USDT (initial deposit, subject to adjustment based on transaction volume).
• The deposit must be frozen in the Platform account and will be refunded within 30 days upon exit, provided there are no disputes.

Application Process

1. Submit an application email
2. Complete the required information
3. Pay the security deposit
4. Await verification
5. Receive verification feedback (within 3 business days)

Email Requirements:

• Subject: MGBX Merchant Application
• Content: MGBX account UID, TELEGRAM contact information, WeChat contact information
• Attachments: Trading volume data for the past three months
• Official Email Address: help@mgbx.com

Merchant Voluntary Termination

If a merchant wishes to terminate their certification for personal reasons, they must submit a written termination request to the Platform. Upon receipt of the request, the Platform will process the termination within seven (7) business days, provided that the merchant has no unresolved disputes or negative records. The security deposit will then be transferred to the merchant’s operational account.

Chapter 3: Transaction Conduct Guidelines

Order Response

• Merchants must process orders within 5 minutes after order verification or user payment. Exceeding this limit three (3) times per month will result in a 24-hour advertisement suspension.
• Orders must be released within 15 minutes after payment confirmation. Delays will result in a 0.1% penalty per minute, capped at 10% of the order amount.

Pricing & Advertisements

• Quoted prices must be within a reasonable market range; price manipulation (deviation beyond ±5% of the market average) is prohibited.
• Advertisements must explicitly specify payment methods, limits, and trading hours. False advertising will result in immediate removal and a 10% security deposit penalty.

Dispute Resolution

• Merchants must respond to user complaints within 2 hours and provide transaction proof (e.g., bank receipts, on-chain records) within 24 hours.
• If a merchant is found liable, they must fully refund the user and compensate for any losses, deducted from the security deposit.

Chapter 4: Violations & Penalties

1. A tiered penalty system applies based on the severity of the violation.

Chapter 5: Appeals & Supervision

• Merchants may submit an appeal within 7 days of a penalty, and the Platform will review and respond within 48 hours.
• The Platform reserves the right to assign a comprehensive merchant rating (1-5 stars). Merchants with a rating below 3.5 may face disqualification.

Merchant Rating Criteria:

1. Order processing efficiency
2. Compliance with market pricing rules
3. Order fulfillment rate

Supplementary Provisions

• These rules will be dynamically adjusted based on market changes, with any modifications announced 7 days in advance.
• The final interpretation rights of these regulations belong to the MGBX Platform.

Note: Specific numerical values may be adjusted based on Platform development stages, risk tolerance, and regional regulations. It is recommended to adopt a low-deposit + strict regulation strategy in the early stages to attract high-quality merchants, with gradual optimization over time.

For any questions, feel free to contact the MGBX Official Support Team.

MGBX Team
March 14, 2025

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