Payment Procedure
Pax Finance Limited Liability Partnership
BIN 260540020321
License of the National Bank of the Republic of Kazakhstan for dealer activity in the digital asset market — exchange operations with unbacked digital assets No. 0126001O dated 30 June 2026
PAYMENT PROCEDURE
for operations involving the purchase and sale of unbacked digital assets
Public version for clients
Version 1.0
APPROVED by order of the Director of Pax Finance LLP
Beispekov Aslan Galimovich
No. 6 dated 10 July 2026
1. General provisions
1.1. This Payment Procedure (hereinafter the "Procedure") defines the methods, conditions and procedure for paying for the services of Pax Finance LLP, BIN 260540020321 (hereinafter the "Company", the "Operator"), when Clients carry out operations for the purchase and sale of unbacked digital assets for money and in the reverse direction, including cashless payment, acceptance of cash and acceptance of payments through self-service points (crypto ATMs).
1.2. The Procedure has been developed in accordance with the Law of the Republic of Kazakhstan "On Payments and Payment Systems", the Law of the Republic of Kazakhstan "On Currency Regulation and Currency Control", the Law of the Republic of Kazakhstan "On Digital Assets in the Republic of Kazakhstan", the Rules for carrying out the activities of operators for the exchange of unbacked digital assets, approved by Resolution of the Board of the National Bank of the Republic of Kazakhstan No. 45 dated 29 April 2026 (hereinafter "Rules No. 45"), the Rules for carrying out the activities of the operator for the exchange of unbacked digital assets of the Company (hereinafter the "Company's Rules"), the License for dealer activity in the digital asset market — exchange operations with unbacked digital assets No. 0126001O dated 30 June 2026, issued by the National Bank of the Republic of Kazakhstan, as well as the rules of international payment systems.
1.3. This Procedure is an integral part of the Company's User Agreement and Public Offer and applies jointly with them, as well as with the Risk Warning, the AML/KYC Policy and the Company's Policy on refunds of funds, digital assets and compensation for damages.
1.4. This Procedure applies to payment operations carried out remotely through the Company's personal account and (or) mobile application (sections 4-5), to the acceptance of cash through the Company's physical cash desk (section 6) and to the acceptance of payments through the Company's self-service points (crypto ATMs) (section 7). The Company does not purchase unbacked digital assets from the Client for cash currency under any circumstances, regardless of the service channel.
1.5. Nothing in this Procedure limits or may be construed as limiting the mandatory rights of the Client as a consumer established by the legislation of the Republic of Kazakhstan, including the Law of the Republic of Kazakhstan "On Protection of Consumer Rights". If a particular provision of this Procedure establishes less favourable terms for the Client than the mandatory provisions of the legislation of the Republic of Kazakhstan, the provisions of the legislation of the Republic of Kazakhstan shall apply.
1.6. The Client's operations in an amount equal to or exceeding the threshold value established by paragraph 1 of Article 4 of the Law of the Republic of Kazakhstan "On Combating the Legalization (Laundering) of Proceeds of Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction" are subject to mandatory financial monitoring regardless of the payment method and the presence of signs of suspicion, which may result in the application of enhanced identification of the Client and the submission of information about such an operation to the authorized financial monitoring body in the manner established by the Company's AML/KYC Policy. This provision applies in addition to the grounds for suspension and refusal established by sections 6, 7 and 10 of this Procedure.
2. Payment methods
2.1. The Company provides Clients with the following payment methods with the following status:
Payment method
Status
Section of the Procedure
Bank transfer by invoice
Active from the effective date of the Procedure
Section 4
Bank card / digital wallet (Apple Pay, Google Pay)
Requires separate activation by the Company
Section 5
Payment by QR code
Requires separate activation by the Company
Section 5
Cash through the cash desk
Requires separate activation by the Company
Section 6
Self-service points (crypto ATMs)
Requires separate activation by the Company
Section 7
2.2. The payment methods specified in paragraph 2.1 with the status "Requires separate activation by the Company" are activated by a separate decision of the Company after fulfilling the applicable requirements of the legislation of the Republic of Kazakhstan, Rules No. 45 and the Company's Rules (including notification of the National Bank of the Republic of Kazakhstan where applicable, readiness of equipment and information systems, approval of internal procedures and limits), with mandatory posting of the relevant information on the Company's official website and in the Client's personal account before the actual use of the payment method begins. Until such activation, the relevant payment method is not provided to Clients, including where it is mentioned in the Platform interface, documentation or marketing materials for informational or demonstration purposes. The current list of available payment methods is displayed in the Client's personal account when an operation is initiated.
2.3. Regardless of the payment channel used (cashless transfer, bank card, cash, self-service point), payment is accepted by the Company solely directly from the Client who has been identified in accordance with the Company's AML/KYC Policy: for cashless methods — from the bank account and (or) payment instrument owned by the Client themselves; for cash — in person from the Client who has come to the cash desk; for self-service points — after identification of the Client directly at the device. Payment on behalf of and (or) at the expense of a third party, including a spouse, relative or other person, is not permitted under any circumstances, except in cases directly provided for by the legislation of the Republic of Kazakhstan. Carrying out operations in the interests of third parties without proper documentary confirmation of the relevant authority is a sign of a suspicious operation in accordance with the Company's Internal Control Rules for AML/CFT/CPF purposes.
2.4. For the successful processing of a payment by bank card (after activation of this payment method), the Client's payment instrument must be active, not blocked by the issuing bank, have a sufficient available balance or credit limit, support the 3D Secure protocol and have no restrictions on internet transactions set by the issuing bank.
2.5. The Company has the right to restrict the use of individual payment methods or introduce additional requirements for payment instruments in order to comply with the legislation of the Republic of Kazakhstan, the Company's Rules and internal procedures for combating the legalization (laundering) of proceeds of crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction (AML/CFT/CPF) in accordance with the Company's AML/KYC Policy.
3. Payment providers
3.1. As of the effective date of this Procedure, payment is accepted directly to the Company's bank account opened with a second-tier bank of the Republic of Kazakhstan, without involving payment providers.
3.2. From the moment of activation of payment methods by bank card and (or) digital wallet (section 5), the acceptance and processing of such payments will be carried out through accredited payment providers and (or) second-tier banks of the Republic of Kazakhstan engaged by the Company within the framework of the License. When paying by the said methods, the Client will be redirected to the secure payment page of the payment provider, and the details of the payment instrument will be entered by the Client directly on the side of the payment provider.
3.3. From the moment of activation of the payment methods specified in paragraph 3.2, the Company will not receive, process or store the full details of Clients' bank cards. Such details will remain within the secure environment of the payment provider that complies with the PCI DSS standard.
4. Procedure for payment by bank transfer by invoice
4.1. The Client initiates an exchange operation on the Company's Platform by selecting the direction of exchange and the amount.
4.2. The Platform fixes the rate and parameters of the operation and generates an invoice containing the Company's bank details, the amount payable, a unique payment purpose code and (or) operation reference, as well as the validity period of the fixed rate. The details specified in the invoice correspond to the bank account used by the Company solely for carrying out the operations provided for by the License, separate from the account used for the Company's business activities, in accordance with paragraph 42 of Rules No. 45.
4.2.1. Operations with Clients who are residents of the Republic of Kazakhstan by bank transfer are carried out solely in the national currency (tenge). Operations with Clients who are non-residents of the Republic of Kazakhstan by bank transfer may be carried out in national and (or) foreign currency in accordance with paragraph 26 of Rules No. 45; in this case, the invoice is generated in the currency agreed with the Client, indicating the details of the relevant foreign currency bank account of the Company.
4.3. The Client makes a bank transfer to the Company's account in accordance with the details and reference specified in the invoice, independently through the mobile application of their bank, internet banking or another channel available to them, solely from the bank account owned by the Client themselves, in accordance with paragraph 2.3 of this Procedure.
4.4. The Company identifies the received payment by the operation reference and other identifying features, including verifying the correspondence of the payment sender's details (surname, first name, patronymic of the account holder) with the information about the Client obtained during identification in accordance with the Company's AML/KYC Policy.
4.5. The Client's payment obligation is deemed fulfilled from the moment the funds are credited to the Company's bank account and identified by the Company as relating to the Client's specific operation. After this, the Company proceeds to execute the fixed operation in the manner established by the User Agreement and the Public Offer.
5. Procedure for payment by bank card, digital wallet and QR code
5.1. Paragraphs 5.2-5.3 of this section apply only after activation of the relevant payment method in accordance with paragraph 2.2 of this Procedure.
5.2. The Client selects the method of payment by bank card or digital wallet, after which the Platform redirects the Client to the secure payment page of the payment provider, where the Client enters the details of the payment instrument or confirms payment via the digital wallet. Where necessary, authentication of the Client is carried out using the 3D Secure protocol. The payment provider sends a request to the acquiring bank, and the latter to the Client's issuing bank, which authorizes or declines the transaction. Based on the results of processing the operation, the Client receives a notification of the payment result, and the Company receives confirmation from the payment provider. The Client's payment obligation is deemed fulfilled from the moment the Company receives confirmation of the successful completion of the operation from the payment provider.
5.3. The procedure for payment by QR code will be published additionally upon activation of this payment method in accordance with paragraph 2.2 of this Procedure.
6. Acceptance of cash
6.1. As of the effective date of this Procedure, the Company does not accept cash. Servicing Clients through a physical cash desk is permitted only after notification of the National Bank of the Republic of Kazakhstan, ensuring that the premises comply with security requirements, appointing and training a cashier, establishing cash limits by order of the director and connecting the cash desk to the Company's information system, in accordance with Section 14 of the Company's Rules.
6.2. The physical cash desk is used solely for selling unbacked digital assets to the Client for cash national currency. The purchase of unbacked digital assets from the Client for cash currency is not permitted under any circumstances.
6.2.1. In accordance with paragraph 25 of Rules No. 45, the Company's clients, including for cash servicing, are both natural persons and legal entities. When applying to the cash desk on behalf of a legal entity, the cashier, in addition to identifying the representative by an identity document, verifies the document confirming their authority to act on behalf of the legal entity (a power of attorney or another document provided for by the legislation of the Republic of Kazakhstan), in the manner established by the Company's Rules and the Company's AML/KYC Policy.
6.2.2. Cash servicing is available to both residents and non-residents of the Republic of Kazakhstan, subject to their identification in accordance with the Company's AML/KYC Policy; for non-residents, an identity document of a foreign citizen (passport) is accepted. Regardless of the Client's residence, operations through the cash desk are carried out solely in the national currency (tenge) in accordance with paragraph 34 of Rules No. 45; payment through the cash desk in foreign currency is not made.
6.3. The cash desk premises (after activation of this service method) are equipped with a security alarm, a panic button, video surveillance with recording retention of at least 30 (thirty) calendar days, as well as a banknote counter and a banknote authenticity detector. A copy of the Company's license and information about the details, operating hours and tariffs are posted in a place visible to Clients.
6.4. A cash operation is carried out in the following order: identification of the Client by an identity document and verification of their status in the Company's information system; obtaining from the Client the wallet address for receiving digital assets; informing the Client of the exchange rate and the final amount payable and confirmation by the Client of the terms of the operation; acceptance of cash with verification of the authenticity of the banknotes and preparation of cash documents; carrying out verification in the transaction analysis and control system (KYT verification of the wallet address, AML/CFT/CPF screening); in the absence of grounds for suspension — sending digital assets to the Client's wallet address; issuing to the Client a document confirming the operation (a cash receipt or confirmation indicating the transaction hash). Each cash operation is recorded in the cash log, which is kept for at least 5 (five) years.
6.5. Digital assets are sent to the Client no later than 2 (two) business days from the moment of acceptance of cash, in the absence of grounds for suspension of the operation.
6.6. Upon detection of counterfeit banknotes, the Company refuses to carry out the operation, seizes the relevant banknotes in the manner established by the legislation of the Republic of Kazakhstan, and notifies the competent authorities. If the Client refuses to complete the operation before the acceptance of cash, the operation is not carried out. If cash has already been accepted but the operation has not been completed for reasons beyond the Client's control, the cash is returned to the Client immediately with the preparation of the relevant document, except in cases where the operation is suspended based on the results of the verification provided for by paragraph 6.4 (KYT verification, AML/CFT/CPF screening): in this case, the cash is not returned automatically, and the Company's further actions are determined by the Company's AML/KYC Policy and the legislation of the Republic of Kazakhstan on combating the legalization (laundering) of proceeds of crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction. In the event of a failure of the cash equipment, the acceptance of cash is suspended, the Client is informed of the delay and, if the equipment cannot be restored within 1 (one) hour, is redirected to the remote payment channel (section 4).
6.7. The cash limit at the cash desk, as well as the limits on the amount of an individual operation, are established by order of the Company's director and communicated to Clients in a visible place at the cash desk premises.
6.8. The Client's carrying out of several cash operations combined by common features and carried out for the purpose of evading the mandatory financial monitoring procedures provided for by paragraph 1.6 of this Procedure (splitting of operations) is a sign of a suspicious operation in accordance with the Company's Internal Control Rules and the Company's AML/KYC Policy.
7. Acceptance of payments through self-service points (crypto ATMs)
7.1. As of the effective date of this Procedure, the Company does not accept payments through self-service points (crypto ATMs). Servicing Clients through self-service points is permitted only after notification of the National Bank of the Republic of Kazakhstan, ensuring that the equipment complies with technical requirements, testing the integration with the Company's information system, establishing operation limits by order of the director and organizing real-time operation monitoring, in accordance with Section 15 of the Company's Rules.
7.2. The equipment of a self-service point (after activation of this service method) ensures: identification of the Client before each operation (scanning of an identity document and (or) biometrics); automatic AML/CFT/CPF screening and verification of limits; KYT verification of the Client's wallet address where technically possible; automatic refusal or suspension of the operation upon detection of risk; display of the rate and terms of the operation before confirmation by the Client; generation and issuance to the Client of confirmation of the operation indicating the transaction hash; protection against physical breaking and video surveillance of the service area with recording retention of at least 30 (thirty) calendar days; posting in a visible place of the Company's name, contact details and License details.
7.3. The Company monitors the operation of each self-service point in real time. Upon detection of a malfunction, measures are taken within 4 (four) hours; if elimination is impossible, the self-service point is taken out of operation until repairs are carried out, with notification of Clients via the device screen. Scheduled maintenance is carried out at least once (1) a month.
7.4. Upon detection of signs of a suspicious operation, the operation of the self-service point is automatically suspended with notification of the Client on the device screen; a decision is made by the officer responsible for AML/CFT/CPF no later than 1 (one) business day. After three unsuccessful attempts to identify the Client, access to the self-service point is blocked for 24 (twenty-four) hours, and the Client is invited to use the remote payment channel (section 4) or the physical cash desk (section 6, after activation). In the event of an attempt at physical breaking, the self-service point is automatically blocked, of which the responsible employees of the Company and, where necessary, the competent authorities are notified.
7.5. Data on each operation carried out through a self-service point is stored in the Company's information system for at least 5 (five) years from the date of completion of the operation.
7.6. When paying through a self-service point, digital assets are sent to the Client's wallet address immediately after successful completion of the automatic checks provided for by paragraph 7.2, in the absence of grounds for suspension of the operation.
7.7. If cash gets stuck in the banknote acceptor of a self-service point that accepts cash, the self-service point is automatically taken out of operation, the Client is notified via the device screen and (where contact details are available) additionally, and the responsible employee of the Company takes measures to eliminate the malfunction within the period established by paragraph 7.3. Based on the results of the verification, the accepted funds are either credited towards the Client's operation or returned to the Client in the manner established by the Company's Policy on refunds of funds, digital assets and compensation for damages. The incident is recorded in the technical failures log.
8. Payment deadlines
8.1. When paying by bank transfer by invoice (section 4), the period for crediting funds is determined by the periods for processing the interbank transfer by the Client's bank, the Company's bank and the payment system involved in the settlements, and may exceed one business day; such a period is not considered a delay through the Company's fault. The fixed rate is valid for the period specified in the invoice. If the payment is received outside this period, the operation is not executed automatically at the new rate: the Company notifies the Client through the personal account of the need to confirm the operation at the rate in effect at the time the payment is identified. If the Client does not confirm the operation at the new rate within the period established in the notification, the payment is treated as a ground for a refund in accordance with section 3 of the Company's Policy on refunds of funds, digital assets and compensation for damages (significant change in the rate).
8.2. After activation of the relevant payment methods: payment by bank card and (or) digital wallet is made in real time at the moment the Client confirms the parameters of the operation on the Platform, and the crediting of funds is carried out within the periods established by the issuing bank, the acquiring bank and the payment system; the acceptance of cash through the cash desk and through self-service points is carried out within the periods established by sections 6 and 7 of this Procedure, respectively.
8.3. The Company is not liable for delays in processing a payment caused by the actions (inaction) of banks, payment systems and other third parties not under the Company's control.
8.4. Exchange rate differences arising when paying in a currency other than the currency of the account of the Client's payment instrument, as a result of conversion on the side of the Client's bank (outside the Company's control), are not subject to reimbursement by the Company.
9. Payment security
9.1. The bank details for payment by invoice are transmitted to the Client through the secure personal account of the Platform. It is recommended that the Client, before making a transfer, verify the details and payment reference solely against the data displayed in the personal account and not use details obtained from other sources.
9.2. From the moment of activation of payment methods by bank card and (or) digital wallet, the transmission of payment information will be carried out through secure communication channels using SSL/TLS encryption technologies; the Company will not receive or store the bank card data of Clients, and the processing of payment data will be carried out by payment providers in accordance with the international Payment Card Industry Data Security Standard (PCI DSS).
9.3. The security of the acceptance of cash and the operation of self-service points is ensured by the measures provided for by sections 6 and 7 of this Procedure, as well as by the Company's Information Security and Cybersecurity Policy.
9.4. The Company applies a set of organizational and technical measures to protect information in the manner established by the Information Security and Cybersecurity Policy and the Personal Data Processing and Protection Policy of the Company.
10. Restrictions and refusal to carry out an operation
10.1. Payment by invoice (section 4) may not be identified by the Company as fulfilled, in particular, for the following reasons:
- the amount of the received payment does not correspond to the amount specified in the invoice;
- the payment was received without indication of the operation reference and cannot be unambiguously matched by the Company to the Client's specific order;
- the payment was received from a bank account not belonging to the identified Client (payment from a third party), in violation of paragraph 2.3 of this Procedure;
- the payment was received outside the validity period of the fixed rate specified in the invoice (paragraph 8.1 of this Procedure applies);
- a technical error on the side of the Client's bank, the Company's bank or the payment system involved in the settlements;
- exceeding the Client's operation limits established by the Company's Rules and (or) the Company's AML/KYC Policy in accordance with Rules No. 45;
- detection of signs of a suspicious operation based on the results of customer due diligence (KYC) and AML/CFT/CPF procedures in accordance with the Company's AML/KYC Policy.
10.2. After activation of payment methods by bank card and (or) digital wallet, the following grounds for refusal additionally apply: insufficient funds on the Client's payment instrument; the internet transaction limit set by the issuing bank has been exceeded; the details of the payment instrument were entered incorrectly; the issuing bank has blocked the card or restricted internet payments; the payment instrument does not support the mandatory 3D Secure protocol. If the issuing bank or the payment provider refuses to carry out such an operation, the payment is not deemed to have been made; the funds are not debited from the Client's payment instrument or are subject to automatic return in the manner established by the issuing bank. To clarify the reason for the refusal, it is recommended that the Client contact their bank.
10.3. The grounds for refusal to carry out an operation when accepting cash and when paying through self-service points are established by sections 6 and 7 of this Procedure, respectively.
10.4. The Company has the right to refuse to carry out an operation in the cases provided for by the User Agreement, the Public Offer, the Company's AML/KYC Policy and the legislation of the Republic of Kazakhstan.
11. Refund of funds
11.1. The conditions and procedure for the refund of funds are determined by the Company's Policy on refunds of funds, digital assets and compensation for damages, posted on the Company's official website.
11.2. Funds received in violation of paragraph 2.3 of this Procedure (payment from a third party) are not credited as payment for the Client's operation and are subject to return to the payment sender to the account from which they were received (for cashless payment), in the manner and within the periods established by the Company's Policy on refunds of funds, digital assets and compensation for damages, without carrying out an operation with unbacked digital assets. The Company is not liable to the Client for the non-execution of the operation caused by the Client's or a third party's violation of the requirement of paragraph 2.3 of this Procedure.
11.3. The Client is notified of and agrees that operations to exchange digital assets are executed automatically and, after confirmation, are irrevocable in accordance with the Company's User Agreement and Public Offer, except in the cases provided for by the Company's Policy on refunds of funds, digital assets and compensation for damages.
11.4. If the amount of the received payment is less than the amount specified in the invoice, the operation is not executed, and the received amount is subject to return to the Client in the manner established by the Company's Policy on refunds of funds, digital assets and compensation for damages, or, at the Client's choice, is credited towards a new invoice for a smaller amount where technically possible. If the amount of the received payment is greater than the amount specified in the invoice, the operation is executed for the amount specified in the invoice, and the overpaid amount is subject to return to the Client in the manner established by the Company's Policy on refunds of funds, digital assets and compensation for damages, unless the Client has confirmed through the personal account the intention to increase the amount of the operation before its execution.
11.5. The refund of cash and the refund when accepting payments through self-service points are carried out in the manner established by sections 6 and 7 of this Procedure, respectively, and, in the part not regulated by them, by the Company's Policy on refunds of funds, digital assets and compensation for damages.
12. Final provisions
12.1. The Company has the right to unilaterally amend this Procedure in connection with changes in the legislation of the Republic of Kazakhstan, the requirements of the National Bank or the Company's internal procedures.
12.2. The current version of the Procedure is posted on the Company's official website https://paxfinance.kz and enters into force from the moment of publication, unless another date is specified in the new version.
12.3. In the event of a conflict between this Procedure and the Company's internal Rules of activity, the provisions of the said internal Rules apply to the extent they do not contradict the legislation of the Republic of Kazakhstan.
12.4. The Company's liability for violation of this Procedure is limited to the amount of the direct damage actually caused to the Client that arose through the Company's fault and does not include lost profits, unless otherwise established by the legislation of the Republic of Kazakhstan or a court decision.
13. Details and contact information of the Company
Full name
Pax Finance Limited Liability Partnership
Short name
Pax Finance LLP
BIN
260540020321
Director
Beispekov Aslan Galimovich
Basis of activity
License No. 0126001O dated 30 June 2026, issued by the National Bank of the Republic of Kazakhstan
Registered address
010000, Republic of Kazakhstan, Astana, Nura district, Kabanbay Batyr Avenue, 47/2, non-residential premises 2
Website
https://paxfinance.kz
Phone
+7 777 992 1113
info@paxfinance.kz
Effective date: 20.07.2026 Version: 1.0