I. What Is a Verified P2P Merchant?
A Verified P2P Merchant is a user who has successfully passed the platform’s review process and obtained verified merchant status. Verified merchants can post ads in the P2P marketplace and trade digital assets with other users.
Compared to regular users, verified P2P merchants typically have the following advantages and responsibilities:
- They can post buy and sell ads to increase visibility and improve trading efficiency.
- They are required to provide a security deposit to ensure transaction security and fulfillment capability.
- They must comply with the platform’s merchant policies and service standards.
- They assume greater responsibilities during transactions, including timely asset release and professional communication.
To apply for verified merchant status, you must first complete Identity Verification (KYC) and meet the relevant eligibility requirements.
How to complete KYC verification:
II. Security Deposit
When applying to become a Verified P2P Merchant, you are required to complete the security deposit as prompted by the platform. This deposit is used to ensure transaction security and order fulfillment.
- Deposit Requirement: All verified P2P merchants are required to lock 5,000 USDT as a security deposit. During the verification period, this deposit will remain locked and cannot be used or withdrawn.
- Deposit Release: After your verified merchant status is deactivated, if no disputes arise within the specified period, the security deposit will be automatically released and refunded to your account.
III. Application Process
- Go to the P2P Merchant Application page and fill in your personal information, contact details, and required documents.
- Carefully read and agree to the P2P Ad Posting Agreement before submitting your application.
- After submission, Hotcoin will review your application within 72 hours.
- During the review process, please ensure your phone and email are accessible. The platform may conduct a video call for additional identity verification if necessary.
IV. Required Documents
Please prepare the following documents in advance to ensure a smooth application process:
1. Basic Information
- Full name (must match your identity verification details)
2. Contact Information
- Mobile phone number
- Email address
3. Proof of Identity
- A photo of you holding your ID along with the current date
- One of the following valid documents: household register, driver’s license, or passport
4. Proof of Address
- Utility bill, rental agreement, or property ownership certificate (must clearly show your name and address)
5. Proof of Assets
- A recent bank statement (issued within the last 1–3 months is recommended.
6. Emergency Contact Information
- Emergency contact name and contact details
V. Notes
- All submitted documents must be authentic, complete, and clearly legible.
- If the submitted information does not meet the requirements, the review process may be delayed or the application may be rejected.
- The platform reserves the right to request additional documents or conduct further verification as necessary.
- Do not submit false information, as it may result in restrictions on your account.
VI. Review Result
- Once approved, you will obtain Verified P2P Merchant status and be able to post ads and trade on the platform.
- If your application is not approved, you may revise your information based on the instructions and resubmit your application.
VII. How to Deactivate Verified Merchant Status
- Contact Hotcoin online support to submit a request to deactivate your verified merchant status.
- Ensure all ads have been removed and there are no ongoing or pending orders.
- Once your request is reviewed and approved, your verified merchant status will be deactivated.
- If no disputes arise within 14 business days, your security deposit will be automatically released and refunded to your account.
