Q: What is a Merchant Security Deposit? Why do I need to pay a security deposit?
A: In order to ensure the stable development of the platform while safeguarding the legitimate rights and interests of both parties to the transaction, KuCoin merchants are now required to pay a deposit before they can place orders on the KuCoin P2P market.
This essentially distinguishes merchants from users as well as provides merchants with faster and better services on the platform. However, if the merchant has forged receipts, payment records, and/or recovered funds, etc., the official customer service representative of the platform will make a judgment based on the known facts and existing rules, record it in the credit information, and deduct the corresponding amount.
Q: When is the security deposit frozen?
A: When the merchant submits their application, the system will verify and freeze their aforementioned security deposit. So, make sure to deposit enough money into your savings account. Otherwise, the application will not be submitted if the funds for the deposit are found to be lacking. The security deposit will continue to be frozen during the merchant’s operation.
Q: When will the security deposit be unfrozen?
A: When the merchant withdraws, the deposit will be refunded for orders without disputes within 7 days. However, if the merchant has been found to be part of illegal or criminal acts or other violations of the platform’s regulations, the platform has the right to deduct a portion or all of their margin assets.
Q: Can I apply for the fiat currency market in a country/region that does not have identity authentication?
A: In principle, KuCoin does not accept merchant applications from all countries/regions. If a merchant can provide reasonable supporting materials and prove that they have sufficient financial strength in the applied fiat currency market, the platform will review it as appropriate.