Prohibited Activities

PEX’s list of prohibited industries includes the following: 

  • SDNs or other parties listed on the OFAC Consolidated Sanctions List or internal Company watchlists; 
  • Customers whose identities cannot be verified during the customer verification process; 
  • Legal entities whose Ultimate Beneficial Owners (or UBOs) cannot be verified;
  • Foreign Shell Banks;
  • Illegal gambling 
  • Pornography and paraphernalia 
  • Firearms and paraphernalia 
  • Illegal substances
  • Other controlled substances (including medicinal marijuana, marijuana, cannabis, hemp) and paraphernalia 
  • Unregistered/unregulated charitable organizations
  • Financial service providers and lenders, including banks or bank affiliates, securities brokers, money transmitters, investment companies, investment funds, insurance companies, and penny auction companies 
  • Businesses dealing in cryptocurrency or digital assets
  • Unlawful/unlicensed Internet gambling organizations;
  • Unregulated domestic/foreign casinos;
  • Unregistered/unregulated charitable organizations;
  • Unregistered hedge funds;
  • Unlicensed and/or unregistered MSBs; 


PEX’s prohibited customer activities include the following: 

  • Any individual or entity that:
    • Presents forged or false documents;
    • Refuses to cooperate or deliberately obstructs the CIP, CDD or EDD process; or
    • Insists on anonymity
  • Violating any law, statute, ordinance, or regulation;
  • Purchasing or selling, or to facilitating the purchase or sale of, illegal goods or services, including but not limited to: unlawful sexually oriented materials or services, counterfeit products, unlawful gambling activities, fraud, money laundering, the funding of terrorist organizations, or the unlawful purchase or sale of tobacco, firearms, prescription drugs, or other controlled substances;
  • Activity in a manner that any electronic funds transfer network reasonably believes to be an abuse of the card system or a violation of card association or network rules;
  • Causing a negative balance;
  • Funding or remitting payroll or payroll deposits.


Your PEX Account and PEX Services may not be used for any of the following: 

  • For any purpose that is unlawful or prohibited by this Platform Agreement or Service-Specific Schedules; 
  • For any personal, family, or household use; 
  • For any transaction involving an individual, organization, country, or jurisdiction that is blocked or sanctioned by the United States, including those identified on any lists maintained by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) or the U.S. Department of State; 
  • Used or accessed by third parties who are not Customer or entity employees, contractors, or agents or who are otherwise unaffiliated with Customer; 
  • Copied, modified, adapted or used to create derivative works of or republish the Services; (g) reverse engineered, decompiled, disassembled, or otherwise used to attempt to derive the source code of the Services; 
  • Accessed or used for purposes of comparison with or benchmarking against third party products or services or in order to build similar services or competitive services; 
  • Used to gain or attempt to gain unauthorized access to the Services; or 
  • Used for any purpose not related to the business of Customer or an Entity.