Terms of Service

2.1 Financial Risks

Participation in prediction markets and Head-to-Head (H2H) wagering on the platform involves significant financial risk, including the possibility of losing the entire amount staked or invested. All trades, wagers, and market entries are subject to these risks. Bayse nor its staff are not financial or investment advisers and do not provide such services. You use the platform entirely at your own risk and should carefully evaluate whether participation in prediction markets or Head-to-Head challenges is suitable in light of your financial circumstances, investment objectives, and risk tolerance.

2.2 Market Volatility

Market prices on the platform are determined by supply and demand and may be highly volatile. Prices can move significantly and rapidly in response to events, news, user activity, or changes in market liquidity. Past pricing is not indicative of future prices or outcomes.

2.3 Order Execution and Pricing Risk

The platform operates two distinct market engine types: a Central Limit Order Book (CLOB) and an Automated Market Maker (AMM). The applicable engine for each market is always disclosed on the market page within the platform as determined by the market.

CLOB Markets: On CLOB markets, you may specify the price at which you wish your order to be executed. The system will execute your order at your specified price or a better price depending on market movement. If the market price moves in a direction that places you at a disadvantage, your order will not be filled.

AMM Markets: On AMM markets, your order is executed at the price determined by the market at the moment of execution. The price displayed during the order review stage is an estimate only and reflects market conditions at the time of quote generation. Due to factors including the effects of demand and supply, volume of transaction on, trades by other users on the platform, the latency inherent in price broadcast systems, and your connection speed, the final execution price and resulting number of shares credited to your account may differ from the estimated price shown at the review stage. This is a normal and inherent feature of AMM market operation and does not constitute an error, malfunction, or fraud by the Company.

BY PLACING AN ORDER ON AN AMM MARKET, YOU EXPRESSLY ACKNOWLEDGE AND ACCEPT THAT THE PRICE AND SHARE QUANTITY SHOWN DURING ORDER REVIEW ARE ESTIMATES, THAT THE FINAL EXECUTION PRICE IS DETERMINED AT THE MOMENT OF EXECUTION, AND THAT THE COMPANY IS NOT LIABLE FOR ANY DIFFERENCE BETWEEN THE ESTIMATED AND EXECUTED PRICE.

2.4 Latency and App Version

There is an inherent latency of between 1 and 10 seconds between live market price movements and the price displayed on your device, due to factors including backend server load and your internet connection. You are responsible for ensuring you are using the most current version of the Bayse application. Older versions of the application may display stale or inaccurate pricing data. The Company is not liable for any discrepancy between a displayed price and the executed price where such discrepancy arises from your use of an outdated application version or from inherent network latency.

2.5 Liquidity Risk

Markets may have limited liquidity at any given time. Where your order cannot be fully executed due to insufficient market liquidity, the order will not be executed and your funds will be refunded. Bayse does not guarantee the availability of liquidity in any market.

2.6 Finality of Executed Trades

All executed trades are final, irreversible, and non-refundable, except in the following circumstances:

(a) Where an order cannot be fully executed due to insufficient liquidity, in which case the full amount tendered will be reversed to your account;

(b) Where a market is voided or cancelled in accordance with the applicable market rules or Clause 4 (Market Resolution); or

(c) Where a partial payout applies in accordance with the rules of a specific market that resolves on a 50:50 basis.

Bayse reserves the right to suspend, restrict, void, or discontinue markets at its discretion, including without prior notice, where required by law, regulation, or the applicable market rules.

BY USING THIS PLATFORM, YOU ACKNOWLEDGE AND ACCEPT THAT YOU RISK LOSING THE ENTIRE AMOUNT STAKED OR INVESTED IN ANY MARKET OR WAGER.

3.1 Platform Jurisdiction

The platform is operated by Trence Technologies, Inc. doing business as Bayse Markets, and is primarily intended for users located in jurisdictions where access to and participation in prediction markets and peer-to-peer wagering is lawful. The Company does not represent that the platform, its features, or its content are appropriate or available for use in all jurisdictions.

3.2 User Responsibility for Local Law Compliance

It is the user's sole responsibility to determine whether access to and use of the platform is lawful in their jurisdiction before registering an account or placing any trade or wager. The Company makes no representation and gives no warranty that use of the platform is compliant with the laws of any jurisdiction other than Nigeria. By accessing the platform, you represent and warrant that your use of the platform does not violate any applicable law, regulation, or governmental order in your jurisdiction of residence, location, or citizenship.

3.3 Prohibited Jurisdictions

Access to and use of the platform is strictly prohibited for any person who is:

(a) Located in, ordinarily resident in, incorporated in, or a citizen or national of any country or territory that is subject to comprehensive economic or trade sanctions, including but not limited to sanctions administered by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury, the United Nations Security Council, or any equivalent sanctions regime applicable under Nigerian law;

(b) Listed on any sanctions list, restricted party list, or denied party list maintained by any governmental or regulatory authority with jurisdiction over the Company or its operations; or

(c) Located in or accessing the platform from any jurisdiction in which the Company has determined, in its sole and reasonable discretion, that offering or permitting access to the platform would expose the Company or its officers to regulatory, legal, or licensing risk.

The Company publishes and maintains a list of Prohibited Jurisdictions on the platform, which may be updated from time to time without prior notice. It is your responsibility to check the current list of Prohibited Jurisdictions before accessing the platform. Access from a Prohibited Jurisdiction constitutes a material breach of these Terms regardless of whether you were aware of the restriction at the time of access.

3.4 Continued Representations

Each time you access the platform, place a trade, make a deposit, or initiate a withdrawal, you are deemed to have re-confirmed the representations in Clause 3 including that you are not accessing the platform from a Prohibited Jurisdiction and that your use of the platform remains lawful in your jurisdiction at that time.

4.1 Resolution Categories

Markets on the platform are resolved through one of two processes, as specified for each market at the time of its creation:

(a) Automated Resolution: Certain markets, including digital & virtual assets, foreign exchange, and designated sports markets, are resolved automatically based on publicly available data feeds from specified third-party sources. The applicable resolution source is disclosed on each market's page.

(b) Manual Resolution: All other markets are resolved by the Company's Events Contracts team following verification of the outcome against the predefined resolution sources and rules for each market. Final sign-off on all manually resolved markets is given by an authorized officer of the Events Contracts department.

4.2 Per-Market Resolution Rules

Every market is created with clearly defined resolution rules, applicable edge case treatments, and one or more specified verification sources. These per-market rules are published on the market page and form part of the binding agreement between you and the Company in respect of that market. By placing a trade in any market, you confirm that you have read and accepted the applicable market rules.

4.3 Fallback Rules for Edge Cases

Each market's rules specify the treatment applicable to edge cases including postponements, cancellations, abandoned events, contested results, and other exceptional circumstances. Where market's rules do not expressly address an arising edge case, the Company's Events Contracts team shall apply the resolution most consistent with the spirit and intent of the market rules, acting in good faith and with reasonable diligence. Possible outcomes in edge cases include, without limitation: extension of the resolution timeline, cancellation of the market, or refund of staked amounts, as determined by the nature of the market and the applicable edge case.

4.4 Resolution Records

Resolution sources, verification evidence, and resolution decisions for all markets are logged and retained in the Company's back-office systems for a minimum period of three (3) years from the date of resolution. These records are available to support dispute resolution processes, audits, and any legal proceedings arising in connection with a market.

4.5 Dispute & Correction Window

Users may challenge a market resolution by submitting a written dispute to the Company within seven (7) calendar days of the date of resolution (the "Dispute Window"). Disputes submitted after the expiry of the Dispute Window will not be considered, except where verifiable evidence in support of the dispute only became publicly available after the expiry of the Dispute Window, in which case the Company may, at its sole discretion, consider a late submission.

A market will only be re-resolved where the user submits verifiable, objective, and uncontested evidence demonstrating that:

(a) the original resolution was incorrect; and

(b) the correct outcome can be clearly established in accordance with the market's stated resolution source and rules.

Submissions that do not satisfy both of the above criteria will not result in re-resolution. The Company's decision following review of a dispute submission is final and binding. Where a market is re-resolved, adjustments to user balances will be made promptly following the corrected resolution.

4.6 Third-Party Data Feed Disclaimer

For automated markets, resolution relies on data sourced from publicly available third-party data feeds. The Company does not guarantee the continuous availability, accuracy, or timeliness of any third-party data feed. In the event of a data feed failure, inaccuracy, or interruption that prevents or affects the correct resolution of a market, the Company's sole obligation to affected users is to void the relevant market and return the staked amounts to users' accounts. The Company is not liable for any additional losses, including anticipated profits, arising from a third-party data feed failure.

5.1 General Obligation

To comply with applicable legal and regulatory requirements, including the Money Laundering (Prevention and Prohibition) Act 2022 and any associated regulations, the Company is required to verify the identity of all its users before processing any transactions. By using the platform, you agree to cooperate fully with all verification requests made by the Company.

5.2 KYC Trigger

New users are required to complete identity verification at the time they sign up. Existing users who are yet to complete their identity verification will be required to do so before carrying out any new transactions. In addition, users may be required to complete advanced identity verification before processing cumulative withdrawals that meet or exceed the applicable verification threshold as published on the platform from time to time, or upon any other transaction activity or pattern that triggers enhanced due diligence requirements under applicable law or the Company's internal AML/CFT policies.

The Company reserves the right to update the applicable verification threshold or the circumstances in which verification is triggered, in response to changes in applicable law or regulatory guidance.

5.3 Required Documentation

You may be required to provide any of the following, without limitation:

(a) Government-issued photo identification (such as a national identity card, international passport, or driver's licence);

(b) Proof of address (such as a utility bill or bank statement dated within three months);

(c) Bank Verification Number (BVN); and/or

(d) Any other documentation the Company or its verification partners may require to complete identity verification in compliance with applicable law.

5.4 Data Retention

Personal and financial information collected for verification purposes, including BVN-derived data, is retained by the Company and processed in accordance with the Company's Privacy Policy and applicable data protection law, including the Nigeria Data Protection Act 2023. BVN data and associated identity records are retained for a minimum period of five (5) years following account closure or the date of the relevant transaction, whichever is later, as required under applicable AML/CFT law.

5.5 Consequences of Non-Verification

Failure to provide required verification documentation within any timeframe specified by the Company may result in one or more of the following: delays in processing withdrawals or transactions, restrictions on account functionality, suspension or closure of your account, and withholding of withdrawals pending completion of verification. The Company will not be liable for any losses arising from delays or restrictions attributable to a user's failure to complete verification.

5.6 Withdrawal Processing Times

Once identity verification has been successfully completed, withdrawals will ordinarily be processed within five (5) minutes of initiation. Where a withdrawal requires manual review, including where the withdrawal amount, pattern, or associated account activity triggers enhanced review under the Company's AML/CFT policies, processing may take up to twenty-four (24) hours. The Company will endeavour to notify users where a withdrawal is subject to manual review.

5.7 Information Sharing

The Company may be required to share user information with banking partners, payment processors, KYC/AML service providers, financial intelligence units, law enforcement agencies, or other governmental or regulatory bodies, where required by applicable law or upon a lawful demand. Where such sharing occurs, the Company will handle your information in accordance with its Privacy Policy.

5.8 Ongoing Compliance

Your continued use of the platform is contingent on your ongoing compliance with applicable KYC, AML/CFT, and sanctions obligations. The Company reserves the right to conduct additional verification checks at any time based on your transaction activity, changes in applicable law, or regulatory requirements. Verification requirements may be updated from time to time, and continued use of the platform constitutes acceptance of any updated requirements.

6.1 Overview

The platform offers a Head-to-Head (H2H) wagering feature that enables users to engage in direct peer-to-peer wagers on the outcome of designated events. H2H wagering is subject to these Terms of Service and to the additional H2H Terms and Conditions published on the platform, which are incorporated into these Terms by reference. In the event of any conflict between these Terms and the H2H Terms and Conditions in relation to an H2H wager, the H2H Terms and Conditions shall prevail.

6.2 How H2H Wagers Work

Users may participate in H2H wagering in one of two ways:

(a) Public Wagers: A user creates a wager and lists it on the H2H marketplace, where it is available to be accepted by any eligible user; or

(b) Private Wagers: A user creates a wager and shares an invitation link directly with a specific user of their choosing.

Once both parties have accepted and joined a wager, the agreed stake amount is deducted from each participant's account and placed into a third-party escrow account for the duration of the wager. The Company facilitates the wager but does not participate in, or take any economic position on, the outcome.

6.3 Claim and Settlement

At the conclusion of the relevant event:

(a) The participant who believes they have won the wager must submit a win claim through the platform;

(b) If the opposing participant accepts the claim, the escrowed funds are released to the winning participant in accordance with the agreed wager terms, less any applicable platform fees; and

(c) If the opposing participant disputes the claim, the funds remain in escrow and the dispute is handled in accordance with Clause 6.4.

6.4 H2H Dispute Resolution

Where a win claim is disputed, either party may initiate the H2H dispute process through the platform. During the dispute process:

(a) Both parties may submit supporting evidence in accordance with the procedures set out in the H2H Terms and Conditions;

(b) An authorized dispute administrator appointed by the Company will review all available evidence alongside the applicable H2H Terms and Conditions and the rules of the relevant wager;

(c) Escrowed funds will remain locked and inaccessible to both parties until a final decision is reached; and

(d) The dispute administrator's decision is final and binding on both parties. Funds will be released in accordance with the dispute administrator's decision promptly following its issuance.

The Company will endeavour to resolve H2H disputes within fourteen (14) calendar days of the initiation of the dispute process, subject to the complexity of the dispute and the availability of evidence from both parties.

6.5 Prohibited Conduct in H2H Wagering

Without prejudice to the general prohibitions in Clause 10, the following conduct is specifically prohibited in H2H wagering:

(a) Creating or accepting a wager using more than one account or in collusion with another user to simulate a genuine peer-to-peer wager;

(b) Submitting a win claim that you know or reasonably ought to know to be false or unsupported by the outcome of the event; and

(c) Any conduct designed to manipulate, delay, or abuse the dispute resolution process.

The Company reserves the right to investigate suspected prohibited conduct, void any wager affected by such conduct, forfeit escrowed funds, and suspend or terminate the accounts of users found to have engaged in prohibited conduct.

7.1 Product Description

The platform offers Perpetual Contracts ("Perps"), enabling users to take long or short leveraged positions that track the price of an underlying asset, including but not limited to cryptocurrencies, equities, and indices, without acquiring ownership of, or any legal or beneficial interest in, the underlying asset. A Perp has no fixed expiry or settlement date and remains open until closed by you, closed by operation of a stop-loss or take-profit order, or liquidated in accordance with Clause 7.9. Perps are distinct from the prediction markets and Head-to-Head wagers described elsewhere in these Terms. Clause 4 (Market Resolution) does not apply to Perps. For a plain-language explanation of how Perps work, see the Bayse Help Center. This is provided for general educational purposes only and does not form part of these Terms; in the event of any conflict, these Terms control.

7.2 Execution Venues

Perps are executed, margined, and priced through one or more third-party execution venues integrated with the platform from time to time (each an "Execution Venue"). The Company's role is limited to operating your account, processing deposits, providing the application interface, and transmitting your orders to the applicable Execution Venue. Execution, margining, funding payments, liquidation, and price formation occur entirely at the Execution Venue and are not performed, calculated, or verified by the Company. The Company does not set, adjust, or override the price, funding rate, margin requirement, or liquidation threshold applicable to any Perp. Where the Company believes a price published by an Execution Venue to be inaccurate, the Company will nonetheless display that price, and the Execution Venue will act on it.

The Company's ability to act is confined to its own systems: the Company may suspend or restrict access to the application, disable an instrument for new orders, restrict an individual user, apply leverage limits more conservative than those set by an Execution Venue, or cease routing new orders to a given Execution Venue. None of these actions close, freeze, or otherwise affect a position that is already open at an Execution Venue. If the application is suspended or unavailable for any reason, your open position remains live, continues to accrue funding, and remains subject to liquidation by the Execution Venue on its own timetable. Suspension of the application is not suspension of your market exposure.

7.3 Custody of Funds

You deposit funds directly with the Company. As at the date of these Terms, your funds are held in an individually designated arrangement: your funds are held in a wallet or account designated to you individually, using third-party wallet infrastructure. You do not hold the private keys or credentials to this wallet and cannot access or move funds independently of the Company. Your funds are not commingled with other users' funds or with the Company's own operational funds at that venue, and a compromise of one user's designated wallet does not, by itself, expose other users' balances.

Execution Venues integrated in the future may use a different custodial arrangement, including a pooled arrangement in which the Company holds a single account through which multiple users' positions at that venue are traded, with individual entitlements tracked on the Company's internal records. Where a pooled arrangement is used: your entitlement would be a claim against the Company's records rather than against a segregated, independently verifiable balance, and in substance you would be an unsecured creditor of the Company for that balance; and funds at that venue would be commingled by design, such that a compromise of the pooled account could expose all users holding a position at that venue.

No custodial arrangement described in this Clause insures against, or provides protection from, the risk of a failure, exploit, or compromise of an Execution Venue's own protocol, contracts, or infrastructure. Where such a failure occurs, every position at that Execution Venue is exposed to it regardless of the custodial arrangement used. Segregation of funds under an individually designated arrangement protects only against commingling risk; it is not insurance and does not indicate the solvency or security of the Execution Venue. In all cases, the Company's own operational funds are not held in the same account as user funds, save that the Company may maintain a reasonable buffer at an Execution Venue to accommodate exchange rate movements or periods of peak activity.

7.4 Deposits and Currency Conversion

You fund your account in Naira. Collateral required at an Execution Venue is denominated in US Dollars. The movement between your Naira balance and the US Dollar-denominated collateral required at an Execution Venue is carried out as an internal transfer within the Company's own systems, at a rate obtained from the Company's payment processing partner. No fee is charged to you in respect of this movement.

7.5 Leverage and Margin

The maximum leverage available for a Perp is set per asset by the applicable Execution Venue, with reference to that asset's liquidity and volatility, and may step down as the notional size of your position crosses thresholds set by the Execution Venue. The Company may apply a leverage limit equal to or more conservative than the Execution Venue's limit, but never more permissive. Applicable leverage limits are displayed on the platform and may change depending on which Execution Venue is active for a given instrument.

Your account equity, including any unrealised profit or loss on open positions, is calculated by reference to the Mark Price, not the Last Price displayed elsewhere in the application. Your position will at all times be in one of the following states:

(a) Healthy — your account equity meets or exceeds the initial margin required for your position;

(b) Margin Call — your account equity has fallen below the initial margin requirement but remains at or above the maintenance margin requirement, in which state you may reduce or close your position or restore Healthy status by depositing additional collateral, but may not increase your exposure; or

(c) Liquidation — your account equity has fallen below the maintenance margin requirement, triggering Clause 7.9.

The term "Margin Call" describes the state of your account only. It does not entail any notice period, grace period, or discretion on the part of the Company or the Execution Venue before liquidation occurs. Once your account equity falls below the maintenance margin requirement, liquidation under Clause 7.9 is automatic and occurs without delay, regardless of whether you were monitoring your position at the time. The Company may, but is not obliged to, provide in-app notifications when your position enters Margin Call; the absence of such a notification does not affect the validity of a subsequent liquidation.

The margin mode applicable to a position — isolated or cross — is determined by the applicable Execution Venue and market, and is not selected, controlled, or overridden by the Company. Under isolated margin, only the funds allocated to that specific position are at risk of liquidation. Under cross margin, your available account equity at that Execution Venue is shared across your open positions; a loss on one position may draw down the margin supporting your other open positions and result in the liquidation of a position that would otherwise remain healthy. You should confirm which margin mode applies to a given market before opening a position.

7.6 Funding Payments

Perps carry a funding payment, charged periodically for as long as your position remains open, and ceasing once the position is closed. The funding interval is set by the applicable Execution Venue — typically hourly, though this may vary and may be changed by the Execution Venue from time to time without action by the Company. Funding is paid directly between users holding opposing positions; it is not a fee charged by, or payable to, the Company or the Execution Venue, and neither the Company nor the Execution Venue receives it.

The funding rate is set by the Execution Venue according to its own methodology and varies continuously with market conditions. It can be substantial during periods of market stress and can flow in either direction depending on whether you are long or short. You may incur a material cumulative cost from funding payments alone over the life of a position, even where the price of the underlying asset has not moved against you. The current funding rate and any funding amounts charged to your position are visible within the application.

7.7 Order Types and Time-in-Force

The platform currently supports the following order types for Perps:

(a) Market orders, executed on a fill-or-kill basis, meaning the order will execute in full immediately or be cancelled in its entirety if it cannot be fully filled; and

(b) Limit orders, executed on a good-till-cancelled basis, meaning they remain open until filled or cancelled by you.

Immediate-or-cancel and good-till-date orders are not currently supported. The Company may add, remove, or modify the order types and time-in-force options available from time to time; the order types available to you at any given time are those displayed within the application.

7.8 Stop-Loss and Take-Profit Orders

Stop-loss and take-profit levels are set by you. Neither the Company nor any Execution Venue selects these levels on your behalf, and the Company exercises no discretion over whether or when an order is acted upon. Stop-loss and take-profit orders are native order types at the applicable Execution Venue. Once submitted, they rest at the Execution Venue and are triggered by the Mark Price, independently of whether the application is open, online, or reachable. The Company does not simulate, monitor, or hold these orders on its own systems.

The Company's responsibility is limited to the correct transmission of your order instruction to the applicable Execution Venue. Once an order has been successfully transmitted and confirmed as resting at the Execution Venue, the Company is not liable for its non-execution, delayed execution, or execution at a price other than the level you set. Where an order fails to reach the Execution Venue due to a failure of the Company's own systems, the Company's liability, if any, is limited in accordance with Clause 14.

The following applies to every stop-loss and take-profit order, regardless of Execution Venue:

(a) the trigger price is not the execution price; a stop-market order fills at whatever price the market offers once triggered, which in fast-moving or gapping markets may be materially worse than the level you set;

(b) a stop-limit order may not fill at all if the market price moves through your specified limit before the order can execute;

(c) liquidation may occur before your stop is triggered, since both key off the Mark Price and, where maintenance margin is breached, the Execution Venue's liquidation engine acts first; and

(d) a stop cannot protect against a price gap through the specified level.

7.9 Liquidation

As at the date of these Terms, Perps are executed exclusively through Hyperliquid, and the liquidation mechanics described in this Clause are specific to Hyperliquid's own protocol rules. Where your position enters the Liquidation state under Clause 7.5(c), Hyperliquid's liquidation engine assumes control of the position and you may no longer act on it directly. Liquidation is triggered by reference to the Mark Price, not the Last Price displayed elsewhere in the application. The engine will attempt to close the position on the order book, in full or, for larger positions, in slices. A sliced closure may preserve part of your position and is treated as more favourable to you than a single full closure.

Where the closure fills at a better price than your Liquidation Price (the Mark Price at which your margin would be exactly zero), the resulting surplus will be returned to you. Where the closure fills at a worse price than your Liquidation Price, the resulting shortfall is met by Hyperliquid's insurance fund and is not charged to you or to any other user. Liquidation is executed as an ordinary trade on the order book at Hyperliquid. Other than the effect of execution price, which may differ from your Liquidation Price as described above, liquidation does not carry a separate liquidation fee.

Auto-Deleveraging. Where a liquidation results in a shortfall that cannot be covered by your remaining margin and Hyperliquid's insurance fund or other loss-absorption mechanisms are insufficient to cover it, Hyperliquid may apply auto-deleveraging. Auto-deleveraging can involuntarily reduce or close profitable positions held by other users on the opposite side of the market, at a price determined by Hyperliquid's own rules, in order to cover the shortfall. This may affect you even where your own position is adequately margined, and you have not breached any obligation under these Terms. The Company does not control, and may receive no advance notice of, Hyperliquid's decision to apply auto-deleveraging, and is not liable for any loss you incur as a result of it.

Should the Company integrate an Execution Venue other than Hyperliquid for Perps, the Company will update this Clause to reflect the liquidation mechanics applicable to that venue before making it available to users.

7.10 No Negative Balance (Qualified)

Under normal market conditions, you cannot lose more than the margin you have committed to a Perp position. This protection depends entirely on the continued adequacy of the relevant Execution Venue's insurance fund; where that fund is exhausted, the auto-deleveraging mechanism described in Clause 7.9 may apply instead.

7.11 Loss Allocation for Execution Venue Failure

Where you suffer a direct loss of collateral or realised position value caused by an exploit or failure of an Execution Venue's protocol, contracts, bridge, settlement infrastructure, or the custodial arrangement described in Clause 7.3, the Company will credit your Bayse account in accordance with this Clause, subject to verification of the loss and the applicable caps. This undertaking does not cover ordinary market losses, liquidation, funding costs, auto-deleveraging, unrealised or anticipated profits, user error, actions taken on your instructions, compromise of your device or credentials, breach of these Terms or applicable law, or a chain-wide disruption or network-wide halt.

Loss shall be calculated by reference to your affected collateral and realised position value immediately before the relevant event, using the last reliable price published by the Execution Venue or, where that price is unreliable, another reasonable market price selected by the Company. Any amount recovered from the Execution Venue, custodian, insurer, or another third party shall be deducted from the amount payable. You must notify the Company promptly after becoming aware of the loss and provide any information reasonably required to verify your claim. A valid claim will be credited to your Bayse account within [30] days after the Company has completed its investigation and established the loss. Upon payment of a claim under this Clause, the Company is subrogated to your rights against the Execution Venue, custodian, insurer, or other third party in respect of the loss, and you shall provide reasonable assistance, at the Company's expense, in pursuing recovery from that party.

The Company's liability under this Clause is limited to the per-user cap and the aggregate per-event cap published on the platform at the time of the relevant event. The Company may update these caps from time to time on notice to users, but no reduction applies to an event that occurred before the date the reduced cap was published. Where valid claims arising from the same event exceed the aggregate cap, available amounts shall be distributed among affected users on a pro-rata basis.

7.12 Discontinuation and Wind-Down

Where the Company discontinues Perps generally, discontinues its use of a particular Execution Venue, or suspends or terminates your account for breach, the following applies:

(a) Notice. The Company will notify affected users, stating the date on which the relevant Execution Venue will cease to be available and a deadline by which open positions must be closed, which date shall be not less than three (3) days from the date of notice, save as provided in sub-clause (d).

(b) Reduce-only period. From the date of notice, new positions on the affected Execution Venue may not be opened; you may continue to close existing positions at any time up to the deadline.

(c) Deadline and automatic closure. Any position remaining open at the deadline will be closed by the Company on your behalf at the prevailing market price. Proceeds will be credited to your Bayse account balance and will be withdrawable in Naira or crypto in accordance with the platform's standard withdrawal process.

(d) Emergency closure. Where access to an Execution Venue is lost without prior notice, including as a result of a venue outage, a sanctions designation, an injunction, or a protocol failure, the notice period in (a) and the reduce-only period in (b) may be reduced to zero, and the Company will act on a best-efforts basis to close affected positions as promptly as reasonably possible. You acknowledge that closure in these circumstances may occur at a price you would not otherwise have chosen, and that the Company is not liable for the resulting outcome except to the extent caused by the Company's own gross negligence or wilful default.

7.13 Eligibility, KYC, and Geographic Scope

Access to Perps is subject to the eligibility warranties in Clause 2 and the identity verification requirements in Clause 5, which apply in full regardless of any lesser verification standard that may apply at an Execution Venue directly. The Company reserves the right to restrict or suspend access to Perps, in whole or as to specific users, if an Execution Venue's own terms or geographic restrictions change, or if the Company determines that continued access would create regulatory or licensing risk, consistent with Clause 3.3.

7.14 Risk Acknowledgment

Before placing a first Perp trade, you will be required to separately acknowledge a standalone risk disclosure covering leverage, margin mode (including the cross-margin risk of a loss on one position affecting others) liquidation, funding payments, order execution mechanics, auto-deleveraging, and reliance on third-party Execution Venues, in addition to accepting these Terms generally. See also the plain-language resource referenced in Clause 7.1 (the Bayse Help Center), which is provided for general educational purposes only and does not form part of, or modify, these Terms.

8.1 Single Account Obligation

Each user is permitted to hold only one account on the platform. The Company employs device identification technology and cross-references KYC data, including BVN, to detect duplicate accounts. Where duplicate accounts are detected, both or all associated accounts will be automatically suspended pending investigation and may be permanently terminated. Funds held in duplicate accounts are subject to forfeiture.

8.2 API Access and Permitted Automation

The Company operates a public API that permits limited programmatic and automated access to the platform by users. Use of the API is governed by the Bayse API Usage Policy, which is incorporated into these Terms by reference. Permitted uses of automated access include: accessing market data feeds, placing and managing orders within rate limits set out in the API Usage Policy, and other uses expressly authorized thereunder.

The following automated activities remain prohibited regardless of the method used, including via the API:

(a) Automated login, credential stuffing, or brute force attacks on user accounts;

(b) Reverse engineering of the platform's web interface, mobile application, or any non-public systems;

(c) Scraping or harvesting data from the platform outside the scope of the API Usage Policy;

(d) Any automated activity that circumvents, bypasses, or overwhelms the platform's security, access controls, or rate-limiting mechanisms.

8.3 Market Manipulation and Insider Trading

The following conduct is strictly prohibited and constitutes a material breach of these Terms:

(a) Trading on any market while in possession of material non-public information about the outcome or likely outcome of the underlying event, where use of that information would breach a duty of trust, confidence, or legal obligation owed to any person or entity;

(b) Trading on information received from a third party who possesses or obtained such information in breach of a duty of trust, confidence, or legal obligation, where you know or have reason to know that the information was so obtained;

(c) Placing large positions or a series of positions with the intention of artificially moving market prices to the detriment of other users;

(d) Coordinating trades with other users for the purpose of manipulating market outcomes or prices; and

(e) Trading on any market in connection with event fixing, result manipulation, or any other interference with the integrity of the underlying event.

8.4 Monitoring and Investigation

The Company monitors trading activity on the platform for patterns consistent with manipulation, insider trading, multi-accounting, and other prohibited conduct. This monitoring includes automated alerts for unusual position sizes and manual review of flagged accounts and trades. The existence of a monitoring system does not limit the Company's right to take action in respect of prohibited conduct that is identified retrospectively.

8.5 Enforcement

Where the Company identifies or reasonably suspects prohibited conduct under this Clause or Clause 10, the following process applies:

(a) The affected account(s) will be immediately frozen to prevent further activity, and the user will be notified;

(b) The Company will conduct an internal review of the relevant account activity and supporting evidence;

(c) Where the review reveals no prohibited conduct, the account freeze will be lifted and the user notified promptly;

(d) Where prohibited conduct is established, the account will be permanently terminated, and funds held in the account will be forfeited to the Company; and

(e) The Company reserves the right to void any trade or market position, and to claw back any winnings paid out, where it is subsequently established that those trades or winnings arose from prohibited conduct, including conduct that was not detected at the time of the relevant trade.

The Company may cooperate with law enforcement authorities and regulatory bodies in connection with any investigation into prohibited conduct.

9.1 Third-Party Links and Services

The platform may include links to or integrations with third-party websites, platforms, or services ("Third-Party Services"), which the Company does not control, review, or monitor for accuracy, reliability, or compliance with applicable law or privacy standards.

If you access or use Third-Party Services, you do so entirely at your own risk. These Terms of Service cease to govern your relationship with any third party once you leave the platform. The Company is not responsible for any issues, losses, or damages arising from your use of Third-Party Services, or for their content, availability, privacy practices, or security.

Before using any Third-Party Services, you should review the applicable terms and privacy policies of the relevant third party. The inclusion of a link or integration on the platform does not constitute an endorsement or recommendation of the relevant Third-Party Service by the Company.

9.2 Payment Processors

The platform integrates with third-party payment processors to facilitate deposits and withdrawals. These processors operate under their own terms of service and are subject to their own regulatory obligations. The Company is not liable for any payment processing delays, failures, or errors attributable to third-party payment processors, provided that the Company will use reasonable endeavours to assist users in resolving payment issues where possible.

9.3 KYC and Verification Providers

Identity verification on the platform is facilitated by third-party KYC service providers. Bayse is not liable for delays or failures in the verification process attributable to third-party KYC provider outages, data quality issues, or processing delays, provided that the Company will use reasonable endeavours to mitigate the impact of any such delays on affected users.

9.4 Market Data Feeds

Certain markets on the platform are resolved using publicly available data sourced from third-party data feeds. These data feeds are not operated by or under the control of Bayse, and Bayse does not warrant the accuracy, completeness, availability, or continuity of any third-party data feed.

In the event that a third-party data feed used for market resolution is unavailable, inaccurate, materially delayed, or otherwise compromised, Bayse's sole obligation to affected users is to void the relevant market and return all staked amounts to users' accounts. Bayse is not liable for any additional losses, including anticipated profits or opportunity costs, arising from a data feed failure, inaccuracy, or interruption.

21.1 Negotiation

If there is a dispute arising out of or relating to these Terms or your use of the Platform, both parties agree to attempt to resolve it through negotiation before commencing arbitration. Either party may initiate negotiation by sending the other party a written notice stating the nature of the dispute and the resolution sought (the "Initial Notice"). The receiving party shall have twenty (20) days to respond. Within forty-five (45) days after the Initial Notice is sent, the parties shall meet and confer in good faith, whether in person, remotely, or in writing, to attempt to resolve the dispute.

21.2 Mediation

If the dispute is not resolved through negotiation within ninety (90) days after the Initial Notice is sent, either party may propose that the dispute be referred to mediation before the Lagos Multi-Door Courthouse ("LMDC") in accordance with the LMDC Practice Direction on Mediation Procedure then in force. Mediation shall proceed only if both parties agree to participate. If either party declines mediation or does not accept a proposal to mediate within ten (10) days after receiving it, either party may commence arbitration under Clause 21.3. Mediation shall, wherever practicable, be conducted remotely by video conference to avoid the cost and inconvenience of physical attendance. The parties shall share the LMDC's mediation fees equally, except that, where the amount in dispute is below ₦500,000, excluding interest and costs, the Company shall bear the whole of the LMDC's mediation fees. The mediation shall be concluded within thirty (30) days after the referral is accepted by both parties, unless they agree in writing to extend that period.

21.3 Arbitration

Any dispute arising out of or in connection with these Terms that is not resolved through negotiation or mediation under this Clause shall be referred to and finally resolved by arbitration in accordance with the Arbitration and Mediation Act 2023, or any legislation amending or replacing it, on the following terms:

(a) Seat and language. The seat of arbitration shall be Lagos State, Nigeria, and the arbitration shall be conducted in the English language.

(b) Number and appointment of arbitrators. The dispute shall be determined by a sole arbitrator. The parties shall attempt to agree on the arbitrator within twenty-one (21) days after one party receives a written request for arbitration from the other party. If the parties do not agree within that period, the arbitrator shall, upon the request of either party, be appointed by the Director of the Regional Centre for International Commercial Arbitration, Lagos.

(c) Award. The arbitrator's award shall be final and binding on the parties and may be recognised and enforced by any court of competent jurisdiction.

(d) Costs. Each party shall bear its own legal and other costs incurred in connection with the arbitration. The parties shall bear the arbitrator's fees and other administrative costs of the arbitration equally, except as provided in Clause 21.4 or as otherwise directed by the arbitrator. The arbitrator may award costs against a party that has acted unreasonably in bringing, conducting, or defending the claim.

(e) Confidentiality. The existence, conduct, documents, and outcome of the arbitration shall be kept confidential by the parties, except to the extent that disclosure is required by law, required by a competent regulatory or governmental authority, necessary to obtain professional advice, or necessary to recognise or enforce the award.

21.4 Interim Relief

Nothing in this Clause prevents either party from seeking urgent, interim, conservatory, or injunctive relief from a court of competent jurisdiction. An application for such relief shall not constitute a waiver of the agreement to arbitrate.

21.5 No Stay of Protective Measures

The commencement of any negotiation, mediation, arbitration, or court proceeding shall not prevent the Company from suspending or restricting an account, restricting the withdrawal or use of funds, or taking any other protective measure where reasonably necessary and permitted under these Terms or applicable law. The imposition of any such measure shall not constitute a determination of the merits of the dispute.