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, Gate Blue v and Crown merchants are now required to pay a deposit before they can place orders on the Gate P2P market. This essentially distinguishes verified merchants from users as well as provides verified 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, please 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 staff will review it within 1-5 working days after submitting the withdrawal application. The deposit will be returned to the spot account 9 calendar days after the review is passed. During the review period, merchants cannot publish advertisements. 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. Check the withdrawal process.
