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Fair exchange and anonymity are important requirements of e-commerce protocols. We have formally analyzed an e-commerce protocol, which is claimed to satisfy the two requirements. The protocol, together with the intruder, has been modeled as an OTS, a kind of transition system. Then the OTS has been written in CafeOBJ, an algebraic specification language. Although most part of the two requirements can be expressed as safety properties, liveness properties are needed to fully express them. We have expressed the safety part of the two requirements in CafeOBJ and partly verified that the OTS satisfies the safety part by writing proof scores in CafeOBJ.