Version 1.0 | 14 October 2026
FINYARD PAYMENTS LTD (trading as KYX Pay)
Introduction
These Terms govern business payment accounts, foreign exchange and payment services provided by FINYARD PAYMENTS LTD, trading as KYX Pay (the “Company”). The Services are available only to approved business customers and only to the extent supported by the Company’s registrations, regulatory status, operational arrangements and service providers.
For your own benefit and protection, you should read these Terms and each of the documents we refer to carefully. If you do not understand any point please ask for further information.
The following additional documents also apply to your use of our Services. By using the Services, you agree to their terms:
(a) Privacy Policy. This details the terms on which we process any personal data we collect about you, or that you provide to us.
(b) Cookie Policy. This is information about the “cookies” on our Website.
Interpretation
These Terms are a legal agreement between FINYARD PAYMENTS LTD (trading as KYX Pay) (we, us, our, or the Company) and the Client (you or your) for us to supply you with the Services.
FINYARD PAYMENTS LTD is incorporated under the laws of British Columbia, Canada (registration number BC1573940), with registered address 373-901 3rd Street West, North Vancouver, BC V7P 3P9, Canada. Its FINTRAC money services business registration number is N300000885. Where the Company is registered with the Bank of Canada as a payment service provider, the applicable registration details will be displayed in the regulatory information section of the Website. The availability of regulated payment services remains subject to applicable law and confirmed registration status. Registration is not an endorsement, deposit insurance, or a banking licence. KYX Pay is the trading name of FINYARD PAYMENTS LTD.
The Services are offered to approved Corporate Clients for business purposes and are not intended for personal, household or consumer use.
Documents or information that appear on our Website and that we refer to in these Terms are incorporated into the Terms and form part of your agreement with us. These Terms govern your use of the KYX Pay Account and how we provide you with the Services.
You can get a current version of these Terms in the legal documents section of our Website or contact us (see section 22) and ask us to send you a paper copy of the current Terms.
All information and documents we provide or make available to you will be in English. If these Terms are translated into another language, it is for reference purposes only. Any reference to an English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction other than England, be deemed to include a reference to that which most nearly approximates to the English legal term in that jurisdiction.
In these Terms the following words have the meaning set out below:
Account Access Details means all your log-in details, passwords, personal identification number or any other identification or security features relating to your use of the KYX Pay Account that are provided to you or that you may be asked to set up by us from time to time;
API means the application programme interface which we can make available to you and through which you can access your KYX Pay Account and use the Services;
Application Form means the form you complete in order to apply for receipt of the Services;
Approved Currency means any currency approved by us from time to time for holding funds in the KYX Pay Account;
Authorised Firm means a body corporate who holds a licence to carry on money services as they are stated in the applicable regulator Rules.
Authorised User means, in relation to a Corporate Client any natural person that you have authorised to access your KYX Pay Account and/or provide us with instructions on your behalf;
Business Day means any day on which we are open for business and carrying out Transactions. For another party such as the recipient when you make a payment, it will mean a day on which that other party’s PSP is open for business, and carrying out Transactions;
Circumstances Beyond Our Control means abnormal and unforeseen circumstances beyond our control and include but are not limited to: strikes, lock-outs or other industrial action; civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war; fire, explosion, storm, flood, earthquake, subsidence, epidemic, pandemic or other natural disaster; impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport; impossibility of the use of public or private telecommunications networks; and/or the acts, decrees, legislation, regulations or restrictions of any government;
Connected means the following scenarios:
A Corporate Client is connected with another Corporate Client where (i) one Corporate Client has Control of the other; (ii) both Corporate Clients are under the Control of the same person or group of persons; or (iii) both Corporate Clients have one or more of the same employees, directors and/or shareholders;
A Corporate Client is connected with an Individual if (i) the Individual has Control of the Corporate Client; (ii) the Individual together with persons connected with the Individual has Control of the Corporate Client; or (iii) the Individual is an employee, director, member and/or shareholder of the Corporate Client; and/or
An Individual (A) is connected with another Individual (B) if (i) A is B’s spouse or civil partner; (ii) A is a relative of B; (iii) A is the spouse or civil partner of a relative of B; (iv) A is a relative of B’s spouse or civil partner; or (v) A is the spouse or civil partner of a relative of B’s spouse or civil partner;
Consumer means any natural person acting for purposes outside his trade, business or profession;
Control means direct or indirect ownership or control of more than 50% of the voting interests of the Corporate Client;
Corporate Client means any Client of ours that is not a natural person;
Sole Trader means a self-employed individual conducting a registered business where accepted by KYX Pay.
Client means a Corporate Client, including a Sole Trader;
Client Account means an account which:
(a) is held with a Third Party Agent;
(b) is established to hold Client Money;
(c) is maintained in the name of the Company; and
(d) includes the words ‘Client Account’ in its title.
Client Money means all money held or controlled on behalf of a Client in the course of, or in connection with, the carrying on of Money Services in or from the Canada.
RPAA means the Canadian Retail Payment Activities Act and associated regulations, as amended.
FINTRAC means the Financial Transactions and Reports Analysis Centre of Canada.
KYX Pay Account means the funds account you open and maintain with us and which is available to access and view either through our Website or the API;
Fees List means the list of fees charged by us from time to time;
Individual means a natural person;
Intellectual Property Rights means copyright, trademarks, domain names, patents, database rights, design rights, rights in computer software and all other intellectual property rights of any kind whether or not they are registered or unregistered in any country in the world;
Identifier means a sequence of letters, numbers and/or symbols used to identify the other party to a Transaction or their account;
Payment Services means:
the transfer of funds from your KYX Pay Account to third parties or to other accounts of yours;
the receipt into your KYX Pay Account of funds from other accounts of yours or from those of third parties.
Payment Services Provider or PSP, means a provider of payment services, including without limitation credit institutions, funds institutions and payment institutions, as defined in the relevant laws and regulations;
Services means the Payment Account Services and/or the Payment Services as applicable;
Money Services means:
(a) Providing and operating a Payment Account;
(b) issuing payment instruments.
Terms means the terms and conditions set out in this document;
Third Party Agent means an authorised firm or regulated financial institution (including a bank, custodian, an intermediate broker, a settlement agent, a clearing house, an exchange and ‘over the counter’ counterparty) that is a separate legal entity from the Company that is required under the applicable regulator’s Rule to establish the Client Account.
Transaction means an act, initiated by a payer or recipient, of placing, transferring, or withdrawing funds, including transfers between your KYX Pay Account to another account you hold and operate;
Unique Identifier means a combination of letters, numbers or symbols used to identify the bank account of the payee when processing a payment.
Website means https://kyx-pay.io, through which, among other things, you can access your KYX Pay Account.
A reference to any statute, statutory provision or regulation will be construed as a reference to the same as it may be amended, modified or re-enacted from time to time.
Headings are included for convenience only and do not affect the interpretation of these Terms.
The singular includes the plural and vice versa.
1. Opening a KYX Pay Account
1.1 You can apply to open a KYX Pay Account provided that:
a) If you are an individual, you are at least 18 years of age and
b) If you are applying on behalf of a Corporate Client/ Sole Trader, you confirm that you have authority to bind any legal entity on whose behalf you use and/or access our Services and that legal entity accepts these Terms and
c) You represent and warrant that your opening of a KYX Pay Account does not violate any laws or regulations applicable to you.
You cannot open or hold a KYX Pay Account if it is not legal to do so in your country of residence (if you are a sole trader) or country of incorporation if you are a Corporate Client. We may in our sole discretion decide to restrict or discontinue our Services in (a) any country identified by us as a high risk jurisdiction; and (b) other countries at any time and without prior notice.
1.2 By completing an Application Form, you warrant and represent on an ongoing basis that all the information in the Application Form is complete, accurate and correct. You must notify us immediately of any changes to this information.
1.3 This Client Agreement will only come into effect once we have confirmed to you via email that we have approved the establishment of a Client relationship.
1.4 You may only hold one KYX Pay Account at any time. If we detect that you have opened more than one KYX Pay Account, we may close all your KYX Pay Accounts immediately.
1.5 Your KYX Pay Account may display balances in one or more Approved Currencies designated by you when you set up your KYX Pay Account with us.
1.6 Once we have credited funds to your KYX Pay Account, they can be redeemed by you only as set out in these Terms.
1.7 If you have not used your KYX Pay Account for 12 months or more, we will consider it dormant. Accordingly, you will not be able to use the KYX Pay Account and we will ask you to re-submit information in order for us to carry out our “Know Your Client” or other similar checks. You will not be able to use the KYX Pay Account until we have completed such checks to our satisfaction. A monthly fee as set out in our Fees List will be charged even if your account is inactive.
2. Our Services
2.1 You may use your KYX Pay Account:
a) to hold funds, in connection with Payment Account activity in an Approved Currency; and
b) to receive and make payments;
provided that you do not use the KYX Pay Account in connection with any of the prohibited activities that are listed in Annex 1 to these Terms. We reserve the right to make changes to the prohibited activities list at any time and without notice.
2.2 We will keep reasonable records of the funds you hold in your KYX Pay Account and of your Transactions using your KYX Pay Account. A transaction history showing details of the payments you make and receive from your KYX Pay Account, including a payment reference for each Transaction, the exchange rate applied when carrying out currency conversions and the fees chargeable is available for you to view and download once you have logged into your KYX Pay Account through our Website or the API using your Account Access Details. That information may be viewed by Transaction or on consolidated statements of account for different monthly periods. You should check the Transaction history regularly and let us know if you have any concerns regarding its accuracy or if you do not recognise any of the Transactions listed.
2.3 You may only tell us to transfer funds from the balance available in your KYX Pay Account. There is no overdraft facility available on the KYX Pay Account. Accordingly, you must check the KYX Pay Account balance to make sure you have enough funds in your KYX Pay Account to make any payment and to pay the fee we charge you for doing so before you tell us to make a payment. Funds in your KYX Pay Account do not constitute a deposit and will not earn interest.
2.4 If for any reason your KYX Pay Account goes into a negative balance, you are required to immediately repay such a negative balance by crediting sufficient funds into your KYX Pay Account to bring it back to at least a zero balance. We reserve the right to automatically offset a negative balance on your KYX Pay Account against any fund transfers which you subsequently make to your KYX Pay Account. We shall be entitled to charge you for any reasonable expenses we incur as a result of any negative balance on your KYX Pay Account.
2.5 We may limit the value and/or the number of transfers of funds you can instruct us to make into or out of your KYX Pay Account depending on your country of residence or country of incorporation if you are a Corporate Client, verification status, and other factors we might consider reasonable. Your current limits are shown in your KYX Pay Account. We may change such limits from time to time, on written notice posted on our Website.
2.6 We do not accept physical notes or coins in relation to our Services.
3. Safeguarding of End-User Funds
3.1 Where the Company holds end-user funds in connection with retail payment activities, it will maintain arrangements designed to comply with the safeguarding requirements applicable to it under the RPAA and related regulations, including any required segregation, trust arrangements or insurance/guarantee arrangements, as applicable to the Company’s approved safeguarding model.
3.2 Funds held for payment purposes are not bank deposits with KYX Pay. KYX Pay is not a bank and does not represent that funds are covered by the Canada Deposit Insurance Corporation. Any protection depends on the actual safeguarding arrangements and applicable law.
3.3 The Company may use eligible third-party financial institutions to hold or process funds. Cross-border arrangements may be subject to the laws and insolvency regimes of other jurisdictions, where permitted.
3.4 No interest is payable to Clients unless separately agreed in writing and legally permitted.
3.5 The Company may debit fees, reversals or amounts properly owing only where permitted by law and the applicable safeguarding arrangements. Mandatory safeguarding and return-of-funds obligations prevail over any inconsistent provision of these Terms.
3.6 The applicable safeguarding method, identity of any institution holding funds, account structure and relevant protections will be disclosed to the Client before any service involving the holding of end-user funds is activated. Where the Company does not hold the funds, the identity and role of the responsible service provider will be disclosed as required by law.
4. Receiving Payments
4.1 You can receive money into your KYX Pay Account, using the methods we support, as set out on our Website.
4.2 Payments into your KYX Pay Account will be available for you to use on the same Business Day as we receive it.
4.3 As soon as reasonably practicable after we receive a payment into your KYX Pay Account, we will supply you with:
a) a reference so you can identify the payment and payer and any information that was transferred with the payment;
b) the amount of the payment in the currency in which your KYX Pay Account is credited;
c) the fees you pay to receive the payment with a breakdown of the amount charged, if applicable;
d) where applicable, the exchange rate used and the amount of the Transaction before that currency conversion; and
e) the credit value date.
4.4 You acknowledge that funds received into your KYX Pay Account may be reversed. You agree that we may reverse a Transaction if the payer or the payer’s bank or Payment Service Provider has reversed or is reasonably likely to reverse a payment which was used to fund the payment to you. We may also reverse a payment made into your KYX Pay Account if it was erroneously made due to an error. Before reversing the payment, we may restrict your access to your KYX Pay Account whilst the reverse is effected.
4.5 In some cases, we will credit your KYX Pay Account before we have received the funds from the relevant Payment Service Provider or bank. If either we do not receive the funds from the bank or Payment Service Provider or we subsequently reverse the payment in accordance with these Terms, we will deduct that amount from your KYX Pay Account. Before reversing the payment, we may restrict your access to your KYX Pay Account whilst the reverse is effected.
4.6 You may be required to provide supporting documentation in relation to any payment into your KYX Pay Account.
5. Making Payments
5.1 We will make payments from your KYX Pay Account in accordance with the payment instructions you give us unless we cannot do so for the reasons described in these Terms. You must give us instructions in accordance with these Terms.
5.2 You must provide us with the following information for us to make payment from your KYX Pay Account:
a) account number or IBAN of the recipient;
b) amount and specified currency the instruction relates to ;
c) name and address of the recipient;
d) the Bank Identification Code of the credit institution (BIC) or name and address of the Payment Service Provider of the recipient;
e) any other information you wish to transmit to the recipient together with the Remittance, or any other mandatory field and/or supporting documents requested based on the payment instruction details.
5.3 Before you confirm a payment instruction from your KYX Pay Account, we will provide you with the following information:
a) the maximum time within which the funds are expected to be received by the recipient or the recipient’s Payment Service Provider;
b) details of all fees and charges payable by you in connection with the payment and, where applicable, a breakdown of those fees and charges;
c) details of any fees or charges imposed by third parties involved in processing the payment, where those fees or charges are known to us; and
d) where a currency conversion is required, the exchange rate that will apply and the amount of the payment following the currency conversion.
5.4 At the time a Payment Transaction is successfully initiated, we will provide you with:
a) confirmation that the Payment Transaction has been successfully initiated;
b) a reference enabling you to identify the Payment Transaction and, where appropriate, information relating to the recipient;
c) the amount of the Payment Transaction in the currency of the payment instruction or the currency of the relevant KYX Pay Account;
d) details of any fees and charges payable by you in relation to the Payment Transaction and, where applicable, a breakdown of those fees and charges;
e) where a currency conversion applies, the exchange rate applied and the amount of the Payment Transaction following the currency conversion; and
f) the date on which we received the payment instruction.
5.5 Once we have received confirmation of your payment instruction ordinarily you cannot revoke it unless we agree. For payments, where we agree to reverse the payment instruction, we will use reasonable endeavours to reverse the payment instruction, but we provide no guarantee that the reversal will be affected. Our charges for revocation of a payment instruction are set out in the Fees List. You shall also be responsible for any charges of third-party PSPs (that we or the recipient’s PSP used to perform the payment instruction) for any payment instruction that you wish to revoke. If you initiate a Transaction through a payment initiation service provider, you may not revoke the payment instruction after giving consent to the payment initiative service provider to initiate the payment.
5.6 Depending on the nature of the Transaction, not all Approved Currencies will be available to execute a relevant Transaction.
6. Receiving and Executing Instructions to Make Payments
6.1 We will treat a payment instruction as authorised by you only after you have given your consent to the Payment Transaction. You give and verify your consent by logging into your secure, password-protected KYX Pay Account, entering the required payment details, following the on-screen prompts and confirming the payment instruction using the authentication method made available or required by us. The authentication method may include your password or PIN, a verification code sent to your registered telephone number or email address, biometric verification where available, or another security method linked to your Account Access Details.
The payment details must include the applicable Unique Identifier for the recipient’s account, such as the recipient’s account number, IBAN or other identifier requested on screen. The Unique Identifier is used to identify the recipient or the recipient’s account and is separate from the authentication method used to give or verify your consent. The information required may differ depending on whether the payment is being made to another KYX Pay Account or to an account held with another Payment Service Provider. Once consent has been given, it may only be withdrawn in accordance with paragraph 5.5 of these Terms.
6.2 We will ordinarily receive your payment instruction at the time you confirm it.
6.3 If the payment instruction is to pay another KYX Pay Account, we action it at the time we receive your instruction.
6.4 Within your KYX Pay Account, we will provide you with confirmation that a transaction has been initiated, and provide you with the details of the transaction and a unique ID number.
7. Exchange Rates
7.1 If you receive a payment, including a refund, in a currency that is not one of the Approved Currencies for your KYX Pay Account, we will convert it into CAD, USD or such other currency as specified on our Website. The conversion rate will be indicated by us following receipt of the payment and you agree that we will apply that rate (which you are responsible for checking).
7.2 To make a Transaction in a currency that is different to the Approved Currency you hold in your KYX Pay Account you must agree to convert the amount into that other currency before you make the Transaction. We will show you the live conversion rate for the currency you have chosen, and we will ask you to consent to this before the conversion is carried out. The conversion rate is based on the rate used by our reference rate provider.
7.3 We do not control the conversion rates, so we apply those indicated by us at the time of the conversion. We cannot display a list of any of the conversion rates as they are live market based rates. The conversion rate that we use will be indicated in your KYX Pay Account after we have made the conversion. We also deduct and keep any fees you have agreed to pay for currency conversions. Changes to exchange rates may be made from time to time without notice to you.
8. Fees and Charges
8.1 The Fees List sets out the fees you must pay to us to credit your KYX Pay Account, to convert currency and to make Transactions.
8.2 We deduct any conversion charges and fees for crediting funds into your KYX Pay Account from the amount you want to credit. This means the amount we credit may be less than the amount you transfer to us.
8.3 Once you have credit funds into your KYX Pay Account, when you instruct us to make a Transaction, we will transfer the full amount you instruct us to transfer and deduct any fees from the balance in the KYX Pay Account. If there are insufficient funds in the KYX Pay Account to make the payment and pay any fees related to it, we will not make the payment and will not deduct the fee. We will tell you that we have not made the payment and why.
8.4 We may change the fees we charge from time to time in accordance with paragraph 27. The new fees will be shown on the Fees List from the date they are in effect. We recommend you check the Fees List each time you use the Services.
8.5 We do not have to provide any Services at the wrong (lower) price shown in error on the Fees List, if the pricing error is obvious and clear and could have reasonably been recognised as an error.
8.6 Notwithstanding any other provision of these Terms, we may deduct from your KYX Pay Account all fees charged by us, any reversal amounts and any other amounts owed by you to us.
8.7 Before the Client confirms a payment instruction, KYX Pay will provide the Client with the maximum execution time for the relevant Payment Transaction and details of all fees and charges payable by the Client, including a breakdown of those fees and charges where applicable.
8.8 Regardless of the type of instruction, you acknowledge that if we or the PSP of your recipient or payer have to use third party PSPs, those PSPs may also deduct their own charges from the amount of the Transaction.
9. Your Obligations
9.1 When using the Services, you must:
a) comply with the instructions for use of the Services, including any instructions in your KYX Pay Account, or any operational or user documentation that we may make available to you, including all such information relating to the use of our Services available on our Website;
b) regularly check the transactions history of your KYX Pay Account and contact us immediately in case you have any questions or concerns regarding its accuracy or if you do not recognise any of the Transactions listed;
c) only use the Services for the purposes listed in the Application Form;
d) only use the Services for your own purposes, and not for the purposes of any third party;
e) check that the instructions you give us to make a Transaction are accurate and correct;
f) not use your KYX Pay Account in connection with any illegal industry or activity;
g) not use your KYX Pay Account and/or the Services in any unlawful way including money laundering or tax evasion;
h) answer any question we reasonably ask in connection with your use of the Services, including without limitation any question we may ask in order to validate a Transaction, the identity of the payer or recipient or the reason for the Transaction;
i) not attempt to gain unauthorised access to our Website, API, our servers, computers or databases; and
j) not introduce any viruses or harmful code to our Website, API, servers, computers or databases.
9.2 You agree to indemnify, defend, reimburse or compensate us and hold us, our third party providers, our employees or agents harmless from any claim or demand (including legal fees) made or incurred by any third party due to or arising out of:
(a) any failure by you to comply with paragraph 9.1 above;
(b) your use of the KYX Pay Account and/or the Services;
(c) any inaccuracy in:
(i) any information you give us (including “Know Your Client” information);
(ii) any instruction you give in connection with the Services; and/or
(d) your breach of these Terms or any applicable law or regulation.
10. Know Your Client Checks
10.1 Within the timeframe set out in any request, you will give us all documents and other evidence that we reasonably request at any stage of your use of the Services, or during your application to use the Services. You will give us this information so that we have up to date information and can carry out and be satisfied that we have complied with all “Know Your Client” or other similar checks required under all applicable laws and regulations. The documents and information we may ask you for shall include, without limitation, any documents or other evidence concerning your identity or that of third parties or documentation evidencing the validity of a Transaction.
10.2 If there is:
a) (in the case of a Sole Trader) any change to your full name, citizenship , residential address or type of activity;
b) (in the case of a Corporate Client) any change in your status, place of incorporation, registered address, or, where applicable, in the composition of your shareholders; or
c) any change in the information provided in the Application Form;
you must notify us and send us the documents evidencing such changes as soon as possible so our records are up to date. If we discover that any of your information is incorrect, we will update it.
10.3 If there is:
a) any change to the type of industry that your business operates in; or
b) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after we have granted you a KYX Pay Account,
which obliges us to comply with “Know Your Client” or similar identification procedures, in circumstances where the necessary information is not already available to us, you will promptly give us all documents and other evidence that we reasonably ask for. You will give us this information so we can carry out and be satisfied we have complied with all “Know Your Client” or other similar checks required under all applicable laws and regulations.
10.4 You acknowledge that, in compliance with relevant laws and regulations, we are obliged to store all the information about you and your Transactions for the period required by applicable law after your KYX Pay Account is terminated.
11. Our Right to Reverse, Suspend and Terminate
11.1 If we:
a) have not been provided with any information that we have requested under paragraph 10 or the information or documentation provided is not satisfactory in our reasonable opinion;
b) reasonably believe that you are in breach of these Terms or any other conditions applicable to our Services;
c) reasonably believe that your activities can cause damage to our goodwill or reputation;
d) have reasonable suspicion of unlawful, fraudulent or criminal activity concerning the use of the Services;
e) have reasonable grounds relating to security or credit risk in relation to your use of the Services;
f) have a reasonable belief that we are required to do so by law or regulation;
g) are no longer able to provide the Services due to a change in or termination of a service from our third-party suppliers, or due to a change in the policies of those suppliers;
h) have a reasonable belief that any of the information you provided to us in your Application Form is incorrect;
i) have a reasonable belief that you are using the Services for a different purpose than that notified to us by you;
j) are given a direction to do so by any court, regulator or other competent regulatory, tax or other authority; and/or
k) terminate a third-party Client’s Services in accordance with our rights set out under paragraphs 11.1 (a) to (j) and that third-party Client is Connected to you
we may immediately:
(i) decline your application for any or all of the Services;
(ii) terminate any or all of the Services;
(iii) reverse any relevant Transaction;
(iv) withhold funds from you or restrict your access to funds or your KYX Pay Account;
(v) stop or block any payment instrument;
(vi) refuse to make payments from or to your KYX Pay Account; and/or
(vii) do anything else we reasonably consider necessary.
We shall inform you of any such actions we take, unless we have a reasonable belief that we are prevented from doing so by law or regulation or we believe that doing so would compromise our anti-fraud or security measures.
11.2 When we withhold funds from you or restrict your access to funds in accordance with these Terms, the subsequent release of or access to those funds is at our sole discretion. Any termination by you of your KYX Pay Account will not be valid as a cause of action for the release of the funds and you waive any rights to terminate in the event of your own breach of these Terms.
11.3 We may terminate the provision of any or all of the Services at any time and close your KYX Pay Account, for any reason, by giving you at least 2 months prior written notice. We will give you written notice of such action to the last postal address or email address, as the case may be, that you have given to us, which shall be deemed sufficient notice.
11.4 If we terminate the provision of the Services and close your KYX Pay Account, we will ask you to provide us details of where you would like us to transfer the balance to, provided that your chosen option is available and there is no limit or other restriction for us to do so, after deducting any fees due and payable by you. We will ordinarily transfer such funds to another account in your name only.
11.5 If we terminate the provision of the Services and close your KYX Pay Account any of your or our rights or liabilities which have accrued prior to the closure of the KYX Pay Account shall continue until fully discharged by the relevant party, save for any rights or liabilities which are expressed to continue after the termination of your KYX Pay Account.
12. Closing KYX Pay Account
12.1 You may close your KYX Pay Account by giving us a written notice as set out in paragraph 23 below.
12.2 You may not instruct us to carry out any Services after you have instructed us to close your KYX Pay Account. However, we will carry out any instructions in accordance with these Terms that you have given us for any Services prior to your instruction to close your KYX Pay Account.
12.3 When you give us notice to close your KYX Pay Account you will not be entitled to a refund of any Transactions you have made or of any fees that you may have incurred on the KYX Pay Account, which are then due and payable by you. We may deduct these fees from the balance on your KYX Pay Account. We will close your KYX Pay Account after all amounts have been paid by you or deducted by us from your KYX Pay Account. We will ask you to provide us details of where you would like us to transfer the balance to, provided that your chosen option is available and there is no limit or other restriction for us to do so, after deducting any fees due and payable by you. We will ordinarily transfer such funds to another account in your name only.
13. Refusing a Payment
13.1 We may refuse to carry out any instruction from you or refuse to accept funds into your KYX Pay Account if:
a) you are in breach of these Terms;
b) the relevant Transaction is contrary to our policies and/or procedures;
c) it is unlawful to carry out your instructions or to accept the funds; or
d) our third party payment providers have refused the relevant Transaction for whatever reason. If a third party payment provider refuses to execute the relevant Transaction, they may return the relevant funds less an amount equal to their charges for processing the Transaction, even if they reject the Transaction.
13.2 If we refuse to carry out an instruction, we will tell you at the time we refuse to make the payment and the reasons why, unless it is unlawful for us to do so. Where it is possible to rectify the reason for our refusal, we will tell you how to remedy the issue.
13.3 We will treat a payment instruction which we refuse as not having been received by us, and these Terms will therefore not apply to such payment instructions. We shall not be liable for any losses you suffer as a result of us refusing a payment instruction.
14. Non-Execution or Defective or Late Execution of Payment Transactions Initiated by the Payer
14.1 In circumstances and situations where the payer has instructed KYX Pay to make a payment and the instruction has either not been carried out, or has been carried out incorrectly by KYX Pay, KYX Pay will be liable to its Client unless it can prove to the payer (and, where relevant, to the payee’s PSP), that the correct amount, and the beneficiary’s details as specified by the payer, were received by the payee’s PSP on time.
14.2 If KYX Pay is liable we will refund the amount of the defective or non-executed transaction (if such amount has been debited from the Client’s account) to the Client without undue delay, and, where applicable, restore the debited payment account to the state it would have been in had the transaction not occurred at all. This may, for example, involve the refunding of charges and adjustment of interest. KYX Pay will ensure that the credit value date is no later than the date on which the payment transaction was debited.
14.3 Where an overpayment has been made and the excess cannot be recovered from the payee’s PSP, it would be appropriate to refund the excess incorrectly deducted from the Client’s account where this is sufficient to avoid the Client suffering a loss.
14.4 KYX Pay will not be liable if the failure giving rise to it was due to abnormal and unforeseeable circumstances beyond the control of KYX Pay, the consequences of which would have been unavoidable despite all efforts to the contrary, or if it arose because of KYX Pay having to comply with other applicable Canadian laws.
15. Keeping Security Details Safe
15.1 You must (and in relation to Corporate Clients, you must procure that your Authorised Users):
a) treat the funds held in your KYX Pay Account as carefully as you would treat cash in your wallet; and
b) from the time you receive them, keep all your Account Access Details safe and secure. To avoid your Account Access Details being used by someone else you must treat them as confidential, so you must not disclose them to anyone else and you must not keep a written record of them which identifies them and how to use them. You must keep and use your Account Access Details in accordance with our instructions available here.
15.2 Use of the KYX Pay Account by someone other than you (or in the case of a Corporate Client, an Authorised User) may mean you lose some or all of the funds credited to your KYX Pay Account.
15.3 If you (or an Authorised User in the case of a Corporate Client) suspect any Account Access Details have been lost, stolen, misappropriated, used without authorisation or otherwise compromised, you must contact us immediately by email to the contact channel published in the Legal or Contact section at https://kyx-pay.io. In order to obtain redress, such notification must be made within the period required by applicable law.
15.4 To change your Account Access Details. If you allow another person (other than an Authorised User in the case of a Corporate Client) to have access to your KYX Pay Account we will treat this as if you have authorised such use and you will be liable for all Transactions and fees incurred by such use.
15.5 We may stop you or, in relation to a Corporate Client, any Authorised User using any Account Access Details if we have reasonable grounds to believe they are no longer confidential to you or the Authorised User as applicable or have been used fraudulently or without your authorisation. If possible, we will notify you by email, telephone or message using the latest contact details you have supplied to us before we stop you using such identification or security feature, to tell you that we intend to do so and why.
15.6 If we cannot contact you before we stop the use of the Account Access Details, we will do so immediately afterwards. We will not contact you to tell you we intend or have stopped the use of the Account Access Details, if we are prevented from doing so by law or if it would adversely affect our reasonable security measures. We will either reinstate the Account Access Details as soon as practicable after the reasons for stopping its use have ceased or, at that time, issue you with replacement Account Access Details to use. When the reasons for us stopping your use of the Account Access Details cease, unless we have already issued you with replacement Account Access Details, you can contact us at any time using the internal ticket system on our Website or by email to the contact channel published in the Legal or Contact section at https://kyx-pay.io to request that we allow you to use the Account Access Details again. We, our agents and/or the police may ask you to assist us as part of our or their inquiries where your KYX Pay Account has been used by someone other than you without your consent.
15.7 In order to secure Money Services the Client undertakes:
(a) to use licensed software and regularly update it to eliminate vulnerabilities detected in it;
(b) to use licensed anti-virus software and regularly update its database;
(c) not to use the Client’s name, date of birth, numbers or simple words in his password. The password length should not be less than 8 characters, capital letters, numbers and special symbols should be used in combination;
(d) to change password regularly (within 60 days from the date when the last password has been change) or upon request of the KYX Pay Account;
(e) not to save the password in programs with the Internet connection, in text files on electronic media, as there is a risk of its theft and compromise;
(f) to log out of the KYX Pay Account when there is no need for the Services.
16. Corporate Clients and Authorised Users
16.1 If you are a Corporate Client and you appoint an Authorised User, we will treat the Authorised User as having authority from you and all instructions from the Authorised User shall be regarded as if they came from you. All Authorised Users must be 18 or over.
16.2 You must notify us in writing immediately upon any change in the information provided regarding the Authorised User and its scope of authority to give instructions on your behalf.
16.3 You are responsible for the integrity of and all acts and omissions of all Authorised Users and we shall not be responsible for any loss or harm which you or any other person may suffer or incur as a result of any act or omission of any Authorised User.
16.4 We are not responsible to you or anyone else if any Authorised User provides us with instructions which are against your interests or outside of the scope of the Authorised User’s actual authority.
16.5 You are responsible for ensuring that only Authorised Users access your KYX Pay Account and/or instruct us to carry out Transactions on your behalf. If we receive instructions or a request using your or an Authorised User’s Account Access Details, we will treat the instructions as having been authorised by you and we are under no obligation to verify the authenticity of an instruction if it comes from an Authorised User.
16.6 You shall ensure that any and all Authorised Users are aware of these Terms and will procure that such Authorised Users comply with these Terms.
17. Transaction Disputes
17.1 If you believe that:
(a) any Transaction was:
(i) not authorised by you; or
(ii) incorrectly executed by us;
you must notify us as soon as you become aware of the matter by emailing the contact channel published in the Legal or Contact section at https://kyx-pay.io or by submitting a notification through the internal ticket system available in your KYX Pay Account. Your notification should include the Transaction reference, date, amount and details of why you believe the Transaction was unauthorised or incorrectly executed. To obtain redress, you must notify us within the time limit required by applicable law. For a period of 18 months following your notification, you may request that we provide you with evidence confirming that we received your notification.
17.2 You must pay for all losses resulting from an unauthorised Transaction where you have
(a) acted fraudulently; or
(b) with intent or gross negligence
(i) failed to safeguard the Account Access Details;
(ii) failed to comply with these Terms regarding the use of the Services; and/or
(iii) failed to notify us in accordance with the notification requirements and time limits set out in paragraphs 15.3 and 17.1 after becoming aware that the Account Access Details had been lost, stolen, misappropriated or used without your authorisation.
17.3 Save as set out in these Terms, Transactions are non-refundable and are non-reversible. You may not charge back any Transaction for reasons for which we are not responsible including, without limitation, disputes with third parties for non-delivery of goods and/or services. We are not liable for any claims resulting from a commercial transaction between you and a third party.
17.4 If we provide you with an Identifier and we and all the other service providers involved in making the Transaction carry out your instructions in accordance with the Identifier, then we are entitled to consider it was carried out correctly.
17.5 If you give us an incorrect Identifier or other incorrect details, then we are not responsible for failing to carry the Transaction out or for carrying it out in accordance with your instructions. If the Transaction has been misdirected because you gave us an incorrect Identifier, we will make reasonable efforts to recover the funds in the Transaction, but we provide no guarantee that the funds will be recovered. We may charge you a fee as set out in the Fees List for doing this. If we are unable to recover the funds, we will, upon your written request, provide you all available relevant information in order for you to claim repayment of the funds. If you are the recipient of a Transaction made with an incorrect Identifier, you will cooperate with us in order to return the funds where appropriate and we will cooperate with the payer’s PSP in its efforts to recover the funds, in particular by providing it with all relevant information for the collection of the funds.
17.6 Please note that even if you give us information additional to the Identifier or to the information we asked for to make the Transaction, we are only responsible for carrying out the Transaction in accordance with the Identifier.
17.7 Where you are the payer of a Transaction which has not been correctly executed by us, we shall, without undue delay, refund to you the amount of the non-executed or defective Transaction and, where applicable, restore your account to the state in which it would have been if the Transaction had been executed correctly. Where the Transaction has been executed late you may ask us to request the recipient’s PSP to credit value date the recipient’s account as if the Transaction had been executed correctly.
17.8 If you are the recipient of a Transaction that has been executed late, and we receive a request from your payer’s PSP, we will ensure that the credit value date used in your KYX Pay Account is no later than the date the amount of the Transaction would have been value dated if the Transaction had been executed on time.
17.9 You have the right to request that we make efforts to trace any non-executed or defectively executed Transaction and notify you of the outcome.
18. Our Responsibilities
18.1 We shall at all times perform our obligations under the Terms and carry out the Services with reasonable care and skill.
18.2 Subject to paragraph 18.4 if, in providing the Services, we fail to comply with these Terms, our aggregate liability to you (whether in contract, tort, negligence, breach of statutory duty or otherwise) in any calendar year shall not exceed:
a) (if you are a Corporate Client, including a Sole Trader) the total amount of fees you paid us during that year for your Services.
18.3 Subject to paragraph 18.4 and unless you are a Consumer, we will not pay for losses that fall into the following categories, even if those losses result from our deliberate failure to comply with our obligations under these Terms:
a) indirect or consequential loss;
b) loss of income or revenue;
c) loss of business;
d) loss of profits;
e) pure economic loss;
f) loss of anticipated savings; or
g) waste of management or office time.
18.4 We do not exclude or limit our liability for:
(a) death or personal injury caused by our negligence;
(b) fraud or fraudulent misrepresentation by us; or
(c) any other matter for which it would be illegal for us to exclude or limit our liability.
18.5 We are not liable for any loss or damage caused by a virus, other technological attacks or harmful material that may infect your computer equipment, computer programmes, data or other proprietary material related to your use of our Services.
19. Set-Off
If any circumstances arise which, in accordance with these Terms, entitles us to be compensated by you, we shall be entitled to recover any sum due to us by setting-off part or all of any sum that you have lodged with us, either in your KYX Pay Account or otherwise against the sums you owe us. We shall accordingly deduct such sums from your KYX Pay Account. You shall have no similar right of set-off.
20. Circumstances Beyond Our Control
20.1 We are not responsible for any breach of these Terms by us, or for any loss you incur in connection with such breach, due to any Circumstances Beyond Our Control.
20.2 Our performance of the Services is deemed to be suspended for the period that the Circumstances Beyond Our Control continue and we will have an extension of time for performance for the duration of that period.
20.3 If any Circumstances Beyond Our Control occur, we may take any action we consider appropriate in connection with the Services and use reasonable endeavours to end the Circumstances Beyond Our Control.
21. Accessing Our Services
21.1 We shall use reasonable endeavours to make sure our Services are available to you when you need them. However, we do not warrant or guarantee that the Services will be uninterrupted or error free. Except as required under law, we shall not be liable for any
(a) service interruptions, including but not limited to, system failures, delays, disruptions or other interruptions that may affect the receipt, processing, acceptance, completion or settlement of Transactions or the Services; and/or
(b) any faults, mistakes or inaccuracies of any kind in our Services. This paragraph does not apply to our responsibility to refund any funds under paragraph 18 in respect of Transaction disputes.
21.2 The Services are provided on an “as is” basis and without any representation or warranty, whether express, implied or statutory. We make no representation of any kind whatsoever for the Services or the content, materials, information and functions made accessible by the Services or used on or accessed through the Services.
22. Contact Methods
22.1 You must tell us by email or our ticket system available on our Website as soon as possible of any changes to your name, postal address, telephone and email address so that our records are accurate, complete and up to date. You should check for incoming messages regularly and frequently. If you do not maintain or check your email you will miss emails about your Transactions and/or our Services. We cannot be liable for any consequence or loss if you do not comply with this instruction.
22.2 We will communicate with you primarily by email or by posting information on our Website. It is your responsibility to ensure that you are able to receive and send emails and access our Website. We may also communicate with you by post, telephone or SMS if you use any mobile services. Any communications or notices sent by:
a) email will be deemed received by you on the same day if it is received in your email inbox before 5pm Pacific Time. If it is received in your email inbox after 5pm Pacific Time or at any other time, it will be deemed received on the next day;
b) post will be deemed received three days from the date of posting for domestic Canadian post or within five days of posting for international post; and
c) SMS will be deemed received the same day.
22.3 In order to view emails you need a computer with email software that can display emails in HTML format. We may also send you attachments in Portable Document Format (PDF) which may require you to have the appropriate software in order to open and read these attachments.
22.4 You can communicate with us using any of the ways for contacting us as set out on our Website.
22.5 Where legislation requires us to provide information to you on a durable medium, we will either send you an email (with or without attachment) or send you a notification pointing you to information on our Website in a way that enables you to retain the information in print format or other format that can be retained by you permanently for future reference.
22.6 We will communicate to you in English and will always accept communications made to us in English. Documents or communications in any other languages are for convenience only and shall not constitute an obligation on us to conduct any further communication in that language.
23. Your Personal Data
23.1 To provide our Services we need to collect and retain personal data about you, any Authorised Users and certain individuals connected to Corporate Clients. By accepting these Terms, you are giving us explicit consent to access, process and/or retain any personal data for our provision of the Services.
23.2 We are committed to maintaining your personal data in accordance with legal requirements relating to the collection, storage and use of personal data. Please review our Privacy Policy in the legal documents section of our Website for more information on how we use and protect your personal data and your privacy rights.
23.3 If we suspect that we have been given false or inaccurate information, we may record and retain such suspicion together with any other relevant information.
23.4 If we receive false or inaccurate information, and we identify or reasonably suspect any fraud or other illegal activities, then we will pass details to fraud prevention agencies and/or other relevant agencies to prevent fraud, money laundering and other illegal activities.
23.5 We may check all personal data you give us with fraud prevention agencies and other organisations, and we may obtain information about you from credit reference agencies to verify your identity. A record of such enquiries may be left on your files with such third party organisations and agencies and also held by us.
23.6 We may monitor and/or record telephone calls we have with you (without notice or warning to you) to help us maintain and improve the quality of service and for fraud prevention and detection purposes.
24. Intellectual Property
24.1 The Website, KYX Pay Account and the API and all Intellectual Property Rights contained therein, including but not limited to the content, are owned or licenced by us. Nothing in these Terms grants you or your Authorised Users (if you are a Corporate Client) any rights in our Website, KYX Pay Account and API, other than as necessary to use the KYX Pay Account as permitted under these Terms.
24.2 “KYX Pay IP” includes any software (including without limitation any current or future app, the API, developer tools, sample source code, and code libraries), data, materials, content and printed and electronic documentation (including any specifications and integration guides) developed and provided by us or our affiliates to you, or available for download from our Website. You may not, and may not attempt to, directly or indirectly:
24.2.1 transfer, sublicense, loan, sell, assign, lease, rent, distribute or grant rights in the Service or the KYX Pay IP to any person or entity;
24.2.2 remove, obscure, or alter any notice of any of our trade marks, or other “intellectual property” appearing on or contained within the Services or on any KYX Pay IP;
24.2.3 modify, copy, tamper with or otherwise create derivative works of any software included in the KYX Pay IP; or
24.2.4 reverse engineer, disassemble, or decompile the KYX Pay IP or the Services or apply any other process or procedure to derive the source code of any software included in the KYX Pay IP or as part of the Services.
25. No Liability for Tax
Save as required by any applicable law or regulation, we have no obligation whatsoever to any taxation or similar authority in respect of any taxation or other similar duty or levy payable by any Client. It is your obligation to report and pay all taxation, duties and levies that are payable by you in respect of your KYX Pay Account and the Services.
26. Complaints
26.1 Any complaints about us or the services we provide should be addressed to us in the first instance by contacting us by email to the contact channel published in the Legal or Contact section at https://kyx-pay.io . You should clearly indicate that you are wishing to make a complaint to us. This helps us to distinguish a complaint from general enquiries. We will send you a complaint acknowledgement by post or by e-mail promptly in accordance with our Complaints Procedure, which can be found in the legal documents section of our Website. You may request a paper copy of our Complaints Procedure at any time by contacting us (see paragraph 23).
27. Changes to These Terms
27.1 We may change these Terms and the Fees List from time to time in accordance with this paragraph 27. All changes will be posted on our Website and emailed to you at the last email address you provided to us with at least 14 days notice unless it is impractical to do so. You should check our Website regularly.
27.2 Changes to exchange rates shall come into effect immediately without notice and you shall not have the right to object to such a change.
28. General
28.1 These Terms are personal to you. You must not grant any legal rights to anyone over any of them and you must not transfer your rights and obligations under these Terms to anyone.
28.2 We may assign or transfer our rights or obligations under these Terms, either in whole or in part, to any third party without your consent.
28.3 Any delay or failure by us to exercise any right or remedy under these Terms is not to be considered a waiver of that right or remedy and it will not stop us from exercising it at any subsequent time.
28.4 No one other than you and we have any right to enforce any of the provisions of these Terms.
28.5 If any provision of these Terms is judged to be invalid, illegal or unenforceable, such provision shall be severed from these Terms and the remainder of the provisions shall so far as possible continue in full force and effect.
29. Third Party Service Providers
29.1 You may instruct payment initiation service providers to initiate Transactions from your KYX Pay Account. You may also use account information service providers, who aggregate and display in one location the information from your KYX Pay Account and from other online payment accounts you may have with us or other PSPs. We reserve the right to deny third party service providers access to your KYX Pay Account for reasonably justified and duly evidenced reasons relating to fraud or lack of authority, including the unauthorised or fraudulent initiation of a Transaction. If we deny a payment initiation service provider or an account information service provider access to your KYX Pay Account, we will notify you of our decision and of the reasons for our decision, unless that notification is unlawful or could compromise the security of your KYX Pay Account.
30. Governing Law
30.1 These Terms and any non-contractual obligations arising from them are governed by the laws of British Columbia and the federal laws of Canada applicable therein, subject to any mandatory law that cannot be excluded.
31. Disputes
31.1 Clients should first raise complaints with KYX Pay using the contact details notified to them. The Company will handle complaints under its published complaints procedure and applicable law.
31.2 Where a complaint concerns matters within FINTRAC’s or the Bank of Canada’s respective regulatory remit, a Client may contact the relevant regulator. Neither body should be represented as a general financial ombudsman for private contractual disputes.
31.3 Subject to mandatory law, the courts of British Columbia have exclusive jurisdiction over disputes arising from these Terms. The Company may seek urgent protective relief in another competent court where necessary.
32. Digital Asset and Cryptocurrency Services
32.1 Scope. Where KYX Pay expressly enables a client for digital asset services, these may include supported fiat-to-crypto and crypto-to-fiat conversion, digital asset transfers and settlement, and other expressly agreed services. No digital asset service is available merely because a business account has been opened. The scope, execution model, custody arrangements, supported assets and relevant service provider will be disclosed before use.
32.2 Regulatory perimeter. Digital asset services will be offered only where FINYARD PAYMENTS LTD or the relevant disclosed service provider has all applicable registrations, licences and permissions. FINTRAC MSB registration or Bank of Canada PSP registration must not be represented as authorising every cryptocurrency activity. Where KYX Pay acts as an introducer or technical interface to a third-party provider, the client may need to accept that provider’s separate terms.
32.3 Eligibility and controls. Clients must disclose their digital asset business model, applicable licences, beneficial owners, source of wealth and funds, expected counterparties, jurisdictions, wallets and transaction volumes. KYX Pay may require enhanced due diligence, wallet ownership evidence, blockchain analytics, sanctions screening, transaction monitoring and travel-rule information where applicable.
32.4 Transactions. Blockchain transfers may be irreversible, subject to network congestion, validator fees, protocol failures, forks, cyberattacks and price volatility. Clients are responsible for accurate wallet addresses, supported networks, memo or tag fields and lawful ownership of assets. KYX Pay may decline unsupported tokens, networks or counterparties and may delay or refuse a transaction where required by law or risk controls.
32.5 Pricing and execution. Quotes may include a spread, conversion fee, network fee and third-party costs. A quote is binding only for its stated validity period and when expressly accepted; execution and settlement are subject to liquidity, availability and compliance checks. No return, investment performance or token value is guaranteed.
32.6 Custody and client assets. Any custody, control of private keys, omnibus wallet arrangement, safeguarding or segregation of digital assets must be separately described in a product schedule identifying the responsible provider and applicable protections. Fiat safeguarding provisions do not automatically apply to digital assets. KYX Pay will not describe crypto balances as bank deposits or insured funds.
32.7 No investment advice. Unless separately agreed and lawfully authorised, digital asset services are execution and payment services, not investment advice, portfolio management or a recommendation to buy or sell any asset.
33. Gaming and Gambling Clients
33.1 Eligibility. KYX Pay may consider licensed or otherwise lawfully authorised iGaming, online casino, sportsbook, gaming-platform and gambling-related businesses on a case-by-case basis. Approval is conditional on the legality of each activity and relevant player market, evidence of licences and controls, and approval by KYX Pay and its service providers.
33.2 Client obligations. Gaming and gambling clients must maintain all applicable licences, player age and identity verification, geolocation controls, anti-money laundering controls, responsible gambling measures, sanctions screening, player-funds arrangements where required, and procedures for refunds, disputes and fraud. They must not process transactions for unlicensed operators or prohibited markets through KYX Pay.
33.3 Ongoing oversight. KYX Pay may require gaming transaction data, merchant descriptors, proof of underlying activity, chargeback and fraud metrics, licensing updates, audit evidence and other risk information. KYX Pay may impose rolling reserves or settlement delays only where expressly set out in an agreed product or pricing schedule and permitted by law.
33.4 Sector acceptance is not a guarantee of processing. KYX Pay may decline individual jurisdictions, payment corridors, counterparties or transactions despite approving the client’s overall business model, including where a bank, payment network or other service provider restricts the activity.
34. Service Providers, Account Structures and Product Availability
34.1 KYX Pay may use banks, payment institutions, electronic money institutions, payment processors, foreign exchange providers, digital asset service providers, custodians, technology providers and other third parties to provide or support the Services. The Company is not obliged to use any particular provider.
34.2 Where an account, payment service, fiat balance or digital asset service is legally provided by a third party, the Company will disclose the identity and role of that provider, the relevant account ownership or custody arrangements and any additional terms where required before the Client uses that service.
34.3 An account number, IBAN, virtual IBAN or other identifier allocated to the Client may be an identifier used to route and reconcile payments and does not, by itself, establish that the Client has a bank deposit account or a direct contractual relationship with the underlying institution.
34.4 Services, currencies, jurisdictions, payment rails, settlement periods and transaction limits may vary by Client and provider. KYX Pay may replace, add or discontinue providers or routes, subject to applicable law and notice obligations. The Company will take reasonable steps to communicate material service changes.
34.5 The Company will not represent that any crypto service, custody arrangement, account or payment rail is live or available until it has been enabled for the Client and all required regulatory and third-party approvals are in place.
Annex 1 — Restricted and Prohibited Activities
KYX Pay adopts a risk-based onboarding approach. Operating in a higher-risk sector does not, by itself, make an applicant ineligible. Acceptance is discretionary and subject to applicable law, KYX Pay’s registrations, enhanced due diligence, jurisdictional restrictions, banking-partner requirements and ongoing monitoring.
A. Sectors eligible for enhanced review (not automatically prohibited)
Virtual asset businesses, cryptocurrency exchanges, digital asset brokers, OTC desks, custodians and other crypto-related businesses, provided their activities and jurisdictions are lawful, required licences or registrations are held, and KYX Pay expressly approves the proposed fiat payment flows.
Licensed online gaming, sports betting, casinos, lotteries, gambling operators and related service providers, provided each relevant activity, customer market and payment corridor is lawful and appropriately licensed.
Other lawful higher-risk industries, subject to KYX Pay’s documented risk appetite and enhanced due diligence.
Approval to bank or process fiat payments for a virtual asset business does not constitute an offer by KYX Pay to custody, exchange, transfer or deal in crypto-assets. Such services are not offered under these Terms unless separately and lawfully authorised, contracted and disclosed.
B. Activities prohibited unless expressly permitted by law and separately approved
Illegal gambling or unlicensed gaming where licensing is required, including activity targeting prohibited jurisdictions.
Unlicensed or unlawfully operating virtual asset service providers, mixers or other services designed to conceal ownership or the source of funds.
Money laundering, terrorist financing, sanctions evasion, fraud, scams, trafficking, child sexual exploitation or other unlawful activity.
Shell banks, deceptive or fictitious businesses, and arrangements designed to conceal beneficial ownership or transaction purpose.
Transactions involving sanctioned persons or prohibited jurisdictions, or activity that KYX Pay or its providers cannot lawfully support.
Any business or activity specifically prohibited by KYX Pay’s published risk appetite or a relevant provider’s binding restrictions.
C. Enhanced due diligence and ongoing obligations
KYX Pay may require sector-specific licences, evidence of legal opinions where appropriate, ownership and source-of-wealth information, source-of-funds evidence, AML/CTF policies, sanctions screening procedures, transaction-monitoring controls, expected transaction volumes, counterparty and geographic information, blockchain analytics reports and details of payment flows. Clients must not materially change their business model, target markets or use of the Services without notifying KYX Pay and obtaining any required approval.
KYX Pay may impose account limits, additional monitoring, reserves where lawful and agreed, restrictions, suspension or termination in accordance with these Terms and applicable law. All decisions remain subject to the Company’s own permissions and those of its banking and payment partners.