Legal

Terms of Use

For business and institutional customers · Version 1.0

Effective date: 2026

www.burqfx.com · admin@burqfx.com

315-7 Westwinds Crescent NE, Calgary, Alberta, Canada, T3J 5H2

BURQ FX LTD, operating as BURQ FX, is registered with FINTRAC as a Money Services Business (Registration No. C100000771). BURQ FX is not a bank. Certain banking, custody, safeguarding and settlement infrastructure supporting the Services may be provided by appropriately regulated third-party financial institutions and service providers, as described in these Terms and your Welcome Pack.

1. Purpose and Acceptance

These Terms of Use ("Terms") govern your use of the foreign exchange, payment, virtual currency and related services (the "Services") made available by BURQ FX LTD ("BURQ FX", "we", "us" or "our") following successful onboarding.

By activating or using the Services, you confirm that you have read, understood and agree to these Terms, together with any applicable Fee Schedule, Welcome Pack, Account Confirmation and other terms expressly incorporated into your agreement with us. If there is a conflict between these Terms and a specific written agreement signed by you and BURQ FX, the specific written agreement prevails to the extent of the conflict.

2. About BURQ FX

BURQ FX LTD is a company incorporated in Alberta, Canada (Incorporation No. 2026605531) and is registered with the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC") as a Money Services Business under Registration Number C100000771. BURQ FX is a non-bank financial services provider. FINTRAC registration is for anti-money-laundering and counter-terrorist-financing supervision purposes and does not constitute licensing, endorsement or certification by FINTRAC of BURQ FX, its products or services.

The regulatory permissions and registrations applicable to BURQ FX may limit the products, services, currencies, digital assets, jurisdictions or customer types it can support. These Terms do not give you a right to request a product or service that BURQ FX is not permitted or authorised to provide.

3. The Services and Underlying Infrastructure

The Services may include business accounts, cross-border and domestic payments, foreign exchange execution, virtual currency exchange and settlement (fiat-to-crypto and crypto-to-fiat), stablecoin settlement, and payment service provider (PSP) infrastructure, as described on our website and in your Account Confirmation.

Certain banking, custody, safeguarding, settlement or payment-system connectivity may be provided by third-party financial institutions, custodians or liquidity providers (each, an "Infrastructure Provider"). An Infrastructure Provider is not your contractual service provider under these Terms unless expressly stated otherwise, and where an Infrastructure Provider is responsible for an element of a Service, its own terms and operational rules may also apply to that element. You must not represent to any third party that BURQ FX is a bank.

4. Eligibility and Permitted Use

• The Services are intended for legitimate business and institutional purposes connected with the activities you disclosed to and had approved by BURQ FX.
• You must provide complete, accurate and up-to-date information about your business, ownership, management, activities and expected use of the Services, and notify us promptly of material changes.
• You must not use the Services as a personal account, for undisclosed third-party activity, or to hold or move client money or third-party funds unless specifically disclosed, assessed and approved in writing by BURQ FX.
• You must comply with all applicable laws, regulations and sanctions, including those governing virtual currency and cross-border payment activity in your jurisdiction.

5. Authorised Users and Account Security

You are responsible for ensuring that only authorised representatives access or operate your account, and for maintaining appropriate internal controls over users, credentials, devices, wallet keys and payment approvals. Keep login credentials, authentication information and security devices confidential, and notify us immediately if you suspect unauthorised access, fraud, compromise of credentials, or an unauthorised transaction. Remove access promptly when a user no longer requires it.

6. Onboarding, KYC/KYB and Ongoing Due Diligence

We are required to maintain systems and controls to identify and manage money-laundering, terrorist-financing, sanctions, fraud and other financial-crime risks under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and related FINTRAC guidance. You must cooperate fully with onboarding and ongoing due diligence, including providing information about your business, ownership and control, directors, authorised users, source of funds, source of wealth, and expected activity. We may carry out sanctions screening, PEP and adverse-media checks, transaction monitoring and other risk-based checks, and may be unable to disclose the detailed reason for a restriction where doing so could breach a legal or regulatory obligation.

7. Incoming Funds and Outgoing Payments

Incoming funds are subject to applicable payment-system rules, screening, and our financial-crime controls; receipt does not necessarily mean funds are immediately available for onward use. We may delay, reject, return or restrict an incoming or outgoing payment where required by law, sanctions requirements, fraud or financial-crime controls, an Infrastructure Provider's requirements, or our risk policies. Payment instructions must be complete and accurate, and you are responsible for verifying beneficiary details before submitting an instruction — once submitted, a payment may not always be cancellable or recallable.

8. Foreign Exchange Transactions

Where you request a foreign exchange quote, the quote is indicative and, unless expressly confirmed as binding, may change until you have accepted it and we have confirmed execution. Exchange rates fluctuate and BURQ FX does not guarantee any particular rate outside a confirmed and executed transaction. Once a foreign exchange transaction has been executed, it is not reversible except in accordance with applicable law or at our discretion.

9. Virtual Currency and Digital Asset Services

Where BURQ FX provides virtual currency exchange, settlement or related services, the following additional terms apply:

• Availability of any digital asset, network or corridor is subject to jurisdiction, client eligibility, compliance approval, and the requirements of our liquidity, custody and banking partners, and may change or be withdrawn at any time.
• Digital assets are volatile, can lose some or all of their value, and are not insured or guaranteed by BURQ FX, any government deposit-insurance scheme (including CDIC), or any Infrastructure Provider.
• Blockchain transactions are generally irreversible once confirmed on the relevant network. You are responsible for the accuracy of wallet addresses and instructions you provide, and for the security of any wallet, private key or credential you control.
• Where a virtual currency transfer meets the applicable threshold, FINTRAC's "Travel Rule" requires us, and the counterparty virtual asset service provider or financial institution, to obtain, verify and, where applicable, exchange prescribed originator and beneficiary information. You agree to provide this information promptly on request.
• BURQ FX does not provide investment, tax or legal advice in connection with digital assets, and nothing in the Services should be treated as a recommendation to acquire or dispose of any digital asset.

10. Beneficiary and Payment Verification

Where a payee- or account-name verification service is available for a given payment rail, account information may be checked against information held by the relevant infrastructure or scheme provider. A match or other verification result is not a guarantee that a payment is genuine or that the beneficiary is free from fraud risk. You remain responsible for independently checking payment and beneficiary details.

11. Regulated Businesses and Financial Institutions

If you are yourself an MSB, payment service provider, virtual asset service provider, financial institution or another regulated business, you must disclose your regulatory status and relevant licences or registrations to us. Your use of the Services must remain within the business activities and jurisdictions approved by BURQ FX, and you must not use the Services to provide a regulated service to your own customers where doing so would breach your own permissions or applicable law. We may impose enhanced due diligence, transaction limits, additional documentation or specific conditions for regulated or higher-risk business models.

12. Prohibited and Restricted Activities

You must not use the Services for unlawful, fraudulent, deceptive or abusive purposes, or in a manner that could expose BURQ FX or its Infrastructure Providers to unacceptable legal, regulatory or financial-crime risk, including sanctions evasion, terrorist financing, money laundering, fraud, unlawful goods or services, undisclosed third-party payment processing or aggregation, or attempts to circumvent our controls. We may publish additional restricted industries, jurisdictions, counterparties, assets or transaction types from time to time.

13. Monitoring, Limits and Fees

We monitor account activity on a risk-sensitive basis, including transaction patterns, counterparties, jurisdictions, payment descriptions and velocity. Applicable limits and fees will be communicated in your Welcome Pack, Account Confirmation or Fee Schedule, and may vary based on your risk profile, regulatory status or the requirements of our Infrastructure Providers. Unless expressly agreed in writing, the Services do not provide an overdraft or credit facility, and you must maintain sufficient available funds to cover instructions and charges.

14. Suspension, Restriction and Refusal

We may suspend, restrict, delay, reject or place conditions on the Services or a transaction where necessary to comply with law, sanctions obligations, fraud or financial-crime controls, payment-system or network rules, the requirements of an Infrastructure Provider, or our risk appetite, or where information you have provided is incomplete, inaccurate or no longer reliable. Where legally permitted, we will notify you of material restrictions and the steps required to restore access; we are not required to disclose information where disclosure is prohibited or could compromise an investigation.

15. Returns, Reversals and Recovery of Funds

Payments may be returned, reversed, rejected or recalled by a receiving institution, payment scheme, network or other relevant party; virtual currency transactions confirmed on a public blockchain generally cannot be reversed. If you receive funds or digital assets in error, you must not spend or transfer them and must notify us promptly. We may recover amounts incorrectly credited to you, including by debiting available funds where legally permitted.

16. Statements and Reconciliation

You are responsible for reviewing account statements, transaction records and confirmations, and for promptly reporting discrepancies. You should reconcile your account regularly and retain appropriate records in accordance with applicable legal, tax and accounting requirements.

17. Information Sharing and Data Protection

We collect, use and share information as described in our Privacy Policy, including with Infrastructure Providers, screening and verification providers, and regulators, where necessary to provide the Services, conduct due diligence, process transactions, prevent fraud and financial crime, and comply with law.

18. Complaints

If you are dissatisfied with the Services, please contact us using the details in our Complaints Policy. We will handle complaints in accordance with that policy and applicable law.

19. Liability

Nothing in these Terms excludes or limits liability where doing so would be unlawful. Subject to applicable law, we are not responsible for losses caused by incorrect information supplied by you, your failure to protect security credentials or wallet keys, delays or failures outside our reasonable control, network congestion or failure on a blockchain, or actions of a beneficiary, receiving institution, payment scheme, network or other third party. Where an Infrastructure Provider is responsible for an element of the Services, its applicable terms and operational rules may also apply to that element.

20. Closure and Termination

You may request closure of your account by contacting us. We may close or terminate the Services in accordance with your agreement, applicable law and our regulatory obligations. Before closure, you must provide information reasonably required to verify the destination of remaining funds or digital assets. We may retain or restrict funds where required by law, sanctions requirements, fraud controls, financial-crime controls or other applicable obligations.

21. Changes to These Terms

We may amend these Terms where reasonably necessary to reflect changes in law, regulation, network or payment-system rules, our Infrastructure Provider arrangements, our products, risk controls or operational requirements. Where required, we will provide notice of material changes; continued use of the Services after the effective date constitutes acceptance of the revised Terms, subject to applicable law.

22. Governing Law

These Terms, and any non-contractual obligations arising from them, are governed by the laws of the Province of Alberta and the federal laws of Canada applicable therein. The courts of Alberta have exclusive jurisdiction, subject to any mandatory jurisdiction or dispute-resolution rights applicable to you.

23. Definitions