Terms of Service

These Terms of Service ("Terms") govern your access to and use of the pUSD platform, website, and related services (collectively, the "Platform") operated by Prex Markets ("Company," "we," "us," or "our"). By accessing or using the Platform, you agree to be bound by these Terms.

1. Acceptance of Terms

1.1. By accessing, browsing, or using the Platform, you acknowledge that you have read, understood, and agree to be bound by these Terms and our Privacy Policy.

1.2. If you do not agree to these Terms, you must not access or use the Platform.

1.3. We reserve the right to modify these Terms at any time. Changes will be effective immediately upon posting. Your continued use of the Platform after any changes constitutes acceptance of the revised Terms.

2. Eligibility

2.1. Age Requirement: You must be at least 18 years old, or the age of legal majority in your jurisdiction, whichever is higher, to use the Platform.

2.2. Jurisdiction: You represent and warrant that:

• You are not located in, under the control of, or a national or resident of any country subject to United States, European Union, or United Nations sanctions or embargoes
• You are not identified as a "Specially Designated National" or placed on any U.S. or EU restricted parties list
• Your use of the Platform complies with all applicable laws in your jurisdiction

2.3. Restricted Jurisdictions: The Platform is not available to residents of: United States, North Korea, Iran, Syria, Cuba, Crimea region, or any other jurisdiction where the use of cryptocurrency platforms is prohibited or requires licensing we do not possess.

2.4. Capacity: You have full legal capacity and authority to enter into these Terms and to use the Platform.

3. Account Registration and Security

3.1. Account Creation: To access certain features, you must create an account by providing accurate, current, and complete information.

3.2. Account Security: You are solely responsible for:

• Maintaining the confidentiality of your account credentials
• All activities that occur under your account
• Immediately notifying us of any unauthorized access or security breach

3.3. One Account Per User: Each individual may maintain only one account. Creating multiple accounts may result in termination of all accounts and forfeiture of any pUSD balance.

3.4. KYC/AML Compliance: We may require identity verification at any time. You agree to provide requested documentation promptly. Failure to comply may result in account suspension or termination.

4. pUSD Token

4.1. Nature of pUSD: pUSD is a utility reward token that:

• Is NOT a currency, security, commodity, or investment product
• Is an algorithmic treasury-backed token with dynamic redemption value
• Has NO guaranteed or fixed value
• Can ONLY be earned through Platform activity, not purchased

4.2. Earning pUSD: pUSD may be earned through:

• Account creation allocation (subject to unlock schedule)
• Trading activity (volume-based rewards)
• LossLess™ trading protection rebates
• Referral program participation
• Grant programs (subject to vesting)

4.3. No Ownership Rights: pUSD tokens do not represent:

• Equity, ownership, or shares in Prex Markets or any affiliated entity
• Debt or loan obligations
• Rights to dividends, profits, or returns
• Voting or governance rights (except as specifically provided for PREX tokens)

4.4. Redemption: pUSD may be redeemed subject to:

• Vesting periods and cliff requirements
• Treasury solvency and availability
• Platform-specific rules and limitations
• Our sole discretion to modify redemption terms

4.5. Value Fluctuation: The redemption value of pUSD is dynamic and determined by:

• Total Solvency Pool balance
• Number of pUSD tokens being redeemed
• Protocol revenue and treasury health

5. Platform Services

5.1. Prediction Markets: The Platform may offer prediction market services. Participation involves risk of loss.

5.2. Trading: Any trading features are provided "as is." We do not guarantee:

• Execution of trades
• Availability of markets
• Accuracy of pricing information
• Profitability of any strategy

5.3. LossLess™ Protection: The LossLess™ feature provides partial rebates on trading losses:

• Rebates are up to 10% of realized losses
• Maximum 10 pUSD per loss event
• Maximum 100 pUSD lifetime per account
• Rebates are paid in pUSD, not fiat or other cryptocurrency
• This feature may be modified or discontinued at any time

5.4. Referral Program: Referral rewards are subject to:

• Verification of legitimate referrals
• Anti-fraud measures
• Our right to modify or terminate the program
• Clawback for fraudulent or manipulated referrals

6. Prohibited Activities

You agree NOT to:

• 6.1. Use the Platform for any unlawful purpose or in violation of any applicable laws
• 6.2. Engage in market manipulation, wash trading, or fraudulent activity
• 6.3. Create multiple accounts or use another person's account
• 6.4. Use bots, scripts, or automated systems without authorization
• 6.5. Circumvent geographic restrictions or access the Platform from restricted jurisdictions
• 6.6. Attempt to exploit, hack, or reverse-engineer the Platform
• 6.7. Engage in money laundering, terrorist financing, or sanctions evasion
• 6.8. Harass, abuse, or harm other users or Platform personnel
• 6.9. Infringe intellectual property rights
• 6.10. Provide false or misleading information

7. Intellectual Property

7.1. Our IP: The Platform, including all content, features, functionality, software, text, graphics, logos, and trademarks, is owned by or licensed to Prex Markets and is protected by intellectual property laws.

7.2. Limited License: We grant you a limited, non-exclusive, non-transferable, revocable license to access and use the Platform for personal, non-commercial purposes.

7.3. Restrictions: You may not copy, modify, distribute, sell, or lease any part of the Platform without our express written consent.

8. Privacy

Your use of the Platform is subject to our Privacy Policy, which is incorporated into these Terms by reference.

9. Disclaimers

10. Limitation of Liability

11. Indemnification

You agree to indemnify, defend, and hold harmless Prex Markets, its affiliates, officers, directors, employees, agents, and licensors from any claims, damages, losses, liabilities, costs, and expenses (including reasonable attorneys' fees) arising from:

• 11.1. Your use of the Platform
• 11.2. Your violation of these Terms
• 11.3. Your violation of any applicable laws
• 11.4. Your violation of any third-party rights

12. Dispute Resolution

12.1. Informal Resolution: Before initiating formal proceedings, you agree to contact us at legal@pusd.finance to attempt to resolve any dispute informally within 30 days.

12.2. Arbitration: Any dispute not resolved informally shall be resolved by binding arbitration under the rules of the Dubai International Arbitration Centre (DIAC), conducted in English in Dubai, UAE.

12.3. Class Action Waiver: YOU AGREE TO RESOLVE DISPUTES ONLY ON AN INDIVIDUAL BASIS AND WAIVE ANY RIGHT TO PARTICIPATE IN CLASS ACTIONS OR CLASS ARBITRATIONS.

12.4. Injunctive Relief: Notwithstanding the above, either party may seek injunctive relief in any court of competent jurisdiction.

13. Termination

13.1. By You: You may terminate your account at any time by contacting support.

13.2. By Us: We may suspend or terminate your account at any time, with or without cause, with or without notice.

13.3. Effect of Termination: Upon termination:

• Your right to use the Platform ceases immediately
• Unvested pUSD may be forfeited
• We may retain your data as required by law
• Provisions that by their nature should survive will survive

14. General Provisions

14.1. Governing Law: These Terms are governed by the laws of the Dubai International Financial Centre (DIFC), without regard to conflict of law principles.

14.2. Severability: If any provision is found unenforceable, the remaining provisions remain in effect.

14.3. Waiver: Our failure to enforce any right does not waive that right.

14.4. Assignment: You may not assign these Terms. We may assign freely.

14.5. Entire Agreement: These Terms, together with the Privacy Policy and Risk Disclosure, constitute the entire agreement between you and Prex Markets.

14.6. Force Majeure: We are not liable for delays or failures due to events beyond our reasonable control.

15. Contact Information