In order to improve security and trading experience of OTC trading, MXC hereby rolls out "OTC Green Diamond Marchant" program, under which MXC will select certified merchants and ensure their compliance of rigorous standard. If user's assets are being frozen due to issues by the certified merchant, MXC and the certified merchants will make up for the users with certain amount.
I. The Difinition of Green Dimond Merchant Service
OTC Green Diamond Merchant service means that certain amount will be compensated to users whose assets has been frozen with reasons attributed to the certified merchant of MXC OTC platform. Green Diamond OTC Merchant refers to the selected OTC merchant that has passed the assessment as per the standards specified in the text below. There will be a conspicuous green diamond mark under the profile photo of the certified merchant. Users can select them at their sole discretion.
II. Terms of Certification for Green Diamond Merchant
Only the OTC merchants that meet all the following terms are valid to apply for the Green Diamond Merchant.
1. Being one of the MXC OTC merchants;
2. Locked 20,000 USDT insurance deposit on MXC OTC Platform;
3. No complaint lodged by users on collection account frozen due to reasons attributed to the merchant for half a year before submitting the application.
4. No violations of the MXC OTC Merchant Management Method in one month before submitting the application.
5. Agreeing to accept the rules specified in the announcement and their restrictions.
6. Meeting other terms required by MXC OTC.
III. Application of Green Diamond Merchant
Merchants that meet the terms specified above and complete insurance asset deposit as per the specified methods and ways can apply to be the Green Diamond Merchant. MXC will add green diamond mark beside the merchant the profile photo within 1 workday if the merchant's application passes review.
IV. Compensation Standard and Terms of Compensation of Green Diamond Service
Compensation amount: MXC and the certified merchant will together compensate 5% of the frozen order of the user, with a highest compensation cap of 50,000 MX
Terms of Compensation:
1. There shall be judicial justification that the frozen of user's colletion account is directly due to the payment of the order by the certified merchant.
2. The judicial authority issues acquisition request to MXC platform for a user's order record where the payment party is the MXC OTC Green Diomand Merchant;
3. MXC verified that the payment account of the merchant is frozen by the same judicial authority for half a year and above;
4. There are other collection accounts of users paid by the certified merchant being frozen for half a year or above by the same judicial authority during the same period;
5. Other evidence that able to prove the collection account being frozen for half a year or above is due to the payment of the order by the certified merchant.
MXC will compensate for the users that meet two or more terms hereof and the final judgement are made by MXC that the user's frozen account is indeed due to the payment of the order by the merchant provided that the certified merchant fails to unfreeze the user's frozen account in 30 days after MXC makes the final judgment. And the compensation will arrive in the user's account in 3 workdays after the expiry of the 30 days aforesaid.
V. The Compensation Process for Green Diamond Merchant Service
1. The seller reports to the platform if his fund collection account of the card was frozen.
2. The seller checks the freeze periods with the account opening institution of the collection account. If the freeze period s between 48 and 96 hours, he should check the status of the collection account after 48-96 hours.
3. Re-verify and confirm that the collection account has been frozen for more than half a year, and submit to the platform a certificate that the judicial authority confirms that the card will be frozen for at least six months.
4. The platform confirms whether it is caused by the merchant's payment behavior according to the second clause.
5. If it is caused by the merchant’s payment behavior and the frozen status of the sellers’ collection account can not be unfrozen within 6 months, the platform notifies the merchant to pay the compensation to the seller. If not, the platform notifies the seller that there is no compensation.
6. If the merchant refuses to pay, the platform will deduct the deposit from the merchant’s margin to the seller until the deposit is deducted fully.
The Additional Conditions of Compensation for Green Diamond Merchant Service
1. The freezing of the collection account before this announcement
2. Failure to submit written feedback to the MXC platform for more than 10 days from the date of freezing of the collection account
IV. The Green Diamond Merchant Service Termination
1. The merchant should submit the application to the MXC OTC platform to terminate the green diamond merchant services in advance. After approval by the platform, the U-SHIELD service can be terminated. The margin will be lifted after the liability for the compensation provided for in these rules is fulfilled.
2. The merchant’s margin should be replenished within 3days after the compensation is deducted. If not, it will no longer be qualified for the green diamond merchant. The MXC OTC will cancel its green diamond logo.
3. If an order that has executed before the termination date of the green diamond merchant service is deemed to require payment but not paid, it shall continue to be fulfilled in accordance with the provisions of this rule. Otherwise, no compensation will be paid.
4.Merchants who have terminated their green diamond merchant service qualifications can apply for green diamond merchant service qualification again after one month passed since the end of the green diamond merchant service.
The final interpretation right of these rules belongs to the MXC OTC platform.