Terms and Conditions of Use

For the purposes of these Terms, the following capitalized terms have the meanings set out below:

Digital Asset: a digital representation of value that can be traded or transferred by electronic means, as defined in Article 3 of the LEAD, including stablecoins and other cryptocurrencies supported by the Platform.

Digital Asset Account (or "Account"): the set of records maintained by SK Fuerte Capital in its internal ledger that reflects the USER's fiat balances and Digital Asset balances held under custody, together with the associated access credentials, whitelisted addresses and transaction history.

Platform: the proprietary technology platform of SK Fuerte Capital, comprising the client portal, the order management system, the custody integration, the internal ledger and related systems, accessible through https://www.skfuertecapital.sv.

Services: the digital asset services listed in Section 7, corresponding to the services declared by SK Fuerte Capital under Article 19 of the LEAD.

USER: the corporate, institutional or high-net-worth individual client that has completed onboarding and holds an Account, acting through its legal representatives and Authorized Persons where applicable.

Authorized Person: a natural person designated by a corporate or institutional USER, through the Platform's approval workflow, to access the Account and give instructions on the USER's behalf.

Transaction: any operation carried out through the Platform, including fiat deposits and withdrawals, conversions between fiat and Digital Assets, order execution, custody movements, on-chain withdrawals and internal transfers.

Whitelisted Address: an external blockchain address registered by the USER in its per-client allow-list of withdrawal destinations, subject to the mandatory activation cooldown described in Section 7.5.

Travel Rule: the obligation to collect, safeguard and transmit originator and beneficiary information for Digital Asset transfers, under FATF Recommendation 16 and the applicable instructions of the Unidad de Investigación Financiera ("UIF").

Business Day: any day other than Saturday, Sunday or a public holiday in El Salvador. On-chain operations may settle outside Business Days; fiat operations depend on the availability of the banking partners' systems.

2.1. These Terms establish the conditions under which SK Fuerte Capital makes the Platform available and provides the Services to the USER.

2.2. SK Fuerte Capital acts exclusively as a service provider in an agency capacity. The Company does not trade against its clients, does not operate a proprietary matching engine and holds no principal market position. Orders are routed to institutional liquidity providers under best-execution obligations.

2.3. The Services do not constitute banking, deposit-taking, lending, investment advice, portfolio management or the offering of securities. Balances held with SK Fuerte Capital are not bank deposits, are not covered by any deposit insurance scheme, and do not accrue interest.

2.4. SK Fuerte Capital does not provide investment, legal, tax or accounting advice. Any information made available on the Platform (market data, indicative quotes, educational content) is provided for informational purposes only and does not constitute a recommendation.

3.1. The Services are available exclusively to the following client segments, whether resident or non-resident in El Salvador: (i) corporate clients — legal entities with digital asset treasury or payment requirements; (ii) institutional clients — funds, asset managers, fintech operators and crypto-native firms; and (iii) high-net-worth individual clients — professional investors with verified source of wealth.

3.2. Onboarding follows a request-and-approval workflow. The prospective client submits its registration request through the Platform, together with all documentation required by SK Fuerte Capital's Know-Your-Client / Know-Your-Business (KYC/KYB) procedures, including identification of the legal entity, its ownership and control structure, its beneficial owners, its legal representatives, and source of funds and source of wealth information. High-net-worth individual clients are subject to enhanced due diligence.

3.3. The opening of an Account is subject to SK Fuerte Capital's prior analysis and approval, at its sole discretion, in accordance with its AML/CFT/CPF Program, risk appetite and regulatory obligations. SK Fuerte Capital may refuse, condition or limit any registration without being required to disclose the internal criteria applied, except where disclosure is required by law.

3.4. The USER undertakes to provide only true, accurate, complete and up-to-date information, and to update its registration data whenever there is any change — including changes of legal representatives, beneficial owners, corporate structure, address or contact details — within no more than ten (10) days of the change. SK Fuerte Capital may, at any time, request updated documents and information, and may suspend the Account until such information is provided and validated.

3.5. No Transaction may be executed, and no withdrawal command will be accepted by the Platform, unless the USER's KYC status is fully approved. This control is enforced structurally by the Platform and admits no exception.

3.6. Access credentials (login, password, two-factor authentication) are personal and non-transferable. Corporate USERS are responsible for managing their Authorized Persons and for immediately revoking access of persons who are no longer authorized.

4.1. The collection, use, storage and sharing of personal data in connection with the Platform are governed by the SK Fuerte Capital Privacy Policy, which forms an integral part of these Terms, and by the Ley de Protección de Datos Personales of El Salvador.

4.2. The USER acknowledges that, as a CNAD-regulated DASP, SK Fuerte Capital is legally required to: (i) perform identity verification, sanctions, PEP and adverse-media screening; (ii) monitor Transactions on a continuous basis, including blockchain analytics (KYT); (iii) collect, safeguard and transmit Travel Rule information for applicable transfers; (iv) retain records for a minimum of five (5) years; and (v) report suspicious operations to the UIF, without notifying the USER, as required by law.

4.3. SK Fuerte Capital safeguards the identity of its clients in accordance with Article 36 of the LEAD, disclosing client information to authorities only through the applicable legal process.

5.1. The USER is solely responsible for the equipment, software and connectivity necessary to access the Platform, and for keeping its devices free of malicious code.

5.2. The USER is solely responsible for the custody and confidentiality of its access credentials and for all instructions given through its Account. Instructions authenticated with the USER's credentials and second factor are deemed to have been issued by the USER.

5.3. The USER must immediately notify SK Fuerte Capital, through a secure channel, of any loss, theft or compromise of credentials or devices, or any suspected unauthorized access. SK Fuerte Capital may freeze the Account upon such notice, or on its own initiative where it detects indications of compromise, until the situation is resolved.

5.4. SK Fuerte Capital may establish, and modify for security reasons, operational parameters of the Platform, including transaction limits, approval tiers, time-locks, cut-off times and supported assets and networks.

5.5. The Platform may be temporarily unavailable due to scheduled maintenance, technical incidents, or events beyond the Company's control. SK Fuerte Capital will use commercially reasonable efforts to give advance notice of scheduled maintenance and to restore availability in accordance with its Business Continuity and Disaster Recovery Plan.

6.1. The Account records the USER's fiat balances and Digital Asset balances. All monetary values are recorded in the Platform's double-entry ledger; balances are at all times derivable and reconcilable from the entry history.

6.2. Segregation of client assets. Client fiat balances are held in segregated accounts with regulated banking and payment service partners. Client Digital Assets are held in per-client segregated vaults with qualified institutional custody infrastructure (Fireblocks MPC), with no co-mingling with the Company's own assets. Platform fee revenue is held in a separate vault, fully segregated from client assets.

6.3. Client assets do not form part of SK Fuerte Capital's estate and may not be used by the Company for its own account. The Company maintains reconciliation routines and proof-of-reserves snapshots that compare the internal ledger, custody balances and fiat balances, and is able to demonstrate 1:1 backing of client assets.

6.4. Balances in the Account do not accrue interest or any other remuneration to the USER.

6.5. The USER may consult its balances, statements, transaction history and its own audit trail at any time through the Platform.

6.6. Inactive accounts. Where an Account remains without Transactions and without login for an extended period, SK Fuerte Capital may classify it as inactive, apply the inactivity procedures disclosed on the Platform and, subject to prior notice, initiate the closure procedure of Section 14.

7.1. SK Fuerte Capital, in its capacity as a Digital Asset Service Provider, offers through the Platform the following Services, corresponding to Article 19 of the LEAD:

• On-ramp / Off-ramp (Art. 19.a LEAD): conversion of fiat currency into Digital Assets and vice versa, executed through regulated banking/PSP partners and institutional liquidity providers, exclusively linked to digital asset operations;
• Reception and transmission of orders — brokerage (Art. 19.b and 19.f.3 LEAD): reception of the USER's spot orders in stablecoins and major cryptocurrencies and their routing to institutional liquidity providers, on a pure agency basis, with best execution;
• Custody (Art. 19.f.2 LEAD): safekeeping of client Digital Assets in segregated vaults and of associated fiat balances, as described in Section 6;
• Transfers (Art. 19.f.1 LEAD): on-chain withdrawals of Digital Assets to external Whitelisted Addresses and internal ledger transfers between Accounts, upon the USER's instruction.

7.2. Through the Platform, the USER may, among other functionalities: (i) deposit and withdraw fiat funds; (ii) deposit Digital Assets to its segregated deposit addresses; (iii) view balances, statements and its audit trail; (iv) request conversions and place spot orders; (v) manage its Whitelisted Addresses; (vi) execute on-chain withdrawals and internal transfers; and (vii) use any additional functionalities that may be added, subject to prior CNAD notification where required.

7.3. Supported assets. At launch, the Platform supports USDT, USDC and other major digital assets disclosed on the Platform. SK Fuerte Capital may add or remove supported assets and networks, with reasonable prior notice for removals affecting existing balances.

7.4. Conversions and quotes. Conversion quotes apply a transparent, disclosed spread in basis points over an independent market-data reference. Quotes have an expiry time; if a quote expires or a conversion fails to settle, the operation is automatically failed and the reserved funds refunded to the Account through the Platform's audited fail path.

7.5. Withdrawal controls. The USER acknowledges and agrees that every outbound Digital Asset withdrawal is subject to the Platform's sequential control gates, including: (i) fully approved KYC status; (ii) destination restricted to Whitelisted Addresses, with a mandatory activation cooldown after each new address is added (during which the new address cannot be used); (iii) real-time blockchain analytics screening of the destination, with HIGH or SEVERE risk destinations blocked; (iv) Travel Rule data collection and transmission at or above the applicable threshold; and (v) approval by a quorum of authorized officers of the Company. These controls are structural security features of the Platform, exist for the protection of client assets, and do not constitute service failures or delays attributable to SK Fuerte Capital.

7.6. Transaction Authorization Policy. Movements of Digital Assets are additionally subject to value-based approval tiers and minimum time-locks enforced at the custody infrastructure level (for example, movements above defined thresholds require multiple signers, Compliance Officer approval and minimum time-locks). Applicable tiers are disclosed on the Platform.

7.7. Travel Rule. SK Fuerte Capital will not execute transfers to or from Virtual Asset Service Providers that do not respond to Travel Rule information requests within the required window. The USER undertakes to provide accurate originator/beneficiary information whenever requested.

7.8. Blockchain risks. The USER acknowledges that on-chain Transactions are, as a rule, irreversible once broadcast. It is the USER's exclusive responsibility to verify the accuracy of destination addresses, networks and amounts before confirming any withdrawal. SK Fuerte Capital is not responsible for losses arising from transfers to addresses incorrectly provided or whitelisted by the USER, from the use of unsupported networks, or from the conduct of third-party VASPs or wallet providers.

8.1. In consideration for the Services, the USER shall pay SK Fuerte Capital the fees set out in the fee schedule published on the Platform, which at the date of these Terms comprises:

8.2. Blockchain network (gas) fees and third-party banking charges may be passed through to the USER and will be disclosed before confirmation of the relevant Transaction.

8.3. Fee amounts may vary according to service type, channel, USER risk profile, volumes and market conditions, and are always disclosed on the Platform or in specific communications, consistently with the transparency obligations of the LEAD. The Parties may negotiate differentiated fees and commercial conditions through a specific instrument executed by both Parties.

8.4. For the collection of fees, SK Fuerte Capital may: (i) automatically debit the amounts due directly from the Account at the time of each Transaction or on the applicable billing date; and/or (ii) set off amounts due against present or future credits owed to the USER.

8.5. Insufficient balance. If there is no sufficient balance in the Account to pay fees due, SK Fuerte Capital may request an immediate credit by the USER and will debit the amounts as soon as balance is available. Non-payment may result in suspension of Services, accrual of contractual late charges and adoption of collection measures.

8.6. SK Fuerte Capital may adjust the fee structure, notifying the USER with reasonable advance notice through the Platform or by e-mail. If the USER does not agree with the new conditions, it may terminate the relationship without penalty by closing the Account and settling any amounts due. Continued use of the Platform after the effective date will be deemed acceptance of the new fees. If new taxes are created or the calculation of taxes on the current remuneration changes, SK Fuerte Capital may adjust the amounts charged so as to restore the economic balance of the relationship.

9.1. The USER acknowledges and agrees that SK Fuerte Capital may: (i) place holds on amounts in the Account to secure, in full, any payments due or to protect itself against financial risks arising from the USER's obligations; and (ii) set off, against existing balances in the Account, any debts for which the USER is responsible, regardless of their nature, in each case with notice to the USER except where prohibited by law or by a competent authority.

9.2. SK Fuerte Capital may also freeze or hold balances, and suspend Transactions, in the following situations: (i) compliance with an order of CNAD, the UIF, a court or another competent authority; (ii) well-founded suspicion of fraud, money laundering, terrorism financing, proliferation financing or sanctions evasion, in accordance with the AML/CFT/CPF Program; (iii) HIGH or SEVERE risk KYT screening results; (iv) registration inconsistencies pending resolution under Section 3.4; or (v) protection of the Platform and of other clients against imminent security risk.

9.3. Holds under this Section will be maintained only for as long as necessary for their purpose and will be documented in the Platform's audit trail.

10.1. Instructions confirmed by the USER are, as a rule, final. On-chain Transactions cannot be cancelled or reversed after broadcast to the network.

10.2. Fiat withdrawal instructions follow a reserve → approve → execute flow and may be cancelled by the USER only while not yet approved and executed.

10.3. Where a Transaction fails, is rejected by a control gate, or does not settle, the Platform automatically fails the operation and refunds the reserved amounts to the Account through linked reversal entries, preserving the full history. Posted transactions are never edited or deleted; corrections occur exclusively through explicit reversal transactions.

10.4. If the USER identifies an error in a processed Transaction, it must notify SK Fuerte Capital immediately through the channels in Section 18. The Company will investigate under its Customer Complaints Handling Policy and, where the error is attributable to the Company, will correct it, including through fee refunds or transaction reversals where applicable.

11.1. The USER undertakes to use the Platform exclusively for lawful purposes connected to its declared, bona fide commercial or investment activity, in accordance with these Terms, the LEAD, the RPSAD and other applicable law.

11.2. Without limitation, the USER shall not: (i) use the Platform for any transaction connected with money laundering, terrorism financing, proliferation financing, sanctions evasion, fraud, corruption or any other unlawful activity; (ii) act on behalf of undisclosed third parties or allow third parties to operate the Account; (iii) provide false, incomplete or misleading information; (iv) attempt to circumvent the Platform's controls, limits or security mechanisms, or probe, scan or test the vulnerability of any system without written authorization; (v) introduce malicious code or interfere with the Platform's operation; (vi) use the Platform for market manipulation, insider dealing or any conduct prohibited by Articles 34 and 35 of the LEAD and Articles 23–24 of the RPSAD; or (vii) infringe intellectual property or third-party rights.

11.3. The USER is liable for all damages caused to SK Fuerte Capital or to third parties arising from breach of these Terms or from unlawful use of the Platform, and shall indemnify and hold SK Fuerte Capital harmless from any claims, losses, fines and expenses (including reasonable attorneys' fees) arising therefrom.

11.4. Breach of this Section authorizes SK Fuerte Capital to suspend or terminate the Account for cause, without prejudice to the reporting obligations to the competent authorities and other applicable measures.

12.1. SK Fuerte Capital grants the USER a limited, non-exclusive, non-transferable and revocable license to access and use the Platform, solely for the purposes of these Terms and while the Account remains active.

12.2. All intellectual property rights over the Platform — including the proprietary order management system, client portal, ledger, software, source code, databases, trademarks, logos, layouts and content — belong exclusively to SK Fuerte Capital or its licensors. Nothing in these Terms transfers any intellectual property right to the USER.

12.3. The USER may not copy, modify, adapt, translate, reverse engineer, decompile, create derivative works from, sublicense, rent or make the Platform available to third parties, except as expressly permitted by mandatory law.

12.4. Feedback and suggestions provided by the USER may be used by SK Fuerte Capital to improve the Services, without any obligation of remuneration or attribution.

13.1. The provision of the Services depends on regulated and specialized third parties, including custody infrastructure (Fireblocks), banking and payment partners, institutional liquidity providers, identity verification providers (Sumsub / Didit), blockchain analytics providers and Travel Rule messaging (Notabene). SK Fuerte Capital selects and monitors these providers under its vendor management framework, with contractual safeguards and technical containment.

13.2. Certain functionalities may involve services contracted by the USER directly with third parties. In such cases, SK Fuerte Capital acts solely as a technology intermediary in the offer, and the third party is exclusively responsible for its own services, subject to its own terms.

13.3. SK Fuerte Capital is not liable for acts or omissions of third parties outside its reasonable control — including blockchain networks, third-party VASPs and the USER's own banks — without prejudice to the Company's obligation to manage its providers diligently and to maintain multi-provider substitution capability for critical functions.

14.1. Closure by the USER. The USER may request closure of its Account at any time, free of closure charges, through the Platform or the channels in Section 18, subject to: (i) settlement of pending Transactions and amounts due; and (ii) withdrawal of remaining balances to accounts/addresses of the same ownership, in compliance with the controls of Section 7.5.

14.2. Closure by SK Fuerte Capital. SK Fuerte Capital may terminate the relationship: (i) without cause, with at least thirty (30) days' prior notice; or (ii) for cause, with immediate effect, in the event of material breach of these Terms, verified fraud, use of the Account for unlawful purposes, sanctions exposure, impossibility of completing or maintaining due diligence, or an order of a competent authority.

14.3. Upon closure, remaining balances will be made available for withdrawal by the USER within the operational deadlines disclosed on the Platform, except where a hold under Section 9 or an order of a competent authority applies. Where the USER fails to provide valid redemption instructions, the Company will follow the procedure of the applicable law for unclaimed balances.

14.4. Closure of the Account does not release the USER from obligations incurred while it was active, nor does it affect SK Fuerte Capital's legal record-retention obligations (minimum of five (5) years).

14.5. In the event of discontinuation of the Services or wind-down of the Company, SK Fuerte Capital will follow its orderly wind-down plan (Art. 21.o LEAD), ensuring the return of client assets under CNAD supervision.

15.1. These Terms enter into force upon acceptance by the USER and remain in force for an indefinite period, while the Account is maintained.

15.2. SK Fuerte Capital may amend these Terms to reflect legal or regulatory changes, new functionalities or improvements to the Services. Material amendments will be communicated with reasonable advance notice through the Platform or by e-mail. Continued use of the Platform after the effective date constitutes acceptance; a USER who does not agree may close its Account under Section 14.1 without penalty.

15.3. The current version of these Terms, with its update date, will always be available on the Platform.

16.1. The Parties undertake to comply, and to cause their representatives to comply, with all applicable anti-corruption and anti-money-laundering legislation, including the Ley Contra el Lavado de Dinero y de Activos of El Salvador, UIF instructions, CNAD regulations and applicable international sanctions regimes.

16.2. The USER declares that: (i) its funds and Digital Assets have lawful origin; (ii) it does not act on behalf of undisclosed third parties; (iii) neither it nor its beneficial owners are subject to sanctions or, if politically exposed persons, that this condition has been duly disclosed during onboarding; and (iv) it will cooperate with any request for information or documentation made by SK Fuerte Capital in the performance of its regulatory duties.

16.3. SK Fuerte Capital maintains a risk-based AML/CFT/CPF Program, with a Compliance Officer resident in El Salvador registered with the UIF, continuous transaction monitoring, Travel Rule compliance and independent annual audit. The USER acknowledges that the Company may refuse, suspend or report Transactions, and freeze balances, in compliance with this Program and the applicable law, without incurring liability for such action taken in good faith.

17.1. The USER declares that it understands and accepts the risks inherent to Digital Assets, including: (i) high price volatility, including the risk of stablecoin de-pegging; (ii) technological risks of blockchain networks (forks, congestion, protocol failures); (iii) irreversibility of on-chain transactions; (iv) cybersecurity risks inherent to any connected system; (v) regulatory risk, including changes in the treatment of Digital Assets in the USER's own jurisdiction; and (vi) liquidity risk in stressed market conditions.

17.2. Digital Assets held with SK Fuerte Capital are not bank deposits and are not guaranteed by any government or deposit insurance scheme. The value of Digital Assets may fall as well as rise, and past performance is not indicative of future results.

17.3. The USER declares that it has the knowledge and experience necessary to evaluate these risks, consistent with its status as a corporate, institutional or high-net-worth client, and that it makes its own decisions independently.

18.1. The USER may contact SK Fuerte Capital through: (i) e-mail — info@skfuertecapital.sv (monitored daily); (ii) the secure client portal; and (iii) written mail to the Company's registered address. Additional service channels that may be made available (such as telephone support) will be disclosed on the Platform.

18.2. Complaints are handled under the Customer Complaints Handling Policy: acknowledgment in writing within 24 hours with a reference number; resolution within 5 Business Days for simple matters and 15 Business Days for complex ones; and escalation options to senior management and, where applicable, to CNAD or other competent authorities.

19.1. SK Fuerte Capital is liable for direct damages caused to the USER by its proven failure to comply with these Terms or the applicable regulation, subject to the limits of the applicable law.

19.2. To the maximum extent permitted by law, SK Fuerte Capital is not liable for: (i) losses arising from market movements or the USER's own investment decisions; (ii) losses arising from the USER's breach of these Terms, credential compromise attributable to the USER, or incorrect instructions (including wrong addresses or networks); (iii) indirect damages, loss of profits or loss of business opportunity; and (iv) events of force majeure, including widespread failures of blockchain networks, acts of authorities and events beyond the Company's reasonable control.

19.3. Nothing in these Terms excludes or limits liability that cannot be excluded or limited under the mandatory laws of El Salvador or the client-protection provisions of the LEAD and RPSAD.

20.1. Entire agreement. These Terms, together with the Privacy Policy, the Cookie Notice, the fee schedule and any specific instruments executed by the Parties, constitute the entire agreement between them regarding the Platform.

20.2. Assignment. The USER may not assign its rights or obligations under these Terms without SK Fuerte Capital's prior written consent. SK Fuerte Capital may assign these Terms in the context of corporate reorganizations, subject to the applicable regulatory approvals and notice to the USER.

20.3. Severability. If any provision of these Terms is held invalid or unenforceable, the remaining provisions shall remain in full force, and the invalid provision shall be replaced by a valid one that most closely reflects its purpose.

20.4. No waiver. Failure by either Party to enforce any provision shall not constitute a waiver of that or any other provision.

20.5. Communications. Communications from SK Fuerte Capital to the USER will be made through the Platform, the registered e-mail address or other channels informed during onboarding, and are deemed received when made available.

20.6. Language. These Terms are executed in English. Where a Spanish version is made available for regulatory purposes, in case of conflict the version required by the applicable Salvadoran regulation shall prevail.

20.7. Governing law and jurisdiction. These Terms are governed by the laws of the Republic of El Salvador. The Parties elect the courts of the city of San Salvador, Republic of El Salvador, to resolve any dispute arising from these Terms, with express waiver of any other forum, however privileged, without prejudice to the competence of CNAD and other authorities within their spheres, and to any dispute resolution mechanisms mandated by the applicable regulation.