Ibex Mercado SV, S.A. de C.V. - El Salvador
Last updated: September 16, 2026 - Version: 1.1 - English
These Specific Terms and Conditions (the “Specific Terms”) govern the access to and use by you, the “End User”, whether a natural person or a legal entity, of the services for conversion between fiat currency and Digital Assets, as well as the functionalities relating to the sending, receipt, transfer and management of funds (the “Ramps Service”), which you access through the payment channels enabled by IBEX in the application or platform of the legal entities previously approved by IBEX (the “Platform Manager”).
The Ramps Service is provided by IBEX MERCADO SV, S.A. de C.V., holder of Tax Identification Number 0614-080621-103-4, registered with the Commercial Registry under number 132-4404, with the Registry of Bitcoin Service Providers under number 613a65b6a85461ff4265fc97 and with the Registry of Digital Asset Service Providers under number PSAD-0004, domiciled in San Salvador, El Salvador (“IBEX”).
These Specific Terms form part of the agreement entered into between IBEX and the Platform Manager and supplement the IBEXHub General Terms to which the Platform Manager is bound, the Service Order and the other applicable annexes.
THESE TERMS CONSTITUTE AN AGREEMENT BETWEEN YOU, THE END USER, AND IBEX. BY ACCEPTING THESE TERMS THROUGH THE ACCEPTANCE CHECKBOX ENABLED ON THE PLATFORM MANAGER’S PLATFORM, THE END USER DECLARES THAT IT HAS READ, UNDERSTOOD AND FULLY ACCEPTED THE CLAUSES SET FORTH BELOW.
1. Provision of the Service
1.1. IBEX is the party that provides the Ramps Service to you and is liable to you in accordance with these Terms.
1.2. The Platform Manager’s Platform is an access channel. The Platform Manager is neither an agent nor a representative of IBEX and may not amend these Terms or assume obligations on behalf of IBEX. IBEX is not responsible for the products, services or statements of the Platform Manager that do not form part of the Ramps Service. The Platform Manager is responsible for the operation of its own application, for the information it displays to you, for the capture and correct transmission of your instructions and for the charges it makes to you.
1.3. Your inquiries and complaints must be addressed first to the Platform Manager, which is your point of contact and the party responsible for identifying you as a user. Matters relating to its application, pricing, charges and the capture of your instructions are the responsibility of the Platform Manager. Where the matter concerns the execution of a transaction by IBEX, you may also contact IBEX through the channels established in these Specific Terms.
2. Purpose and Nature of the Services
2.1. The Ramps Service allows you, the End User, subject to these Specific Terms, availability, eligibility and approval:
2.1.1. to convert fiat currency into Digital Assets (“On-Ramp”);
2.1.2. to convert Digital Assets into fiat currency (“Off-Ramp”);
2.1.3. to make transfers of funds through the enabled banking rails and payment channels; and
2.1.4. to access functionalities for the display and operational management of balances denominated in fiat currency or stablecoins
2.2. The currencies, Digital Assets, blockchain networks, jurisdictions, payment methods, transaction limits and other available functionalities shall be those indicated on the Platform Manager’s Platform, in the Service Order or in the applicable commercial documentation.
2.3. The availability of a currency, Digital Asset, network, banking rail or jurisdiction may vary depending on the Platform Manager, the applicable External Provider, market conditions and legal, regulatory or compliance requirements.
2.4. For purposes of these Specific Terms, a “Stable Account” is the technological functionality by means of which the Platform Manager may view and manage balances in fiat currency or stablecoins held or processed by the applicable External Provider. Unless expressly stated otherwise in the Service Order, it:
2.4.1. does not constitute a bank account, deposit, savings or investment product;
2.4.2. does not generate interest or yields;
2.4.3. is not covered by a deposit guarantee scheme; and
2.4.4. may operate through omnibus accounts, sub-accounts or accounting records administered by an External Provider.
2.5. IBEX shall inform the Platform Manager and you, as End User, of the entity that holds the funds or Digital Assets and of the applicable structure prior to the activation of this functionality.
2.6. Except with respect to the Fees and other amounts owed to IBEX, the use of the Ramps Service does not transfer to IBEX the economic ownership of the funds or Digital Assets. Their custody, segregation and treatment in the event of insolvency shall depend on the structure and on the terms of the External Provider identified in Annex C.
2.7. IBEX does not provide investment, financial, legal, accounting or tax advice, nor does it recommend acquiring, holding or disposing of a Digital Asset. IBEX likewise does not guarantee the value, liquidity, stability, convertibility or performance of any Digital Asset or stablecoin, nor the uninterrupted availability of markets, blockchain networks, banking systems or payment channels.
3. Reliance on External Providers
3.1. Certain functionalities of the Ramps Service are provided, processed or supported by banks, financial institutions, custodians, liquidity providers, payment processors, blockchain networks and other independent third parties (the “External Providers”). Annex C shall identify, at a minimum, the relevant legal entity, the function it performs, the jurisdiction in which it operates and whether it maintains a direct contractual relationship with the Platform Manager or with you, as End User.
3.2. IBEX is not a banking institution and does not take bank deposits. IBEX provides the services corresponding to it as a registered provider of Digital Asset and Bitcoin services and coordinates or integrates the services provided by the External Providers. Banking, payment or custody services requiring a different license shall be provided by the authorized entity identified in Annex C.
3.3. The participation of an External Provider does not release IBEX from the obligations it has expressly assumed towards the Platform Manager, nor from liability arising from its own acts or omissions, including the incorrect transmission of instructions or integration failures directly attributable to IBEX.
4. Activation, Eligibility and Compliance
4.1. The activation and continuity of the Ramps Service shall be subject to:
4.1.1. acceptance of the Agreement and of the terms that are directly applicable;
4.1.2. the satisfactory delivery of the required KYC, KYB and beneficiary or end-user information;
4.1.3. the approval of IBEX and, where applicable, of the External Provider;
4.1.4. the location of the Platform Manager and/or of you, as End User, and of your transactions in permitted jurisdictions; and
4.1.5. ongoing compliance with the applicable policies on the prevention of money laundering, terrorist financing, proliferation, fraud and sanctions.
4.2. You undertake to provide truthful, complete and up-to-date information, and to report any relevant change. You, the End User, must keep all information provided to IBEX updated, complete and accurate and must report any relevant change in your ownership structure, ultimate beneficial owners, representatives, economic activity, jurisdictions, source of funds or transaction profile.
4.3. You, the End User, represent that the funds and Digital Assets used through the Ramps Service are of lawful origin and that the bank accounts and blockchain addresses used are under your ownership or legitimate control, unless IBEX has expressly approved a model involving different funds or addresses.
4.4. IBEX may request additional information or documentation and, where there are legal, regulatory, security, fraud or compliance reasons, may refuse, delay, limit or suspend a transaction or functionality. Such measures shall not constitute a breach where they are adopted in good faith, reasonably and in accordance with applicable law.
4.5. IBEX may make the reports and communications required by the competent authorities and may refrain from informing the Platform Manager or you, as End User, of such reports, investigations or measures where their disclosure is prohibited by applicable law.
5. Liability and Limitations
5.1. IBEX shall be liable for the performance of the obligations expressly assumed in the Agreement and for direct, foreseeable and duly evidenced damages resulting from a breach directly attributable to IBEX.
5.2. To the maximum extent permitted by applicable law, IBEX shall not be liable for losses or delays arising from:
5.2.1. incorrect, incomplete or unauthorized instructions supplied by the Platform Manager or by you, as End User;
5.2.2. the use of an incorrect or unsupported address, network, currency or Digital Asset;
5.2.3. interruptions of blockchain networks, banking systems, payment channels or third-party services beyond IBEX’s reasonable control;
5.2.4. market variations, exchange rates, spreads, slippage, lack of liquidity or loss of a stablecoin’s peg;
5.2.5. measures adopted to comply with legal, regulatory, security or fraud-prevention obligations; or
5.2.6. force majeure events in accordance with the General Terms.
5.3. The exclusion relating to an External Provider shall apply only to the extent that the damage is caused by independent acts of such provider and does not arise from a breach by IBEX in the selection, integration, coordination or transmission of instructions under its responsibility.
5.4. To the maximum extent permitted by law, neither Party shall be liable for indirect, special, incidental or consequential damages, loss of opportunity, loss of revenue or loss of profits, unless such damages result from willful misconduct or gross negligence.
6. Replacement and Discontinuation of External Providers
6.1. IBEX may replace, add or discontinue an External Provider where reasonably necessary for operational, commercial, regulatory, security or service-continuity reasons.
6.2. Where the change materially affects the functionality, costs, custody, data processing or your rights as End User, IBEX shall notify it at least fifteen (15) days in advance. You, as End User, may terminate the affected functionality, without penalty, before the change takes effect.
6.3. IBEX may apply a change immediately where required by law, by a competent authority, by a security incident or by an unforeseen decision of an External Provider. In such case, IBEX shall give notice as soon as legally and reasonably possible.
6.4. The suspension or discontinuation of a functionality shall not affect transactions already executed. IBEX shall coordinate, subject to legal or regulatory restrictions, the settlement of pending transactions and the withdrawal or transfer of the corresponding balances.
7. Service Levels
7.1. IBEX shall provide the technological components under its control in accordance with the Service Level Agreement set out in Annex B. The SLA shall not apply to the availability of the Platform Manager’s Platform, blockchain networks, banks, custodians, payment channels or other systems operated independently by External Providers.
7.2. The times set out in Annex B correspond to initial response times and not to guaranteed resolution times, unless the Service Order expressly states otherwise.
7.3. Failure to meet the SLA shall not give rise to penalties or automatic credits, unless these have been expressly agreed in the Service Order.
8. Operations and Transactions
8.1. You, the End User, operate exclusively through the Platform Manager’s Platform. It is the Platform Manager that displays the transaction information to you, receives your instruction and transmits it to IBEX. IBEX does not operate its own interface for End Users nor does it receive instructions directly from you.
8.2. The instruction transmitted by the Platform Manager to IBEX shall be deemed an “Order”. IBEX shall execute the Order in accordance with the data received from the Platform Manager, subject to receipt of the funds or Digital Assets, to compliance controls and to the availability of liquidity.
8.3. IBEX shall execute Orders with the data it receives from the Platform Manager and cannot independently verify the address, the network, the currency or the beneficiary you indicated, nor the manner in which the Platform Manager captured that information. IBEX shall act in good faith on the basis of such instructions. If an Order does not correspond to the instruction you gave, you must report it immediately to the Platform Manager; IBEX shall cooperate with the Platform Manager in its review where technically possible. This clause does not release the Platform Manager from its liability towards you, nor IBEX from liability for execution errors directly attributable to IBEX.
8.4. Finality. Once the Order has been accepted and transmitted for execution to a blockchain network, bank, market or External Provider, it may not be cancelled, except where the applicable law or system permits its reversal.
8.5. IBEX shall not be obliged to recover funds or Digital Assets sent in accordance with incorrect instructions of the Platform Manager or of the End User, although it shall use commercially reasonable efforts where recovery is technically possible. Recovery costs shall not be borne by IBEX.
8.6. Processing times. Processing and settlement times are estimates and may be affected by banking hours, non-business days, network congestion, number of confirmations, compliance controls, liquidity availability or External Providers.
8.7. Failed or returned transactions. Where a transaction cannot be completed, IBEX shall return the funds or Digital Assets received, provided that this is technically and legally possible, deducting only the non-recoverable external costs and the previously disclosed Fees.
9. Fees
9.1. The billing relationship for the use of the service is between you and the Platform Manager. IBEX does not charge you directly nor does it issue payment documents to you. IBEX’s fees are invoiced to the Platform Manager in accordance with the agreement between both parties.
9.2. The total price that you, the End User, pay, including the exchange rate applied, the margins and fees of the Platform Manager’s Platform and the network or banking costs that it passes on to you, is determined and charged by the Platform Manager, which must disclose it to you before you confirm the transaction. IBEX does not determine that price nor is it responsible for the charges that the Platform Manager applies over and above the conditions that IBEX provides to it.
10. Risks of the Service
10.1. You, the End User, acknowledge that transactions with Digital Assets involve technological, operational, financial and regulatory risks, including:
10.1.1. volatility and partial or total loss of value;
10.1.2. loss of peg, illiquidity or insolvency of the issuer of a stablecoin;
10.1.3. congestion, failures, attacks, forks or changes in a blockchain network;
10.1.4. vulnerabilities of protocols or smart contracts;
10.1.5. unavailability, insolvency or measures adopted by banks, custodians or External Providers;
10.1.6. legal, tax or regulatory changes; and
10.1.7. loss or compromise of credentials, devices or systems under the control of the Platform Manager
10.2. Unless IBEX expressly states otherwise in writing, no Digital Asset, stablecoin or balance held through the Ramps Service is guaranteed by IBEX, insured against all loss or covered by a deposit guarantee scheme.
11. Acceptance Through Use and Publication of the Terms
11.1. You, the End User, acknowledge and accept that the activation, access to and use of the Ramps Service constitutes evidence of the full and unconditional acceptance of these Terms and Conditions. The use of any of the available functionalities implies the express and binding consent of the End User with respect to all of the clauses contained herein, without the need for any additional signature.
11.2. These Terms and Conditions are published and permanently available on IBEX’s official website at the following link: (https://poweredbyibex.io/terms-conditions-ramps). You, the End User, declare that you are aware that these Terms may be consulted and/or downloaded at any time. Changes to these Terms shall be duly notified.
12. Term, Suspension and Termination
12.1. These Specific Terms shall be in force from their acceptance and shall remain in force for as long as you, the End User, use the Ramps Service, unless the Service Order establishes a specific term.
12.2. Either Party may terminate the Ramps Service by written notice given thirty days in advance, unless an expressly agreed minimum term exists.
12.3. IBEX may immediately suspend or terminate the Ramps Service where:
12.3.1. the Platform Manager or End User breaches the Agreement and does not cure the breach within the reasonable period indicated by IBEX;
12.3.2. it provides false, incomplete or misleading information;
12.3.3. it fails to comply with payment obligations;
12.3.4. there is a legal or regulatory obligation or an instruction from an authority;
12.3.5. a risk of fraud, money laundering, sanctions, security or unlawful use is identified;
12.3.6. the indispensable External Provider ceases to provide the service; or
12.3.7. the continuity of the service reasonably exposes IBEX to a material legal or regulatory risk.
12.4. Termination shall not affect accrued rights and obligations. IBEX may complete, cancel or return pending transactions according to their status and shall permit the withdrawal or transfer of balances, subject to verifications, external costs and legal restrictions.
12.5. IBEX may retain information and records after termination for the periods required by applicable law.
13. Data Protection
13.1. IBEX shall process your personal data and, where you are a legal entity, the personal data of representatives, shareholders, ultimate beneficial owners, employees and other related persons in accordance with applicable law and with IBEX’s Privacy Policy available at (https://poweredbyibex.io/privacy-policy).
13.2. You, the End User, represent that you have the capacity to provide the personal data to IBEX and undertake to deliver the required information regarding the processing of such data.
13.3. You, the End User, acknowledge that IBEX may disclose or transfer data to External Providers, affiliates and authorities, including in other jurisdictions, where necessary to provide the Ramps Service, comply with legal obligations or manage risks, applying the corresponding contractual and security measures.
13.4. Where IBEX processes End User data on behalf of the Platform Manager, the Parties shall enter into the corresponding data processing agreement, which shall define their respective roles, instructions, security measures and obligations towards data subjects.
14. General Provisions
14.1. These Terms are offered in Spanish, which version shall prevail over any translation.
14.2. These Terms, together with the IBEXHub General Terms, Annex B (Service Levels) and Annex C (External Providers), constitute the entire agreement. If any clause is declared invalid, the remaining clauses shall remain valid.
14.3. IBEX may amend these Specific Terms upon prior notice of at least fifteen (15) days. Where an amendment materially affects the Fees, custody, liability or the contracted functionalities, you, the End User, may terminate the affected service before it takes effect. Changes required by law, by a competent authority or for urgent security reasons may be applied immediately, with subsequent notice.
14.4. These Terms are governed by the laws of the Republic of El Salvador. Any dispute shall be submitted to the competent courts of El Salvador, without prejudice to the non-waivable rights to which you are entitled as a consumer.
14.5. You, the End User, may submit inquiries, incidents or claims by email to soporte@poweredbyibex.io. IBEX shall acknowledge receipt and handle the request in accordance with its internal procedure and the deadlines required by applicable law.
ANNEX B. Service Level Agreement (SLA)
1. Service Level
i. Ibex shall provide the designated administrators with support to the Platform Manager from Monday to Friday, from 08:00 a.m. to 17:00 hours (GMT-6 time zone).
ii. 24/7 support exclusively for critical or blocking incidents, as defined in section 2 of this SLA.
iii. Ibex guarantees a minimum Platform uptime of 99% per year. Ibex undertakes to send a monthly report to the Platform Manager regarding the status of services and the improvements made.
iv. Uptime shall be deemed interrupted as from the notification by either Party to the other, through the electronic means agreed for that purpose, of the failure or damaging event.
v. The Platform Manager shall make maintenance windows available to Ibex in those cases where they are required.
vi. Compliance with the uptime requirements shall not apply whenever the downtime occurs as a result of the negligence of the designated administrators, the failure to duly report relevant events, or external incidents, such as downtime of external services or force majeure.
2. Incidents
Support times for technology incidents in production:
3. SLA Measurement
Ibex undertakes to provide the Platform Manager with the SLA measurement elements, which are available for consultation in real time at the following link: https://status.poweredbyibex.io/#.
ANNEX C. External Providers
1. Incorporation of the External Providers’ Terms
a. The Terms and Conditions of each External Provider, as identified in Section 2 (the “Third-Party Terms”), are incorporated by reference into the Agreement with respect to the relevant functionality. You, the End User, declare that you have had the opportunity to review them prior to requesting the activation of the corresponding functionality.
b. It is your responsibility, as End User, to consult the version of the Third-Party Terms in force directly at the indicated link, given that such terms are administered by, and may be unilaterally amended by, the respective External Provider, without the involvement of IBEX.
2. External Providers
a. For each functionality dependent on an External Provider, the corresponding provider is identified, together with the link to its own Terms and Conditions:
i. SpherePay: Spherepay provides infrastructure for the ramps module ( https://spherepay.co/es/terms).
ii. Custodio / Proveedor: Custodian / Provider: BitGo (BitGo Trust Company, Inc. / BitGo Bank & Trust, N.A. for Custodial Accounts; BitGo, Inc. for non-custodial Wallet Services). BitGo is additionally governed by the BitGo Terms of Use (https://www.bitgo.com/terms).
3. Update of the Annex
a. IBEX may update this Annex C to reflect the replacement, addition or discontinuation of an External Provider, or the amendment of its Third-Party Terms, in accordance with the authority provided in Clause 9.5 of the Agreement.
b. IBEX shall notify you, the End User, of any update to this Annex C, unless the update results from a decision of the External Provider itself (suspension, restriction or termination of its service) that prevents compliance with such notice period, in which case notice shall be given as soon as reasonably possible.
c. The version of this Annex C in force shall be the one available on the Platform or the one IBEX communicates in writing to the Platform Manager, and it shall entirely replace previous versions.
4. Acceptance
You, the End User, acknowledge that you have read and accepted the content of this Annex C, including the link to the Third-Party Terms referenced herein, as an integral part of the Agreement.