Terms of Service

These Terms of Service ("Terms") govern the agreement between Ikrik Exchange ("we", "us", "Ikrik Exchange") and the entity or individual ("Client", "you") that applies for or uses our escrow, settlement, or client account services. By submitting an application or using our services, you agree to be bound by these Terms.

These Terms should be read together with any Service Agreement, fee schedule, and any account-specific terms issued at onboarding. In the event of conflict, the specific Service Agreement takes precedence over these Terms.

1. Definitions

• Account: a client bank account, escrow account, or settlement account opened with Ikrik Exchange
• Counterparty: any third party named in an escrow or settlement instruction
• Funds: any money deposited into an Account by or on behalf of the Client
• IBAN: an international bank account number assigned to an Account
• KYC/KYB: know-your-customer and know-your-business verification procedures
• Release Instruction: a written or electronic instruction authorised by the Client to disburse Funds to a Counterparty
• Service Agreement: a specific written agreement governing a particular Account or arrangement
• UAE: the United Arab Emirates

2. Services

Ikrik Exchange provides the following services, subject to successful onboarding and ongoing compliance with these Terms:

• Escrow accounts: holding of Funds in a Client-segregated account pending satisfaction of conditions set out in the Service Agreement
• Settlement services: netting and disbursement of B2B payment obligations, including telecom interconnect and marketplace flows
• Client bank accounts: sub-accounts with dedicated IBANs, independent ledger balances, and statement generation

We are a financial intermediary and escrow agent. We are not a bank, a payment institution, a law firm, or a fiduciary. We do not provide legal, financial, or tax advice. Nothing in these Terms or in any statement or communication from Ikrik Exchange constitutes legal or financial advice.

3. Eligibility and onboarding

To open an Account, you must:

• Be a duly incorporated entity or an individual of legal age in the applicable jurisdiction
• Not be subject to sanctions imposed by the UAE, UN, EU, US OFAC, or UK HMT
• Not be incorporated or resident in a jurisdiction on the FATF blacklist or grey list, unless otherwise approved by our compliance team
• Complete our KYC/KYB verification process to our satisfaction
• Execute the applicable Service Agreement

We reserve the right to decline any application without giving reasons. Completion of onboarding documentation does not constitute acceptance until we have confirmed in writing that the Account is activated.

4. Client obligations

You agree to:

• Provide accurate, complete, and current information throughout onboarding and during the term of the relationship
• Promptly notify us of any change in your corporate structure, beneficial ownership, sanctions status, or contact details
• Ensure that all Funds deposited are from lawful sources and that you have the legal right to deposit and instruct their release
• Not use our services for any unlawful purpose, including but not limited to money laundering, terrorist financing, or sanctions evasion
• Issue Release Instructions only in respect of legitimate, authorised transactions
• Keep your account credentials, access codes, and authorised signatory information secure and confidential

5. Fees and charges

Our fees are set out in the applicable Service Agreement or fee schedule issued at onboarding. We reserve the right to revise fees with 30 days' written notice. Fees are payable in the currency specified in the Service Agreement and are non-refundable unless expressly stated otherwise. We may deduct fees from Funds held in your Account or invoice separately, as specified in the Service Agreement. If fees remain unpaid for more than 30 days, we may suspend services and, after a further 14 days' notice, terminate the Account.

6. Holding and release of funds

Funds deposited into your Account are held in a ledger-segregated account within our master banking relationship. They are not co-mingled with our operating capital. We do not pay interest on Funds held.

We will release Funds only upon receipt of a valid Release Instruction from an authorised signatory, or as required by law or regulation. We are entitled to refuse or delay a Release Instruction if:

• We have reasonable grounds to suspect money laundering, fraud, or sanctions concerns
• The instruction is incomplete, ambiguous, or contradicts a court order or regulatory direction
• Outstanding fees are due and unpaid
• A dispute between the Client and a Counterparty is unresolved and the instruction is contested

We are not liable for losses arising from our compliance with legal obligations, including delays in release caused by AML investigations or regulatory freezes.

7. AML / CFT obligations

Ikrik Exchange is subject to UAE AML/CFT law and related regulations. We may:

• Request additional documentation at any time to satisfy our ongoing KYC obligations
• Suspend or terminate an Account without notice where we suspect AML or CFT concerns
• Report suspicious activity to the UAE Financial Intelligence Unit (FIU) and other competent authorities without notifying the Client (tipping-off prohibition)
• Freeze Funds pending the outcome of an investigation

Compliance with AML/CFT obligations is non-negotiable. Our MLRO has final authority on all compliance matters and decisions cannot be appealed internally.

8. Liability

To the maximum extent permitted by UAE law:

• Our total aggregate liability to you arising out of or in connection with these Terms or any Service Agreement will not exceed the fees paid by you in the three months preceding the event giving rise to the claim
• We are not liable for indirect, consequential, special, or punitive damages, including lost profits, loss of business, or reputational damage
• We are not liable for failures or delays caused by events outside our reasonable control, including bank failures, regulatory actions, or force majeure events
• We are not liable for losses arising from instructions given by an unauthorised person using your credentials, unless directly caused by our negligence

Nothing in these Terms limits liability for fraud, wilful misconduct, or gross negligence on our part.

9. Termination

Either party may terminate a Service Agreement with 30 days' written notice. We may terminate immediately and without notice if:

• You breach any material provision of these Terms or the Service Agreement
• We are required to do so by law, regulation, or a competent authority
• You become insolvent, enter administration, or are subject to winding-up proceedings
• We determine, in our sole discretion, that continuing the relationship would expose us to unacceptable regulatory or reputational risk

On termination, we will return any Funds held to the authorised account of record, after deducting any outstanding fees and resolving any pending compliance matters.

10. Confidentiality

Both parties agree to keep confidential all non-public information received from the other in connection with these Terms or any Service Agreement. This obligation does not apply to information that is required to be disclosed by law, regulatory requirement, or court order, or that is or becomes publicly known through no breach of this clause. The confidentiality obligation survives termination of the relationship for a period of five years.

11. Governing law and dispute resolution

These Terms and any Service Agreement are governed by the laws of the UAE and, where applicable, the emirate of Dubai. Any dispute arising out of or in connection with these Terms that cannot be resolved amicably within 30 days of written notice shall be referred to the Dubai International Arbitration Centre (DIAC) for final arbitration in accordance with its rules. The seat of arbitration shall be Dubai. The language of arbitration shall be English. The arbitration award shall be final and binding.

12. Amendments

We may amend these Terms at any time by publishing an updated version on our website and notifying existing clients by email at least 30 days before the changes take effect. Your continued use of our services after the effective date of any amendment constitutes acceptance of the updated Terms. If you do not accept an amendment, you may terminate your Service Agreement before the effective date without penalty.

13. Contact

Questions about these Terms should be addressed to: