The terms you agree to.

These terms form a binding agreement between you and Balboa Exchange. By creating an account, signing in to the portal, submitting the qualification questionnaire, or instructing the desk, you accept them.

If you do not accept them, do not use the service. If you are accepting on behalf of a company, you confirm you are authorised to bind it, and “you” means that company.

Our Privacy Policy and our Risk Disclosures form part of this agreement and are incorporated by reference.

You must be at least 18 years old and have the legal capacity to enter this agreement.

You must not be a person or entity subject to sanctions administered by the United Nations, the Republic of Panama, the United States, the European Union or the United Kingdom, nor act for or on behalf of such a person.

You must not be resident in, or instructing us from, a jurisdiction where we do not offer the service or where your use of it would breach local law. Determining that is your responsibility, not ours.

We may decline to open an account, or close one, at our discretion, including where we are prohibited from explaining why.

Balboa Exchange operates an over-the-counter digital-asset desk. We quote and settle trades in bitcoin and stablecoins against fiat, arrange bitcoin-backed lending, and coordinate residency and real-estate matters with third-party partners.

The portal is an interface for viewing your position, instructing transfers, and communicating with the desk. It is not a bank account. Balances shown are read from our execution and custody partners and reflect their records.

We are not a bank, and we do not take deposits. Nothing we hold for you is insured by any deposit-protection scheme. See our Risk Disclosures.

The information you give us must be accurate, complete and current, and you must update it when it changes. Much of what we ask is asked because the law requires us to ask it, and an inaccurate answer may be an offence.

You are responsible for your credentials and for everything done under your account. Enable two-factor authentication. Tell us immediately at desk@balboaexchange.com if you suspect unauthorised access.

Accounts are personal to you. Do not let anyone else use yours, and do not transact on behalf of an undisclosed third party.

Before we open an account, and periodically afterwards, we verify your identity, screen you against sanctions and politically-exposed-person data, and assess your source of funds and expected activity.

We may ask for further information or documents at any time, including on a specific transaction. We may delay, refuse, suspend, reverse where possible, or unwind an instruction, and we may freeze or close an account, where we consider it necessary to meet a legal or regulatory obligation or to manage risk.

Where the law prohibits us from telling you why we have taken such a step, we will not tell you.

Prices shown on the website or in the portal before you request a quote are indicative. They are not offers and they do not bind us.

A firm quote is binding on us only for the expiry window stated on it. If you confirm within that window the trade is binding on both of us and cannot be cancelled or reversed by you. If you do not, the quote lapses and you may request another at the prevailing price.

You are responsible for the settlement instructions you give us: wallet addresses, bank details, network selection and any memo or reference. Digital-asset transfers are irreversible. We cannot recover assets sent to an address you specified incorrectly, and we do not accept liability for that loss.

Settlement times depend on banks, blockchain networks and our partners. We do not guarantee a settlement time.

Lending is arranged directly with the desk. There is no self-serve origination, and nothing on this site is an offer of credit.

Any loan is governed by the term sheet and loan documentation you sign, which set out the loan-to-value bands, term, custody arrangements, disbursement, margin requirements and liquidation policy that apply. Where the term sheet and these terms conflict, the term sheet governs that loan.

Collateral is held with a custodian, not sold, and returns to you when the loan closes and all obligations are met. A fall in the value of collateral may trigger a margin call and, if it is not met, liquidation, potentially at a loss to you. See our Risk Disclosures.

Our compensation on a trade is generally the spread between the price we quote you and the price at which we source or place the other side. That spread is included in the price you see; it is not added separately.

Any fee that is charged separately (a network fee, a bank charge, a lending or arrangement fee) is disclosed to you before you commit to the transaction or in the applicable term sheet. Third parties may levy their own charges we do not control.

We use third parties for execution, custody, identity verification, banking and infrastructure. We select them with care and remain your point of contact, but we do not control their systems and we are not liable for their outages, errors, insolvency or acts beyond our reasonable control.

Residency and real-estate services are delivered by independent partners under their own engagement terms. We coordinate; we do not practise law, and we do not guarantee any governmental or third-party outcome.

You must not:

• Use the service for money laundering, terrorist financing, sanctions evasion, tax evasion, fraud, or the proceeds of crime.
• Give us false, stale or misleading information, or documents that are not genuine.
• Transact for an undisclosed third party, or disguise the origin or destination of funds.
• Attempt to gain unauthorised access to the platform, probe or scan it, interfere with its operation, or scrape it by automated means.
• Use the service where doing so would breach the law that applies to you.

Nothing we publish or say to you is investment, legal, tax or accounting advice, a personal recommendation, or a solicitation to buy or sell anything. Market commentary, indicative pricing and educational material are general information only.

You decide whether a transaction is suitable for you, and you take your own professional advice. We do not assess suitability on your behalf and we owe you no fiduciary duty.

Digital assets are volatile and you can lose everything you commit. Our Risk Disclosures set out the risks in detail and form part of this agreement. Read them before you transact.

The site, the portal, and the Balboa Exchange name, marks and design are ours or our licensors'. You get a limited, revocable, non-transferable right to use them to operate your account, and nothing more. Do not copy, adapt, resell or reverse-engineer them.

You may close your account at any time, once you have settled everything outstanding, by writing to the desk.

We may suspend or terminate your access immediately where you breach these terms, where we are required to, or where we reasonably suspect fraud or unlawful activity. Otherwise we will give reasonable notice.

Termination does not affect obligations already incurred, our record-retention duties, or the sections of these terms that are meant to survive it.

The service is provided as it stands and as it is available. To the extent the law permits, we exclude implied warranties, and we do not warrant that the site or the portal will be uninterrupted, error-free, or that data displayed from a partner is free of delay.

To the extent the law permits, we are not liable for indirect or consequential loss, loss of profit, loss of opportunity, or loss arising from market movement, network congestion, forks, a third party's failure, or an instruction you gave us incorrectly.

To the extent the law permits, our total liability to you for all claims connected with the service in any twelve-month period is limited to the fees and spreads you paid us in that period.

Nothing here excludes liability for fraud, or for anything that cannot lawfully be excluded.

You will indemnify us against claims, losses and reasonable costs arising from your breach of these terms, your breach of law, or information you gave us that was false or misleading.

We may change these terms. The current version is the one published here, dated at the top of this page. Where a change materially affects your rights we will give you notice, and continuing to use the service after it takes effect is acceptance.

These terms are governed by the laws of the Republic of Panama.

We would rather resolve a dispute directly, so please raise it with the desk first. Failing that, the courts of Panama City, Republic of Panama have exclusive jurisdiction.

If a provision is held unenforceable, the rest stands. Our not enforcing a right is not a waiver of it. You may not assign this agreement without our consent; we may assign it to a successor of the business. These terms, with the Privacy Policy, the Risk Disclosures and any term sheet you sign, are the whole agreement between us.

Questions: desk@balboaexchange.com.