Verdict Terms of Use

1. About these Terms

1.1 Scope. These Terms govern your access to and use of the Services. "Services" means:

• our websites at verdict.exchange and its subdomains;
• our mobile applications;
• our application programming interfaces, agent and MCP connectors, bots and notifications;
• any other product or feature that links to these Terms.

The parts of the Services that let you view markets and send orders to a Venue are the "Interface".

1.2 Other documents. The following documents form part of these Terms. The Privacy Policy is published on our website. The others are published in the Interface:

• the Privacy Policy;
• the Risk Disclosure;
• the Restricted Jurisdictions page;
• the Fee Schedule;
• the Market Rules for each market;
• the Referral Program Terms, if you take part;
• the Community Guidelines.

If one of these documents conflicts with the body of these Terms, the body of these Terms controls. There is one exception: for a specific market, its Market Rules control on how that market is resolved and settled.

1.3 How you accept. You accept these Terms when you use the Services. Before your first deposit or order through the Interface, we will ask you to sign a message with your Wallet. The message names this version of the Terms and includes a cryptographic hash of its text. Signing it costs nothing and does not authorise any transaction. We keep a record of the signature, your Wallet address, the Terms version, the time and the site on which you signed. That record is evidence that you accepted these Terms. If you do not agree to these Terms, do not use the Services.

1.4 Entities and agents. If you use the Services for a company or other entity, you confirm that you are authorised to bind it, and "you" includes that entity. Entities organised in the United States or in a Restricted Jurisdiction may not use the Services.

1.5 Market Operator. Each Verdict Market is created, operated, resolved and settled by the market operator named in its Market Rules, an affiliate of Verdict (the "Market Operator"). Verdict does not create, operate, resolve or settle any market, does not receive the fees described in Sections 8.1 and 8.2, and does not offer the Venue's services. When you trade a Verdict Market, its Market Rules are an agreement between you and the Market Operator.

2. Definitions

In these Terms:

• "Default Price" means the settlement price that a market's Market Rules specify for a cancelled, void or unresolvable outcome. For a standard binary contract it is 0.50 USDC per contract, unless the Market Rules state otherwise.
• "Digital Assets" means USDC and any other blockchain-based token or asset.
• "Dispute Window" means the period described in Section 7.4 during which anyone may challenge a Proposed Outcome.
• "Event Market" means any market whose outcome depends on a real-world event, statistic, price or value, including sports, economic, political and cultural events.
• "Excluded Person" has the meaning in Section 3.3.
• "Final Outcome" means the outcome of a market after the steps in Section 7 are complete.
• "Market Rules" means the published rules for a market, described in Section 7.2. They are sometimes called a "Rule Card".
• "Proposed Outcome" means an outcome published under Section 7.3 that is not yet final.
• "Resolution Source" means the source or sources named in the Market Rules for deciding the outcome.
• "Restricted Jurisdiction" means a country, territory or region listed as restricted on the Restricted Jurisdictions page, as updated from time to time.
• "Restricted Person" has the meaning in Section 3.2.
• "Sanctions" means economic or trade sanctions, embargoes or export controls administered by the United Nations, the United States, the European Union or its Member States, the United Kingdom, the British Virgin Islands, or another authority with jurisdiction over you or us.
• "Third-Party Market" means a market shown through the Interface that is created or operated by someone other than Verdict, including markets operated by a Venue itself.
• "US Person" means:
  • (a) any individual who resides in the United States;
  • (b) any entity organised or incorporated under the laws of the United States or of any US state, or whose principal place of business is in the United States;
  • (c) any account held for the benefit of a person in (a) or (b).

  "United States" includes all US states, the District of Columbia, Puerto Rico, the US Virgin Islands, Guam, American Samoa, the Northern Mariana Islands and the US Minor Outlying Islands.

• "USDC" means the USD Coin stablecoin issued by Circle Internet Financial or its affiliates.
• "Venue" means the third-party trading venue on which orders sent through the Interface are matched and settled. At launch the Venue is Lighter, made available by Elliot Technologies, Inc. under its own terms. "Venue" also includes any other venue that the Interface supports in the future.
• "Market Operator" has the meaning in Section 1.5.
• "Verdict Market" means a market that the Market Operator creates and operates on a Venue.
• "Wallet" means a blockchain wallet that you control. It includes an embedded wallet created through Privy (an "Embedded Wallet") and an external wallet that you connect.

3. Eligibility

3.1 Who may use the Services. To use the Services, you must:

• (a) be at least 18 years old, and at least the age of majority where you live, and at least any higher age that local law sets for the activity you undertake;
• (b) have full legal capacity to enter into these Terms;
• (c) not be a Restricted Person;
• (d) not be an Excluded Person, if you trade Event Markets;
• (e) use the Services only for yourself, or for an entity you are authorised to bind.

3.2 Restricted Persons. You are a "Restricted Person" if any of the following applies:

• (a) you are a US Person, or you are located in the United States when you use the Services;
• (b) you reside in, are located in, or are organised in a Restricted Jurisdiction;
• (c) you are named on a Sanctions list, including the UN Security Council Consolidated List, OFAC's Specially Designated Nationals and Blocked Persons List, the EU Consolidated Financial Sanctions List, the UK Sanctions List, and any list given effect in the British Virgin Islands;
• (d) you are owned 50% or more, or controlled, by a person described in (c);
• (e) you act for, or for the benefit of, a person described in (a) to (d).

Restricted Persons may not use the Interface to trade, deposit, accept rewards or post content.

3.3 Excluded Persons. Some countries restrict Event Markets without restricting the rest of the Services. You are an "Excluded Person" if either of the following applies:

• (a) you reside in or are located in a country or region that the Restricted Jurisdictions page lists as excluded for Event Markets;
• (b) your access to Event Markets would be unlawful where you are, or would require us or the Venue to hold a licence, registration or approval that we or it do not hold.

Excluded Persons may browse the Services, but may not trade Event Markets through the Interface.

3.4 Your statements to us. Each time you use the Services, you confirm that the statements in Sections 3.1 to 3.3 are true. You must stop trading through the Interface at once if any of them stops being true, for example because you move to a Restricted Jurisdiction. If you hold open positions at that time, you may close them through the Interface during any close-only period that we offer under Section 4.4. You may also manage them directly on the Venue under the Venue's terms.

3.5 Our checks. We use your IP address and other technical signals to estimate where you are, and we may block access based on that estimate. We may ask you for information or documents to confirm your eligibility, and we may restrict your access until you provide them. Our checks do not relieve you of your own responsibility to comply with these Terms and with the law that applies to you.

4. Restricted Jurisdictions and access controls

4.1 We set the list. The Restricted Jurisdictions page lists the Restricted Jurisdictions, and any countries or regions excluded for Event Markets. We decide that list. We may add or remove any country or region at any time by publishing an updated version. An update takes effect when it is published, unless it states a later date. Our list may differ from the restrictions of the Venue or of other third-party services. Following our list does not mean that you comply with theirs.

4.2 No circumvention. You must not use a virtual private network, proxy, relay, Tor, location-spoofing tool or any other method to hide your location or to get around any restriction in these Terms. You must not help anyone else to do so.

4.3 No targeting. We do not offer the Services to, or solicit, Restricted Persons. Content published by us, our affiliates or our partners is not an offer to anyone for whom it would be unlawful.

4.4 Close-only and blocking. If we believe you are a Restricted Person or an Excluded Person, we may do any of the following:

• block new orders through the Interface;
• let you only close or reduce existing positions ("close-only");
• block your access to the Interface entirely;
• refuse rewards or remove content.

Because we never hold your Digital Assets, these steps do not freeze them. You keep control of your Wallet and can deal with the Venue directly under its terms.

4.5 Our discretion over access. At any time, we may restrict, condition, suspend, withdraw or allow access to the Services, or to any feature, market, market category, Venue, deposit method or reward. We may do this for any user, any group of users, or any country or region. We may do it for any of these reasons:

• legal, regulatory, Sanctions, tax or licensing reasons;
• risk-management, market-integrity or security reasons;
• technical reasons, or reasons relating to the Venue;
• business reasons, including a change in our products or strategy.

Where a step removes a feature you are actively using, we will tell you in the Services where practicable. Because we never hold your Digital Assets, none of these steps stops you from dealing with the Venue directly.

5. What Verdict does and does not do

5.1 Non-custodial. Verdict never takes custody of your Digital Assets. We do not hold, control or have access to your private keys, seed phrase or funds. We cannot move, freeze, recover or reverse your Digital Assets or transactions. Every deposit, withdrawal, trading-key approval and order is authorised by a signature from your Wallet, or by a trading key that you authorised with your Wallet.

5.2 The Venue. Orders that you send through the Interface are matched, margined, cleared and settled on the Venue, not by Verdict. The Venue holds or controls the collateral and positions for your account under its own terms and technology. Your use of the Venue is governed by the Venue's terms, which you must accept and follow. Lighter's terms are published at lighter.xyz/terms. The Venue's terms include their own eligibility rules, which may differ from these Terms. You are responsible for complying with them, and the Venue may restrict your access under them. You can also access the Venue without our Interface.

5.3 What we are not. Verdict is not an exchange, clearing house, broker, dealer, futures commission merchant, investment adviser, bookmaker, bank or money transmitter. We do not act as your agent or fiduciary. We do not take the other side of your trades as a bookmaker. Section 7.12 explains when Verdict or its affiliates trade in markets.

5.4 Interface only for Third-Party Markets. For Third-Party Markets, Verdict only provides the Interface. The market's operator is responsible for its rules, resolution and settlement, and Verdict has no responsibility for them.

5.5 Early access. During invite-only or early access, the Services may have limited features, limits on size or eligibility, and more frequent changes. We may end early access, or change who qualifies for it, at any time.

5.6 Self-custodial wallet software. Verdict operates the Interface and provides it as self-custodial wallet software. The software runs on your device. It lets you sign in, connect a Wallet or set up an Embedded Wallet through Privy, create a trading key on your device, and sign and send your own transactions and orders. Verdict does not hold, control or have access to your private keys, trading keys or Digital Assets, and does not take any part in a particular order other than by providing the software.

In CFTC Staff Letter No. 26-09 (17 March 2026), the CFTC's Market Participants Division described the self-custodial wallet software of Phantom Technologies, Inc. as follows: "akin to a password manager, Phantom’s software enables users to generate and manage cryptographic credentials for viewing, storing, and conducting self-directed crypto asset transactions" (https://www.cftc.gov/csl/26-09/download). That letter was issued to Phantom only. It concerns introducing-broker registration for software that sends orders to venues registered with the CFTC, it binds only the issuing Division, and it does not apply to Verdict, to the Venue or to Verdict Markets.

6. Wallets, trading keys and accounts

6.1 Your Wallet. You are responsible for keeping your Wallet, private keys, seed phrase, passkeys, devices and sign-in methods secure. Anyone who controls them can act as you. We will never ask for your private key or seed phrase.

6.2 Embedded Wallets. If you sign in with email, Google, X or another method that Privy supports, Privy creates and secures an Embedded Wallet. Privy's own terms and privacy policy apply. We cannot access your Embedded Wallet's private key. You may export your key to another wallet using the tools Privy provides.

6.3 Trading keys. To trade on Lighter through the Interface, your Wallet authorises a trading key for your Lighter account. That key can place and cancel orders. It cannot withdraw funds unless the Venue's design allows it. The key is created and kept on your device. You can revoke it on the Venue at any time.

6.4 One account each. You may use only one Interface account and one primary Wallet, unless we agree otherwise in writing. You must not let anyone else use your account, and you must not use anyone else's. Additional Venue sub-accounts that you control are permitted where the Venue allows them, provided you do not use them to break these Terms.

6.5 Signed transactions are final. Blockchain transactions cannot be reversed once they are confirmed. You are responsible for checking every transaction and message before you sign it.

7. Verdict Markets

This Section 7 and Sections 8.1 and 8.2 describe what the Market Operator does. In them, "Verdict", "we", "us" and "our" mean the Market Operator.

7.1 Verdict Markets. For each Verdict Market, Verdict:

• (a) designs the contract and publishes its Market Rules;
• (b) creates the market on the Venue and sets its trading hours and limits;
• (c) chooses the Resolution Sources;
• (d) determines the outcome under this Section 7;
• (e) submits the settlement to the Venue.

The Venue then pays out positions under its own terms.

7.2 Market Rules. Before trading opens, we publish Market Rules for each Verdict Market. They state:

• the question and the possible outcomes;
• the payoff, including any cap or formula;
• the Resolution Sources, the observation time or window, fallback sources and the revision policy;
• trading and settlement timing;
• how delays, postponements, abandonments, ties and cancellations are treated;
• the conditions for settling at the Default Price, and that price;
• the fees for the market;
• the operator's identity and contact details.

Read the Market Rules before you trade. When you trade a Verdict Market, you agree to its Market Rules.

Market Rules include our general market rules, published in the Interface. They apply to every Verdict Market unless that market's own rules say otherwise. We may update the general market rules at any time. An update applies to markets that open after it is published. For a market that is already open, an update applies only as Section 7.7 allows.

7.3 Proposing an outcome. After the event, we determine a Proposed Outcome from the Resolution Sources. We may use one or more independent resolution services to propose or check outcomes. We publish the Proposed Outcome on the market page together with the evidence relied on, where the source licence permits.

7.4 Dispute Window. Anyone may challenge a Proposed Outcome during the Dispute Window. The Dispute Window is two (2) hours after the Proposed Outcome is published, unless the Market Rules state a different period. To dispute, use the dispute form on the market page or email support@verdict.exchange. Say which part of the Market Rules you believe was misapplied, and include your evidence. We review each dispute in good faith, and we may ask the resolution service or an independent reviewer for input. Our decision on a dispute is final for settlement purposes. If a challenge is upheld, we publish a corrected Proposed Outcome and a new Dispute Window starts. You may not use the dispute process to delay settlement or harass others, and doing so is Prohibited Conduct.

7.5 Holds. We may delay settlement if:

• a Resolution Source is unavailable, conflicting or under revision;
• a dispute is pending;
• we suspect manipulation or another integrity issue;
• the Venue is not operating normally.

We will publish the reason for a hold on the market page. If the Market Rules provide a fallback or a deadline for a hold, we will follow it.

7.6 Settlement and finality. When the Dispute Window ends with no upheld challenge, the Proposed Outcome becomes the Final Outcome. We then submit settlement to the Venue. Until the Venue processes the settlement, we may correct a Proposed Outcome or a Final Outcome that we find to be wrong under the Market Rules. If we do, we will publish the correction, and a new Dispute Window will start. Once the Venue processes settlement, it is recorded on the Venue and generally cannot be reversed by us or the Venue.

7.7 Clarifications and corrections. Before trading opens, we may change a market's Market Rules. After trading opens, we may only:

• (a) clarify the Market Rules where the change does not change the economic outcome for anyone, such as correcting a typo or adding detail consistent with the original rules;
• (b) apply a fallback or emergency procedure that the Market Rules already state.

We will publish every clarification with its date. We will not rewrite a market's economic terms after trading opens.

7.8 Cancellation, voids and the Default Price. A market settles at the Default Price if any of the following applies:

• the Market Rules say it should;
• the event is cancelled, abandoned or not completed within the time the Market Rules allow;
• the outcome cannot be determined from the Resolution Sources or fallbacks;
• we void the market for one of these reasons:
  • a material error in its creation, for example a wrong date, team, line or Resolution Source;
  • the outcome was already known or publicly available when trading opened;
  • manipulation or another integrity issue affected the market's outcome or its trading.

For a standard binary contract, that is 0.50 USDC for each contract, whichever side you hold. A Default Price settlement is a settlement at that price. It is not a refund of what you paid, and you may receive more or less than you paid. Fees already charged are not returned, unless the Market Rules or the Fee Schedule say otherwise.

7.9 Settlement Errors.

• (a) A "Settlement Error" is a settlement at a wrong price that is directly caused by Verdict's material failure to apply the published Market Rules.
• (b) The following is not a Settlement Error: a settlement that correctly applies the named Resolution Source, observation window and revision policy, even if the source is later revised or proves wrong.
• (c) If we confirm a Settlement Error, we will pay each eligible affected user the "Make-Whole Amount". That is the direct shortfall between what the user received and what the user would have received under a correct settlement.
• (d) To claim, contact us within thirty (30) days after the settlement.
• (e) Make-Whole Amounts exclude lost profits and any loss of a person who caused or took part in the error or in any manipulation. They are paid in USDC to the Wallet that held the position.
• (f) Our total liability for all Settlement Errors, across all users and all markets, is limited to USD 500,000, less amounts already paid. If valid claims exceed the remaining amount, they will be paid pro rata.
• (g) This Section 7.9 is your only monetary remedy against Verdict for a wrong settlement.

7.10 Pausing and closing markets. We may pause trading in, close early, or delist a Verdict Market for any of the following reasons:

• to comply with law or Sanctions;
• because of an integrity concern;
• because of a Venue or technical problem;
• because new information makes the market unsafe to trade, for example if the outcome becomes known before the scheduled close.

We may also do so for any other reason stated in the Market Rules. Existing positions remain governed by the Market Rules. We decide in our discretion which markets and categories to list, which to keep open, and which to stop listing, and we may stop listing any market or category at any time.

7.11 Risk limits. We may set and change position limits, order size limits, open-interest limits and other risk parameters for Verdict Markets, within the Venue's limits.

7.12 Our interests and conflicts.

• (a) As operator, Verdict earns a share of the Venue's trading fees on Verdict Markets (see Section 8).
• (b) Verdict, its affiliates, and market makers that Verdict appoints or pays may trade in Verdict Markets for their own account, including to provide liquidity.
• (c) We keep information barriers and a personnel trading policy. Their aim is that no person who decides or signs a settlement uses non-public settlement information to trade before the outcome is published.
• (d) Verdict personnel may not trade Verdict Markets except through designated market-making accounts under that policy.
• (e) Nothing in these Terms makes Verdict a market maker of last resort or guarantees liquidity.

8. Fees

8.1 Trading fees on Verdict Markets. The Venue charges maker and taker fees on trades in Verdict Markets. As operator, Verdict sets those fee rates within limits set by the Venue, and receives a share of the fees collected. This applies whichever interface you use. The current rates are in the Fee Schedule and are shown in the order ticket before you sign.

8.2 Interface fees. We may charge an interface fee (also called an integrator or builder fee) on orders sent through the Interface, including orders in Third-Party Markets. The Venue collects it under its integrator or builder fee mechanism, up to a maximum rate that you approve with your Wallet. The current rate is in the Fee Schedule and in the order ticket.

8.3 Other costs. You pay the following:

• blockchain network fees;
• the Venue's own fees;
• bridge fees;
• fees charged by third-party on-ramp or off-ramp providers;
• any fees charged by your Wallet provider.

8.4 Rebates and incentives. We may offer maker rebates, liquidity incentives, referral rewards or promotions under separate published terms. We may change, suspend or end any of them at any time. Rewards that accrued validly before a change will be honoured under the relevant terms, unless they were obtained through Prohibited Conduct.

8.5 Changes. We may change any fee, introduce new fees or remove fees at any time by updating the Fee Schedule. Changes apply to orders placed after the change is published. Before you sign each order, the order ticket shows the fees that apply to it. If a change will affect orders that are already resting on the Venue, we will tell you in the Services before the change takes effect, and you may cancel those orders.

8.6 Taxes. You are responsible for any taxes, and for reporting, on your trades, payouts, rewards and other use of the Services.

9. No advice; information on the Services

9.1 No advice. Nothing in the Services is investment, financial, trading, legal, tax, gambling or other professional advice. Nor is it a recommendation to enter into any trade. This includes prices, probabilities, comparisons with other venues, analytics, research tools, AI outputs, alerts, leaderboards and content from other users. You make your own decisions.

9.2 Third-party data. The Services show data from third parties, including other prediction-market venues, sports data providers, oracles and price feeds. We do not guarantee that it is accurate, complete or timely. For Verdict Markets, only the Resolution Sources named in the Market Rules determine outcomes.

9.3 AI and agent features. Some features use automated or AI systems, for example to summarise markets or to prepare orders for an agent. Their outputs may be wrong. An agent or tool acts only within the permissions you approve with your Wallet. You are responsible for every order that is signed with your Wallet or with a key that you authorised.

10. Risk

Trading Event Markets and using Digital Assets carries a high risk of loss, and you can lose everything you put into a position. Read the Risk Disclosure before you trade. By using the Interface, you confirm that you understand those risks and accept them.

11. Prohibited conduct

You must not do, try to do, or help or allow anyone else to do, any of the following ("Prohibited Conduct"):

11.1 Market manipulation. You must not:

• spoof or layer orders;
• place orders you do not intend to execute;
• mark the open or close;
• corner or squeeze a market;
• coordinate trading with others to move prices;
• take any other action meant to create a false or misleading price or volume.

11.2 Wash trading and pre-arranged trades. You must not:

• trade with yourself, or with accounts you control or that act in concert with you;
• arrange trades in advance to transfer value or create activity;
• generate volume to obtain rewards, rebates or ranking.

11.3 Insider trading. You must not trade a market:

• (a) on the basis of material non-public information about the event or its outcome, including information obtained in breach of a duty of confidentiality;
• (b) if you can influence the outcome, or are closely connected to someone who can. Examples are an athlete, coach, referee, team or league official, or agent, or a member of their household;
• (c) if you have access to official data or results before they are published.

11.4 Manipulating outcomes or sources. You must not:

• try to influence the underlying event (for example match-fixing), a Resolution Source or a resolution service;
• tamper with data that a Resolution Source relies on;
• bribe, threaten or mislead anyone involved in an outcome or its resolution.

11.5 Multiple accounts. You must not:

• open or operate more than one Interface account, except as allowed in Section 6.4;
• use multiple Wallets or identities to get around limits, bans, eligibility rules or reward rules.

11.6 Getting around restrictions. You must not:

• use a VPN, proxy or other tool to hide your location;
• give false information about your eligibility;
• trade for a Restricted Person or Excluded Person.

11.7 Abusive automation. You must not:

• use bots, scripts or automated tools in a way that exceeds our published rate limits, overloads the Services or interferes with other users;
• scrape the Services other than through our published API and under its terms.

11.8 Security attacks. You must not:

• probe, scan or test the vulnerability of the Services, except as Section 26 allows or with our written permission;
• introduce malware;
• exploit bugs or errors for gain;
• interfere with any part of the Services, the Venue or a Wallet.

11.9 Illegal activity. You must not:

• launder money or finance terrorism;
• evade Sanctions;
• commit fraud;
• use proceeds of crime;
• break any law that applies to you or us.

11.10 Impersonation and misuse of the brand. You must not:

• impersonate Verdict, its staff or another person;
• create a confusingly similar interface, domain or account;
• use our brand without permission.

11.11 Content. You must not post anything that breaks the Community Guidelines.

12. Monitoring, suspension and termination by us

12.1 Monitoring. We may monitor activity on the Interface and public Venue data to:

• enforce these Terms;
• detect Prohibited Conduct;
• protect market integrity;
• comply with law.

12.2 Our actions. We may take any of the following actions, with or without notice, if we reasonably believe you have broken these Terms, you are a Restricted Person or Excluded Person, your use creates a legal, security or integrity risk, or the law, a court or an authority requires it:

• warn you;
• limit the size of your orders;
• place you in close-only mode;
• suspend or terminate your access to all or part of the Services;
• withhold or cancel rewards and rebates that we fund;
• remove content;
• exclude your claims under Section 7.9.

12.3 Venue and authorities. We may report suspected Prohibited Conduct, and share related information, with the following, as the Privacy Policy describes:

• the Venue;
• sports and event integrity bodies;
• resolution services;
• law enforcement and regulators.

The Venue may take its own action under its terms, and we do not control that action.

12.4 Your assets after suspension. Suspension or termination does not give us any control over your Digital Assets. You remain able to manage your Venue account and Wallet directly under their own terms.

12.5 Ending your access for other reasons. We may also end your access to the Services, or close the Services or any part of them, for any reason. To do so, we will give you at least thirty (30) days' notice through the Services or by email. During the notice period you may close positions through the Interface.

13. User content

13.1 Your content. Some features may let you post content, such as comments, profiles, usernames, images and links ("User Content"). You keep ownership of your User Content. You are responsible for it, and you confirm that you have the rights to post it.

13.2 Licence to us. You grant Verdict, its affiliates and its licensors a worldwide, non-exclusive, royalty-free, transferable and sublicensable licence to host, store, reproduce, adapt (for formatting and display), publish, display and distribute your User Content. The licence covers operating, improving and promoting the Services. It lasts while the User Content remains on the Services, and for a reasonable period after that for backups, legal compliance and records of enforcement.

13.3 Our rights. We do not have to monitor User Content. We may remove or restrict User Content, or restrict your posting, if we believe it breaks these Terms or the Community Guidelines or is unlawful. Where the law requires it, we will tell you why and how you can ask us to review our decision.

13.4 Reporting content. Anyone may report content they believe is unlawful or breaks our rules. Use the report button or email support@verdict.exchange. Send copyright and trademark notices to legal@verdict.exchange, and include:

• the work or mark concerned;
• the location of the content;
• your contact details;
• a statement that you are the owner or are authorised to act for the owner, and that the notice is accurate.

We act on valid notices promptly. If your content is removed after a notice, you may send a counter-notice explaining why the removal was a mistake.

14. Intellectual property

14.1 Our licence to you. The Services, including their software, design, text, graphics, data compilations and the Verdict name and logos, are owned by Verdict or its licensors. Subject to these Terms, we grant you a limited, personal, revocable, non-exclusive, non-transferable licence to use the Services for their intended purpose.

14.2 Restrictions. You must not do any of the following, except as the law allows despite this restriction or as our published API terms permit:

• copy, modify, distribute, sell or lease any part of the Services;
• reverse-engineer them, or attempt to extract their source code;
• use our marks.

14.3 Feedback. If you give us feedback or suggestions, we may use them without any obligation to you.

14.4 Open-source software. Some components are licensed under open-source licences. Those licences govern your use of those components.

15. Third-party services

15.1 The Services rely on third-party services that we do not control, including:

• Lighter and any other Venue;
• Privy for sign-in and Embedded Wallets;
• external wallet providers and wallet-connection services;
• resolution and data services;
• on-ramp, off-ramp and bridge providers;
• the underlying blockchains and Circle (issuer of USDC).

15.2 Your use of a third-party service is governed by that provider's terms and privacy policy. We are not responsible for third-party services, their availability, or their acts or omissions. Your dealings with a third party are only between you and that party. A link to a third-party site is not an endorsement.

16. Mobile apps

16.1 If you download our app from the Apple App Store or Google Play, these Terms are between you and Verdict only, not Apple or Google. Verdict, not Apple or Google, is responsible for the app and its content, maintenance, support, warranties (to the extent not disclaimed) and any claims about it. This includes product liability claims, claims that the app breaks a law or regulation, consumer-protection claims and intellectual-property claims.

16.2 Apple and its subsidiaries are third-party beneficiaries of these Terms for apps obtained from the App Store, and may enforce them against you.

16.3 You must also comply with the app store's own terms of use.

17. Disclaimers

17.1 To the fullest extent permitted by law, the Services are provided "as is" and "as available". We make no warranty of any kind, express or implied. This includes warranties of merchantability, fitness for a particular purpose, title, non-infringement, accuracy, availability, and freedom from errors, viruses or harmful components.

17.2 We do not warrant that:

• the Services, the Venue, any blockchain or any resolution service will operate without interruption or error;
• any market will have liquidity;
• any order will be executed at a particular price or at all.

17.3 Some jurisdictions do not allow certain warranties to be excluded. In those jurisdictions, the exclusions apply only to the extent the law allows.

18. Limitation of liability

18.1 Excluded losses. To the fullest extent permitted by law, Verdict, its affiliates, and its and their directors, officers, employees, contractors, agents and licensors (the "Verdict Parties") are not liable for any:

• (a) indirect, incidental, special, consequential, exemplary or punitive loss;
• (b) loss of profits, revenue, trading gains, opportunity, goodwill or data;
• (c) loss arising from any of the following:
  • the Venue, blockchains, Wallets, oracles, resolution services or other third-party services;
  • market movements or illiquidity;
  • unauthorised access to your Wallet or devices;
  • transactions that you signed;
  • your breach of these Terms.

18.2 Cap. To the fullest extent permitted by law, the Verdict Parties' total liability to you for all claims arising out of or relating to these Terms or the Services is limited to the greater of:

• (a) USD 100;
• (b) the interface fees and operator fee share that Verdict and its affiliates received from your trades in the twelve (12) months before the event giving rise to the claim.

Settlement Error claims are governed only by Section 7.9 and its separate limit.

18.3 What we do not limit. Nothing in these Terms limits or excludes liability for fraud, for death or personal injury caused by negligence, or for any liability that cannot be limited or excluded under the law that applies.

19. Indemnity

To the fullest extent permitted by law, you will indemnify and hold harmless the Verdict Parties from claims, losses, liabilities, costs and expenses, including reasonable legal fees, made by third parties or authorities, to the extent they arise from:

• (a) your breach of these Terms or of the Venue's terms;
• (b) your Prohibited Conduct;
• (c) your violation of any law or any third party's rights;
• (d) your User Content;
• (e) any false statement you make about your eligibility.

20. Disputes

20.1 Talk to us first. Before starting any proceeding, send a written notice of your dispute to legal@verdict.exchange. The notice must include:

• your name;
• your Wallet address;
• your contact details;
• a description of the dispute;
• the relief you want.

We will try in good faith to resolve the dispute within thirty (30) days after we receive the notice.

20.2 Arbitration. Any dispute, claim or controversy arising out of or relating to these Terms or the Services that is not resolved informally will be finally resolved by binding arbitration. This includes any question about the existence, validity, scope or termination of these Terms or of this Section 20. The arbitration will be:

• administered by the BVI International Arbitration Centre under its Arbitration Rules in force when the arbitration starts;
• seated in Road Town, Tortola, British Virgin Islands;
• conducted in English, before one arbitrator;
• held by video conference and on documents unless the arbitrator decides otherwise.

The arbitrator's award is final and binding, and judgment on it may be entered in any court with jurisdiction.

20.3 Exceptions. Either party may do the following, instead of going to arbitration:

• (a) bring an individual claim in a small-claims court in your country of residence, if the claim is within that court's limits;
• (b) seek urgent interim or injunctive relief from a competent court, including to protect intellectual property or to stop Prohibited Conduct.

20.4 Class and representative action waiver. To the fullest extent permitted by law, you and we may bring claims against each other only individually. Neither party may bring claims as a plaintiff or class member in any purported class, collective, consolidated or representative proceeding. The arbitrator may not consolidate claims of more than one person, and may not preside over any form of class or representative proceeding. If this Section 20.4 is found unenforceable for a claim, that claim will proceed in court, not in arbitration, and the rest of this Section 20 continues to apply.

20.5 Mass filings. If twenty-five (25) or more similar arbitration demands are filed against us by or with the help of the same law firm or organisation within ninety (90) days, the following applies:

• they may be administered in batches of up to twenty-five (25), with one arbitrator per batch, as the institution's rules allow;
• the limitation periods for the remaining claims are suspended while the batches proceed.

20.6 Your right to opt out. You may opt out of arbitration under Section 20.2 by emailing legal@verdict.exchange within thirty (30) days after you first accept these Terms. Your email must include your name and Wallet address and say that you opt out of arbitration. If you opt out, disputes will be decided by the courts of the British Virgin Islands. The rest of these Terms continue to apply.

20.7 Consumers. If you are a consumer, nothing in this Section 20 or in Section 21 takes away any right you have under the mandatory consumer-protection law of your country of residence. That includes, where your law requires it, the right to bring proceedings in your local courts.

20.8 Time limit. To the extent permitted by law, you must bring any claim within one (1) year after it arises.

21. Governing law

These Terms, and any non-contractual obligations arising out of or relating to them, are governed by the laws of the British Virgin Islands, without regard to conflict-of-laws rules.

22. Changes to these Terms

22.1 We may change these Terms from time to time. We will publish the new version with a new version date.

22.2 For material changes that reduce your rights, we will give at least thirty (30) days' notice through the Services or by email, if we have your email address, before they take effect. Shorter notice applies where a change is needed to comply with law, Sanctions or a Venue requirement, or to address a security or integrity risk.

22.3 Re-consent. When a new version takes effect, we may ask you to sign it with your Wallet before your next deposit, order or reward claim. If you do not accept a new version, you must stop using the Services. You may still close positions under Section 4.4, and deal with the Venue directly.

22.4 Changes do not apply to disputes we were notified of before the change took effect.

23. Termination by you; survival

23.1 You may stop using the Services at any time. Where we hold profile or account data about you, you may ask us to delete it under the Privacy Policy.

23.2 The following Sections survive termination: Sections 2, 5, 7.6 to 7.9, 8.6, 9, 12.3, 12.4, 13.2 (for the period stated), 14, and 17 to 24.

24. General

24.1 Entire agreement. These Terms are the entire agreement between you and Verdict about the Services. They replace any earlier agreement on that subject.

24.2 Assignment. You may not assign or transfer these Terms. We may assign them, by giving notice, to an affiliate or to a successor to the relevant part of our business.

24.3 Severability and waiver. If any part of these Terms is held invalid, the rest remains in force. A failure to enforce a provision is not a waiver.

24.4 Events beyond our control. We are not liable for delays or failures caused by events beyond our reasonable control. Examples are Venue or blockchain failures, outages of resolution sources, cyberattacks, changes in law and acts of authorities.

24.5 Relationship. Nothing in these Terms creates a partnership, joint venture, agency, fiduciary or employment relationship.

24.6 Third-party rights. Except for the Verdict Parties under Sections 18 and 19, and Apple under Section 16, no one other than you and Verdict has any right to enforce these Terms.

24.7 Notices. We may give you notices through the Services, by email, or by a message to your Wallet where supported. You must send legal notices to legal@verdict.exchange.

24.8 Language. These Terms are written in English. If a translation differs, the English version controls, unless the law requires otherwise.

24.9 How we use our discretion. Where these Terms let us decide something or act at our discretion, we will do so in good faith and for the purposes these Terms describe. We will not do so arbitrarily or irrationally.

25. Contact

Verdict Markets Inc.
251 Little Falls Drive, Wilmington, Delaware 19808, United States
Support: support@verdict.exchange
Legal notices: legal@verdict.exchange
Market disputes: support@verdict.exchange (subject line "Market dispute")

26. Reporting security issues

26.1 How to report. If you find a possible security vulnerability in the Services, email business@verdict.exchange. Describe the affected component, the steps to reproduce the issue and its impact.

26.2 Our response. We aim to reply within two (2) business days. Please do not disclose the issue publicly for ninety (90) days after your report, or until we release a fix, whichever is sooner.

26.3 Testing rules. Test only with your own accounts, Wallets and funds. You must not:

• access, change or delete other users' data;
• carry out denial-of-service attacks;
• use social engineering;
• manipulate markets or prices.

Third-party services, including Lighter, Privy and Wallet providers, are out of scope.

26.4 Good-faith research. We will not bring legal action against you for good-faith security research that follows this Section 26.