Services Agreement

1. Scope of Services

This Services Agreement governs the money-related (financial) services provided by Baysart MMC (VÖEN 1703115231, registered address Baku, Azerbaijan, hereinafter the "Provider", "we") through the Baysart self-custody crypto wallet. This Agreement applies only to the regulated services listed below; use of the self-custody wallet itself (key generation, receiving/sending) is governed by separate Wallet Terms.

The services covered by this Agreement, taken as the superset of capabilities, are as follows:

The above services may, from time to time, be provided through bank card, bank transfer, ATM cash networks (Cash Access Network) and exchange settlement (Settlement/Liquidity Partner). Not all channels are available to every User or in every jurisdiction at all times, and availability may change without notice.

AZNS is a provider-issued manat stablecoin (1 AZNS = 1 AZN), available on the Polygon and Solana networks, minted and redeemed against a 1:1 reserve; the system halts on a fail-closed basis if the solvency gate is breached.

• AZNS issuance and redemption (mint/burn);
• Fiat on/off-ramp — cash-in (a card payment mints AZNS) and cash-out (AZNS is burned and a payout is made);
• Buy/Sell/Convert — market transactions between supported assets (BTC, AZNS, USDC, USDT).

2. Payment Partner Model

Electronic-money (e-money) and payment functions — including card cash-in, cash-out payouts and related fund transfers — are provided by or through a licensed Payment Partner (a white-label e-money institution) under that Partner's e-money authorization.

The Provider is the technology layer and the AZNS issuer; the Provider is NOT itself an e-money institution and does not hold an independent e-money authorization. Regulated obligations relating to payment transactions are discharged under the Payment Partner's authorization.

The Provider may, from time to time, engage additional Payment Partners, Cash Access Networks and Settlement/Liquidity Partners to expand payment and settlement channels. The identity and role of such partners are disclosed on request or through in-app disclosures.

3. Counterparty and Pricing

On Buy/Sell and Convert transactions the Provider acts as your counterparty (price provider / market-maker). This means your transaction is executed directly against the Provider, not against a third party on an open market.

Prices are sourced from a reference rate obtained via a Settlement/Liquidity Partner, to which a disclosed spread is added:

All spreads are shown built into the price before you confirm the transaction. The potential conflict of interest arising from the market-maker role is explained in the Conflicts of Interest Policy, and order-handling rules are explained in the Execution Policy.

• Buy/Sell spread: 100 basis points (1%);
• USDC ↔ USDT swap: 50 basis points (0.5%);
• Network (blockchain) fees are passed through directly with no added margin.

4. Pre-Transaction Information

Before you authorize any transaction, the app shows you, clearly and understandably, the following (Article 26 of the Law):

• The asset type and amount;
• The applicable fees and rate;
• The estimated execution time;
• The authorization (authentication) method used;
• The contact details of the regulator (the Central Bank of the Republic of Azerbaijan).

5. Authorization and Execution

A payment transaction is deemed authorized only after you confirm it. An order (tapşırıq — payment order) and an exchange order (sifariş — exchange/swap order) are given by reviewing the confirmation screen in the app and passing biometric or PIN authentication (Articles 14 and 15 of the Law).

An order or exchange order is deemed accepted for execution once confirmed. On-chain transactions are accepted at the moment they are broadcast to the relevant blockchain network; ramp and market transactions are accepted at the moment of your final confirmation.

The Provider may refuse to execute an order or exchange order where there are legal or contractual grounds (insufficient balance, invalid address, limit exceeded, AML/compliance reasons, expiry of the quoted rate). The refusal and its reason (unless prohibited by law) are communicated to you no later than the next business day (Article 16 of the Law).

6. Post-Transaction Receipt

After each executed transaction you will receive, available in the app, a confirmation (receipt) reflecting the following (Article 27 of the Law):

• The Provider's name and VÖEN;
• The date and time of the transaction;
• The sender and recipient wallet addresses;
• The asset type and amount;
• The fees paid;
• A unique reference number;
• The applied price/rate.

7. Irreversibility

Once a transaction has been submitted to the distributed ledger (blockchain), it is irreversible. Blockchain networks are immutable, and the Provider cannot reverse, cancel or modify a confirmed on-chain transaction (Articles 17 and 20 of the Law).

Entering the correct recipient wallet address is entirely the User's responsibility. Funds sent to an incorrect or malformed address cannot be recovered, and the Provider bears no liability for such losses.

8. Unauthorized or Incorrectly Executed Transactions

If you detect an unauthorized or incorrectly executed transaction, you must notify the Provider without delay after becoming aware of it, but no later than 6 (six) months from the transaction date, via [email protected] or the https://baysart.com support channel (Article 13 of the Law).

In a dispute, the burden of proving that the transaction was correctly authenticated, recorded and not affected by a technical malfunction lies with the Provider. Merely recording your order in the system is not sufficient to prove authentication.

If a payment (ramp) transaction is found to be unauthorized, the Provider or the Payment Partner will refund the amount of the unauthorized transaction, including any fees charged, restoring your account to the state it would have been in, without undue delay.

9. Provider Liability for Errors

In the case of a non-executed or incorrectly executed order/exchange order, or an unjustified debit (deduction of funds from the account), the Provider will restore the affected asset or compensate it at its market value at the time of impact, doing so within 1 (one) business day, and will additionally refund the fees and costs incurred in connection with that transaction (Article 19 of the Law).

Where a payment instrument (for example, a registered card or access credentials) is lost or stolen, your liability for unauthorized transactions up until you give notice is limited to the limits set out in Article 23 of the Law. After notification you bear no liability, except in the case of your own fraud or gross negligence.

10. Instrument Blocking

The Provider or the Payment Partner may block a payment instrument or related functions on the following objectively justified grounds (Article 21 of the Law):

• Justified reasons relating to the security of the instrument;
• Suspicion of unauthorized or fraudulent use of the instrument;
• The need to comply with a legal or regulatory obligation;
• Where possible before blocking, otherwise immediately after, and unless prohibited by law, the reason for the block is communicated to you; the instrument is unblocked as soon as the grounds cease to exist.

11. Incident Notification

Where a security or fraud incident that may cause you a loss is detected, the Provider will notify you without undue delay through available and secure channels (in-app notification, registered email, or https://baysart.com) and explain the steps you can take to mitigate the risk (Articles 8 and 25.2.5.3 of the Law).

Such notification is given immediately where urgent action is required, and otherwise immediately after the nature of the incident has been determined.

12. Fees

All fees are fully disclosed in the Fees & Spread Schedule and are shown before each transaction is confirmed. Unless agreed, no fee is deducted from the transferred amount itself; fees are charged separately so that the recipient receives the full amount (Article 18 of the Law).

For general information, the key fees are: cash-out 1% + 0.50 AZN; buy/sell spread 100 basis points; USDC↔USDT swap 50 basis points; network fees passed through with no markup; card-save 0.50 AZN (refundable); cash-in 1:1 (with no Provider margin). For the binding values and conditions, see the Fees & Spread Schedule.

13. KYC Requirement

Before using the fiat ramp (cash-in/cash-out) and the market-making services (buy/sell/convert), you must complete Tier 2 (full identity) verification via the Identity Verification Provider. Tier 1 (liveness) verification may be sufficient for initial access, but the money-related services require Tier 2.

Where the required verification is not completed or fails, the relevant regulated services will not be available. Verification data is processed under the applicable AML/KYC and privacy obligations.