Nexo Bank Inc. Terms of Service

Last Updated: August 18, 2025

I. INTRODUCTION.

These Nexo Bank Inc. Terms of Service (“Terms”) constitute a legally binding agreement (“Agreement”) between you (“Client” or “you”) and Nexo Bank Inc., a company duly incorporated under the laws of Antigua and Barbuda, licensed by the Financial Services Commission of Antigua and Barbuda (FSRC), pursuant to the International Banking Act, as a Class I International Banking Institution, IBC No.17385, (hereinafter referred to as the “Bank”), governing our contractual relations in regard to your use of the Bank’s services, products, websites, along with any applicable third-party terms.

You shall take your time and carefully read these Terms before using the services, products, website, provided by the Bank. Keep in mind that by using them (even only by completing the sign-up process), you both actively agree with these Terms and enter into contractual relations with the Bank.

II. DEFINITIONS.

1. Applicable Law means any law, statute, regulation, ordinance, treaty, guideline, policy, and act issued by any governmental or regulatory authority in any relevant jurisdiction, including but not limited to the governing law under Section XIV of these Terms.

2. Bank Account means a personal or business Demand Deposit Account opened with the Bank, through which you can use the Bank Services.

3. Bank Services means all services provided by the Bank.

4. Business Day(s) means any day(s) when the Bank and other banking institutions in the relevant jurisdiction are open for normal business activities (which usually means any day(s) except Saturday, Sunday or public holidays).

5. Currency means fiat currency only, including but not limited to government-issued currencies such as USD, EUR, GBP, or any other legal tender accepted by the Bank.

6. Demand Deposit Account means a type of Bank Account that allows you to deposit and withdraw Funds for everyday transactions, including but not limited to payments, transfers, and purchases.

7. Fees means any fees payable to the Bank with regard to the Client’s use of any of the Bank Services, at a given time or otherwise agreed with us, and subject to revision from time to time, at our sole and absolute discretion.

8. Funds means any type of Currency deposited, transferred and/or withdrawn from your Bank Account.

9. Intellectual Property means any intellectual and industrial property rights belonging to the Bank, including but not limited to trademarks, service marks, logos, copyright and related rights, know-how, research, publications, agreements, trade, and company names, etc.

10. Card means a payment card (whether physical or virtual) issued by the Bank or its authorized issuing partner, which enables the Client to initiate and process transactions, including but not limited to purchases of goods and services, ATM withdrawals, and other payment-related functions.

11. Personal Data means any information about you that is necessary, among other things, for verification of your identity, use of the Bank Services, and compliance with regulatory requirements.

12. Personal Virtual IBAN means a Virtual International Bank Account Number assigned uniquely to you for the purpose of facilitating Currency transactions, including deposits and withdrawals from your Bank Account.

III. BANK SERVICES.

1. The Bank Services comprise of:
1.1. Personal Virtual IBANs;
1.2. Demand Deposit Account;
1.3. Third Party Payments;
1.4. Card;
1.5. Any other product, service or incentive program offered by the Bank that may be accessed through your Bank Account.

2. The Bank shall reserve its right to amend or supplement these Terms or discontinue any Bank Service from time to time and without notice. Any such amendments or supplements shall become valid and in full force as of the date of their publishing unless otherwise indicated. You shall regularly check to inform yourself about any such amendments or supplements. By continuing to use the Bank Services, after any such amendments or supplements, respectively changes, have taken effect, you thereby indicate your acceptance of the amended or supplemented Terms.

IV. ONBOARDING. CLIENTS OBLIGATIONS.

1. By opening your Bank Account and/or using the Bank Services, unless stipulated otherwise in these Terms, you аcknowledge and confirm that:
1.1. You are not a citizen or resident of a sanctioned country, area or region according to the up-to-date lists of the US Office of Foreign Assets Control (OFAC), the United Nations, the European Union, and any EU Member State, the UK Treasury, etc.;
1.2. You are not identified as a “Specially Designated National” and are not placed in the US Commerce Department’s Denied Persons List;
1.3. You are not a resident of Antigua and Barbuda and you do not have any relevant connection with any jurisdiction where we have prohibited or restricted access to the Bank Services or any of them;
1.4. You are at least 18 years old or of legal age to enter into contractual relations with the Bank (whichever is later);
1.5. You are the exclusive beneficial and/or legal owner of the Funds transferred into your Bank Account
1.6. You are the beneficial owner of your Bank Account and do not act on behalf of or represent any other third party unless otherwise required or permitted under any Applicable Law, as evidenced by the necessary documents;
1.7. You comply with all Applicable Law requirements relevant to you and your use of the Bank Services, such as tax, exchange control and registration ones, as well as with all Bank requirements in this regard;
1.8. You have read, understood and agreed to our Privacy Policy and the present Terms.

2. When you ask the Bank to open your Bank Account, you shall provide the Bank with all the information and/or documents, as may be requested by the Bank or any third party acting on its behalf, including affiliate companies, so the Bank can verify your identity and validate your funding sources and transactions. The Bank or any third party acting on its behalf, including affiliate companies, may additionally verify the information and/or documents provided by you from secure databases, to which you grant your explicit consent by entering into this Agreement. You hereby authorize the Bank to undertake any electronic identity verification checks on you directly or through third parties, either at the time of entering into this Agreement or at any time thereafter. The Bank reserves the right to temporarily restrict your access to the Bank Services following the successful completion of the identity verification process.

3. We can refuse to open your Bank Account and grant you access to the Bank Services or any of them, without being in any way obliged or required to provide you with the reasoning for this decision. You hereby represent and warrant that all the information you provide the Bank with is complete, accurate and up-to-date at all times.

4. The Client undertakes to:
4.1. Use the Bank Account and the Bank Services in good faith;
4.2. Not violate or breach any terms of these Terms or any Applicable Law; 
4.3. Not commit, conduct, or perform any misrepresentation, fraud, malicious act, or criminal activities;
4.4. Not provide false, inaccurate, incomplete, out-of-date, or misleading information;
4.5. Not interfere, intercept, or expropriate our network, system, data, or information.

V. REFUSAL TO PROVIDE THE BANK SERVICES. LIMITATION, SUSPENSION, OR TERMINATION OF THE BANK SERVICES. CLOSURE OF ACCOUNTS.

1. The Bank reserves the right to, at its sole and absolute discretion, refuse to process or cancel any request from you in regard to the Bank Services, including for purposes of compliance with any Applicable Law.

2. The deposit and withdrawal of Funds may be subject to certain limitations imposed by the Bank (as may be amended from time to time at Bank’s sole and absolute discretion).

3. The Bank may, at any time and without liability, terminate, suspend, limit, or reverse your use, or the functionality, of the Bank Services, or your access to your Bank Account (including freezing or closing your Bank Account, refusing to process any instruction of yours, or reversing a performed action), including but not limited to: (i) in the event of any breach by you of these Terms, or any Applicable Law, (ii) for the purposes of complying with a regulator’s demand, a court order, an act of any governmental authority, or any Applicable Law, (iii) upon Bank’s suspicion that a transaction or your use of the Bank Services may be erroneous or connected with any unlawful activities (such as money laundering, terrorist financing, as well as fraudulent activities), or that your Bank Account has been compromised, (iv) your Bank Account is subject to any legal proceedings, (v) to remedy the effects of any defect in or compromise to any information system related to the provision of the Bank Services, (vi) for compliance and monitoring reasons, including in case of a discrepancy between your spending profile and the type of consumer group you belong to, (vii) for maintenance of the system, (viii) if you do not meet the eligibility criteria for the use of any of the Bank Services. In the above cases, the Funds in your Bank Account may be frozen for an indefinite period of time until the matter is resolved.

4. Should your Bank Account incur a negative balance due to any transaction and/or cumulative transactions, you are required to remedy the deficit by depositing additional Funds not later than 24 hours as of the Bank’s notice to you. You shall remain fully liable for the amount of any negative balance and any corresponding transaction Fees.

VI. PERSONAL DATA.

1. We can only provide you with the Bank Services once we have collected your Personal Data. By creating your Bank Account and/or using the Bank Services, you acknowledge that the Bank shall gather, process and store your Personal Data for the purpose of providing you with the Bank Services and declare, acknowledge, and confirm that you have read our Privacy Policy.

2. We reserve the right, at any time, to verify your Personal Data for anti-money laundering and counter-terrorist financing purposes.

VII. LIMITATION OF LIABILITY.

1. ALL BANK SERVICES ARE PROVIDED ‘AS IS’ AND WITHOUT ANY REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED, OR STATUTORY, EXCEPT AS EXPRESSLY PROVIDED IN THESE TERMS, TO THE EXTENT PERMITTED BY APPLICABLE LAW. THE BANK DISCLAIMS ALL OTHER REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, MADE TO YOU, YOUR AFFILIATES OR ANY THIRD PARTY, INCLUDING WITHOUT LIMITATION, ANY WARRANTIES REGARDING QUALITY, SUITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE OF ANY SERVICE OR ANY GOODS PROVIDED INCIDENTAL TO THE BANK SERVICES UNDER THESE TERMS.

THE BANK’S LIABILITY IN RESPECT OF THE REPRESENTATIONS AND WARRANTIES, WHICH CANNOT BE EXCLUDED, IS LIMITED TO ANY OF THE FOLLOWING OPTIONS CHOSEN BY BANK, AT OUR SOLE AND ABSOLUTE DISCRETION:
1.1. RE-SUPPLYING, REPLACING, OR REPAIRING THE BANK SERVICES IN RESPECT OF WHICH THE BREACH OCCURRED; OR
1.2. PAYING THE COST OF THE RE-SUPPLYING, REPLACING, OR REPAIRING OF THE BANK SERVICES IN RESPECT OF WHICH THE BREACH OCCURRED.

2. NOTWITHSTANDING ANY PROVISIONS IN THESE TERMS, IN NO EVENT SHALL WE OR ANY OF OUR EMPLOYEES, OFFICERS, DIRECTORS, AGENTS, REPRESENTATIVES, PROXIES, OR PARTNERS BE LIABLE TO YOU FOR ANY LOSSES, DAMAGES, OR CLAIMS:
2.1. DUE TO AN UNUSUAL OR UNFORESEEABLE EVENT OUTSIDE OUR REASONABLE CONTROL, THE CONSEQUENCES OF WHICH COULD NOT HAVE BEEN AVOIDED EVEN IF ALL DUE CARE HAD BEEN EXERCISED (E.G. FORCE MAJEURE, INCLUDING ACTS OF GOD, WAR, OR CIVIL UNREST, DISASTERS, ACTS OF DOMESTIC OR FOREIGN COURTS AND GOVERNMENTAL AUTHORITIES, STRIKES, LOCKOUTS, LABOUR DISPUTES, TERRORIST ACTS, RIOTS);
2.2. ARISING FROM OR IN CONNECTION WITH:
2.2.1. ANY DELAY, SUSPENSION, DISCONTINUATION, INTERRUPTION OF THE BANK SERVICES;
2.2.2. FAILURE OR INTERRUPTION IN PUBLIC OR PRIVATE TELECOMMUNICATION NETWORKS, COMMUNICATION CHANNELS, OR INFORMATION SYSTEMS;
2.2.3. ACTS OR OMISSIONS OF ACTS OF A PARTY FOR WHOM WE ARE NOT RESPONSIBLE;
2.2.4. DELAY, FAILURE, OR INTERRUPTION IN, OR UNAVAILABILITY OF, THIRD-PARTY SERVICES;  
2.2.5. ANY REFUSAL TO PROCESS OR AUTHORIZE, OR ANY REVERSAL OR ADJUSTMENT OF, ANY TRANSACTION FOR ANY REASON;
2.2.6. YOUR INABILITY TO EFFECT OR COMPLETE ANY TRANSACTION DUE TO SYSTEM MAINTENANCE, BREAKDOWN, OR NON-AVAILABILITY OF THE BANK SERVICES;
2.2.7. ANY UNAUTHORIZED OR INELIGIBLE USE OF THE BANK SERVICES CONTRARY TO THESE TERMS;
2.2.8. ANY TERMINATION, SUSPENSION, LIMITATION, OR REVERSAL OF YOUR USE OF THE BANK SERVICES, OR YOUR ACCESS TO YOUR BANK ACCOUNT (INCLUDING FREEZING OR CLOSING OF THE LATTER);
2.3. DUE TO COMPLIANCE WITH ANY APPLICABLE LAW, COURT ORDERS, OR ACTS OF ANY GOVERNMENTAL AUTHORITY;
2.4. RESULTING FROM HACKING, TAMPERING, COMPUTER VIRUS TRANSMISSION, OR OTHER UNAUTHORIZED ACCESS OR USE OF THE RELEVANT BANK SERVICE, YOUR BANK ACCOUNT OR ANY INFORMATION CONTAINED THEREIN;
2.5. RESULTING FROM OR ARISING OUT OF ANY THIRD-PARTY SERVICE PROVIDER’S CUSTODY, CONTROL, INCLUDING BUT NOT LIMITED TO MALFEASANCE, NEGLIGENCE, OR MISHANDLING. ANY CLAIMS OR DISPUTES REGARDING SUCH MATTERS SHOULD BE DIRECTLY ADDRESSED TO THE RESPECTIVE THIRD-PARTY SERVICE PROVIDER. YOUR RECOURSE IN SUCH CASES SHALL BE SOLELY AGAINST THE RESPECTIVE THIRD-PARTY SERVICE PROVIDER, AND NOT AGAINST THE BANK.

3. NOTWITHSTANDING ANY PROVISIONS IN THESE TERMS, IN NO EVENT SHALL WE BE LIABLE TO YOU FOR ANY TYPE OF INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO LOST REVENUE, LOST PROFITS, REPLACEMENT GOODS, LOSS OF TECHNOLOGY, LOSS OF DATA, OR INTERRUPTION OR LOSS OF USE OF SERVICE OR EQUIPMENT, REGARDLESS OF WHETHER SUCH DAMAGES BEING DIRECT OR INDIRECT, FORESEEABLE OR UNFORESEEABLE, OR EVEN IF YOU HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND WHETHER ARISING UNDER THEORY OF CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.

4. IN NO EVENT WILL OUR AGGREGATE LIABILITY FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH THE BANK SERVICES AND THESE TERMS EXCEED THE FEES YOU PAID TO THE BANK FOR YOUR USE OF THE RELEVANT BANK SERVICE DURING THE 12-MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT, GIVING RISE TO THE CLAIM FOR LIABILITY, IF ANY. THE ABOVE SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY THE RELEVANT APPLICABLE LAW.

VIII. PERSONAL VIRTUAL IBANS.

1. Upon requesting your Bank Account a Personal Virtual IBAN will be generated. Your Personal Virtual IBAN functions similarly to a traditional IBAN but is issued virtually and is linked exclusively to your Bank Account. Your Personal Virtual IBAN enables simplified identification of incoming payments and seamless integration with the Client Bank Account management.

2. Payments to your Personal Virtual IBAN are automatically credited to your Bank Account. The Personal Virtual IBAN enables traceable, efficient settlement and reconciliation.

3. You can monitor and manage your activity: (i) review your balance and transaction history, (ii) deposit, withdraw and transfer Funds, (iii) perform other actions in relation to the above.

4. The Bank may at its sole and absolute discretion impose limits on volume, value, or number of transactions based on the Client’s risk category and jurisdiction.

5. The Bank authorises incoming transfers only from verified and compliant sources and оutgoing transfers to third parties, subject to internal review and sanctions screening.

IX. DEMAND DEPOSIT ACCOUNT.

1. After successful onboarding with the Bank, the latter will open in your name a Bank Account, while the Bank currently offers one type of account - Demand Deposit Accounts. The Demand Deposit Account is a core transactional type of account, structured for your day-to-day Funds management while maintaining compliance with domestic and international regulatory standards.

2. Your Demand Deposit Account allows you to deposit and withdraw Funds, aligned with banking norms for offshore or international accounts and the limitations and requirements of the Bank.

3. A minimum opening balance is required, as indicated in Schedule No. 1 below, subject to revision from time to time at our sole and absolute discretion, or the equivalent of this amount in any other Currency.

4. All Bank Accounts are monitored for unusual activity. The Bank may block or delay a transaction to complete sanctions screening, source-of-funds checks, enhanced due diligence, etc.

X. THIRD-PARTY PAYMENTS.

1. The Bank offers Third-Party Payment that allow Clients to transfer Funds from their Bank Account with the Bank to accounts held by other individuals or entities, either domestically within Antigua and Barbuda or internationally. These payments can be initiated through secure written instructions, or other approved channels and are subject to the Bank compliance checks, operational procedures, and Applicable Law.

2. The Bank will process all Fund transfers according to your instructions, while, subject to any Applicable Law, we may have to collect identifying details of the recipient and disclose them to third parties. If you fail to provide us with the requested information in a timely manner, we may, without liability, suspend, limit or terminate your use of the Bank Services or access to your Bank Account.

3. Transfers are usually processed immediately, but in rare cases on the next business day. Domestic payments are generally processed within 1 Business Day, while international payments take up to 2–5 Business Days, depending on correspondent banks and jurisdictions involved. The Bank is not responsible for delays or errors caused by intermediary or correspondent banks.

5. The Bank may impose transaction limits based on the Client’s Bank Account type, risk profile, and jurisdiction. We may grant you higher limits upon written request and approval after enhanced due diligence.

XI. CARD.

1. The Bank may issue payment cards (“Card” or “Bank Card”) to eligible Clients for use in conducting transactions, including ATM withdrawals, point-of-sale purchases, online payments, and other operations as permitted under the Bank and the present Terms. Cards may be linked to Demand Deposit Accounts or other eligible accounts held with the Bank.

2. Cards are available in physical and/or virtual form, subject to the Bank’s approval, and are governed by these Terms in addition to any applicable card network rules.

3. You are responsible to keep your Card, PIN, and any security credentials safe and confidential. You shall notify the Bank immediately if the Card is lost, stolen, compromised, or used without authorization.

5. The Client shall maintain sufficient cleared Funds in the linked Bank Account to cover all transactions and applicable fees.

6. You may request a chargeback under card network rules, but the Bank does not guarantee the outcome.

XII. DEFAULT. INDEMNIFICATION.

1. The occurrence of one of the following events constitutes an Event of Default:
a) The Client breaches any of the Client’s obligations or warranties under these Terms;
b) It is or becomes illegal for the Client to perform the Client’s obligations under these Terms;
c) The Bank is unable to contact the Client in accordance with the Client’s most recent instructions for sending correspondence.

2. In case of an Event of Default, the Bank is entitled:
a) To terminate this Agreement with immediate effect;
b) To take any action it deems necessary to protect its interests.

3. You shall defend, indemnify, and hold harmless the Bank, its affiliates, third-party service providers, and each of their respective employees, officers, directors, and representatives, from and against any claims, damages, losses, liabilities, costs, and expenses (including reasonable attorney’s fees), arising out of or relating to any third-party claim concerning these Terms, or your use of the Bank Services in violation of these Terms, or any Applicable Law.

XIII. TERMINATION. CLOSURE OF ACCOUNT.

1. This Agreement may be terminated by the Bank: (i) immediately and without notice, by closing your Nexo Account and discontinuing your use of the Bank Services, on the grounds of Art. XII.2., Letter a) or otherwise, (ii) upon written notice by the Bank to the Client if the Bank discontinues the offering of the Bank Services, regardless of the reasons.

2. You may, at any time, terminate your access to and use of any of the Bank Services, respectively the Agreement, and/or close your Bank Account. In order to do so, you shall submit a request to the Bank in a form and together with the relevant supporting documents and/or information, as may be required by the Bank. You hereby acknowledge and agree that you will be subject to such terms and conditions as we may consider applicable to such termination and/or closing, and that all Bank Services or the relevant part thereof will not be accessible thereafter.

3. All your debts to the Bank shall have been settled prior to closing of your Bank Account. You may recover any remaining balance of Funds, unless we are prohibited by any Applicable Law or court order to release such Funds, if applicable, including but not limited to the case that we have reasonable grounds to suspect that the Funds were obtained through fraud or any unlawful means or connected with any criminal activities. The Bank reserves its right to revise the limitations under the preceding sentence from time to time, at its sole and absolute discretion.

4. The termination of this Agreement shall not prevent the Bank from seeking any remedies against the Client for any breach of this Agreement occurring prior to such termination.

XIV. GOVERNING LAW.

1. The Agreement is governed by the laws of Antigua and Barbuda. Disputes may be submitted to arbitration in St. John’s or resolved in the courts of Antigua and Barbuda.

Schedule No. 1 Fees. Limits.

I. PERSONAL VIRTUAL IBANS.

1. There are no Fees for generation of a Personal Virtual IBAN.

II. BANK ACCOUNT.

1. The Bank does not collect Fees for Bank Account opening.

2. The Bank imposes a minimum deposit amount of USD 25.00, or its equivalent in other Currency.

3. The Bank charges the following Fee for incoming SWIFT bank transfers:
3.1. In USD - a flat Fee of USD 10.00 is charged for transfers below USD 5000.00;
3.2. In GBP/EUR, a flat Fee of GBP/EUR 25.00, is charged for each separate transfer. When Clients transfer funds via PIX, all such transfers are subject to a 2.5% processing Fee, but no less than EUR 1.99.

The Bank does not charge Fees for non-SWIFT bank transfers over GBP/EUR 100.00. Non-SWIFT bank transfers in USD are subject to the same fees as SWIFT bank transfers in USD.

Any transfers below GBP/EUR 100.00 will incur a flat fee of GBP/EUR 5.00.

III. THIRD-PARTY PAYMENTS. WITHDRAWAL.

1. The following Fees apply for withdrawals, third-party payments:

IV. CARD.

Both physical and virtual Cards have no monthly, annual, or inactivity fees. The applied Fee for ATM withdrawals is 2% on the withdrawn amount, but not less than USD 1.99/EUR 1.99/1.99 GBP.