Trading Arena Terms of Service

Last Updated: April 6, 2026

These Trading Arena Terms of Service (“Terms”) form a legally binding agreement between you and Coinbase Bermuda Technologies Limited (“Trading Arena,” “we,” or “us”) that governs your access to and use of the Trading Arena application and website tradingarena.xyz, and their respective functionality (collectively, the “Application”).

By accessing or using the Application in any way, you agree to be bound by these Terms. If you do not agree to these Terms, you are not permitted to access or use the Application.

SECTION 28 AND APPENDIX 1 OF THESE TERMS CONTAIN PROVISIONS GOVERNING HOW DISPUTES BETWEEN YOU AND TRADING ARENA ARE RESOLVED. AMONG OTHER THINGS, APPENDIX 1 INCLUDES AN AGREEMENT TO ARBITRATE WHICH REQUIRES, WITH LIMITED EXCEPTIONS, THAT ALL DISPUTES BETWEEN YOU AND US SHALL BE RESOLVED BY BINDING FINAL ARBITRATION. APPENDIX 1 ALSO CONTAINS A CLASS ACTION AND JURY TRIAL WAIVER. PLEASE READ SECTION 28 AND APPENDIX 1 CAREFULLY. 

1.1 Overview of the Application. Trading Arena is an autonomous strategy execution platform that uses third-party large language models and other artificial-intelligence platforms licensed by Trading Arena (“LLMs”) in connection with available data, together with information available to Coinbase, Inc. (“Coinbase”), to interpret user-defined natural language trading Strategies (“Strategy” or “Strategies”) based on your prompts, including your Strategy parameters, Agent configurations, and any information, materials, or content you provide in connection with your prompt (collectively “Input”), generate informational content such as Strategy interpretations, explainability logs, and performance summaries (such informational content, “Outputs”), and assist users in deploying autonomous trading agents (“Agents”) to execute at your direction transactions, order placements, and portfolio adjustments (collectively, “Agent Actions”), subject to Programmatic Guardrails (as defined below), against digital assets available through products and Application offered by Coinbase and other Coinbase affiliates (together, the “Coinbase Entities”). Outputs are non-binding and informational. Agent Actions are effective and binding upon execution.  

The Application is accessed through a chat-style interface and may surface Strategy explainability dashboards, widgets, links, or other user interface elements that help you interact with underlying Coinbase products. However, for purposes of clarity, Trading Arena is the entity providing the Application and not Coinbase, Inc. or any other Coinbase Entity. 

Trading Arena reserves the right from time to time, in its sole and absolute discretion, upon notice provided through the Application, Coinbase retail application, or otherwise, to impose or vary the rates of fees, interest, commissions, and charges for the provision of the Application. 

Executing transactions in connection with the Application may result in compensation or revenue for the Coinbase Entities that are providing the underlying product or service.

1.2 User Operation of Agents; No Discretionary Trading Authority. You acknowledge that while Trading Arena provides the Application through which you interact with Agents, you (and not Trading Arena) configure, deploy, and direct Agents to take Agent Actions. Each Agent interprets your Strategies and executes transactions against your Coinbase account using your selected LLM, subject to the Programmatic Guardrails (as defined below) and in accordance with the requirements and restrictions for the use of trading APIs on your Coinbase account. You are solely responsible for all Agent Actions undertaken by any Agent operating under your Coinbase account, including without limitation the ongoing maintenance, supervision, and monitoring of Agent behavior. Trading Arena does not monitor Agent Actions on your behalf and assumes no responsibility for transactions executed, missed, or erroneously placed by an Agent operating under your Coinbase account. You must review Agent activity logs and outputs on a regular basis and to pause, modify, or terminate any Agent Actions inconsistent with your intended Strategy or risk tolerance.

1.3 Nature of the Agent Actions and Outputs. You acknowledge and agree:

Trading Arena does not provide, and should not be relied on for, financial planning, retirement planning, tax, accounting or legal advice, or other professional advice (other than advice pertaining to the use of products and Application offered by the Coinbase Entities).

Outputs and Agent Actions are based on the LLMs’ interpretation of limited information provided by you and available through your Coinbase account. Outputs and Agent Actions may not be comprehensive in considering all facets of macroeconomics, markets, blockchain network conditions, or your individual financial circumstances, and should not be relied upon as such. Trading Arena does not guarantee any specific investment performance or trading outcome.

Notwithstanding the foregoing, the Application may generate content that may resemble  professional advice. Such content should not be relied upon as professional advice regardless of its form or presentation.

1.4 Relationship to other Coinbase terms. Your use of the Application occurs in connection with your Coinbase accounts and remains subject to the Coinbase User Agreement, the Coinbase Developer Platform Terms of Service, the Coinbase Global Privacy Policy, and any applicable product-specific terms governing the underlying Coinbase Entity products or Application you access (collectively, the “Coinbase Platform Terms”). These Terms supplement, and do not replace, the Coinbase Platform Terms. If there is a direct conflict between these Terms and the Coinbase Platform Terms regarding the Application, these Terms control for that conflict.

1.5 Offering products and roles.

For purposes of these Terms:

“Digital Asset” means any digital asset (including a virtual currency or virtual commodity) which is a digital representation of value based on (or built on top of) a cryptographic protocol of a computer network, available on Coinbase. Digital Assets do not include derivatives products included on Coinbase, including futures, options on futures, and swaps..

To the extent any communication you receive from Trading Arena through the Application relates to a Digital Asset, you agree that the Application merely provides Outputs based on your directives to the LLMs and associated Agents. You authorize the Application and Trading Arena to translate such Outputs to trading instructions to be sent to Coinbase, which you authorize to transact according to such instructions.   

Trading Arena itself does not execute Strategies or accept orders for Digital Assets on Coinbase.

1.6 Information provided by you. You acknowledge that Trading Arena and your Agents may rely on information provided by you regarding your financial situation, investment experience, trading objectives, risk tolerance, time horizon, and any other relevant personal or financial circumstances. This may also include details of your linked Coinbase account. You agree that you are solely responsible for ensuring that all information is complete, accurate, and kept up to date, and you agree to promptly notify Coinbase of any material change to such information.

You further acknowledge that Agent Actions will be executed on the basis of Strategy parameters you have defined, and that stale, incomplete, or inaccurate parameters may result in Agent Actions that are inconsistent with your current investment objectives or risk tolerance. It is your sole responsibility to update your Strategy parameters when your financial circumstances, risk tolerance, or investment objectives materially change. Trading Arena is not obligated to suspend or modify Agent activity in response to changed market conditions or changed user circumstances unless you affirmatively update your parameters or activate a suspension. 

1.7 Affiliated products and revenue. 

Trading Arena may also facilitate Agent Actions involving the purchase or sale of assets in which one or more of the Coinbase Entities is also an investor, or in which they have an ownership or economic relationship with the issuer, where they might benefit from such Agent Actions. 

You acknowledge that the autonomous nature of Agent Actions amplifies these conflicts of interest because Agents may execute transactions in affiliated assets continuously and without your review of each individual transaction. These benefits to the Coinbase Entities present a conflict of interest between us and you. You should configure your Agent parameters and review Agent activity logs with this conflict in mind. By activating an Agent, you affirmatively acknowledge that you have read and understood this conflict disclosure.

Additionally, your selection of a Trading Arena-facilitated LLM to power your Agent may present additional conflicts of interest. Trading Arena does not independently verify whether any particular LLM is optimal for your Strategy, and affiliated model providers may benefit from your selection of their models. You acknowledge that the autonomous execution of trading Strategies by Agents does not, by itself, create a fiduciary relationship between you and Trading Arena. 

For more information, see the Trading Arena Risk Disclosures, incorporated into these Terms as Appendix 2.

The Application may provide services that give rise to fiduciary or similar duties under applicable law. Any such duties arise only to the extent required by applicable law and in connection with the particular Application service provided, and they are subject to any potential disclosures as provided in the Trading Arena Risk Disclosures.

2.1 Eligibility. You may use the Application only if:

2.2 Jurisdiction and geofencing. The Application is available only in certain jurisdictions. We may use geolocation, know-your-transaction (“KYT”), your Coinbase account information, and other controls to enable or block access. We may update the list of supported jurisdictions or eligibility criteria at any time. Certain Agent Actions may be subject to additional jurisdictional restrictions beyond those applicable to the Coinbase platform generally. It is your responsibility to ensure that your use of the Application, including Agent Actions, complies with all applicable laws and regulations in your jurisdiction.

2.3 Use on behalf of organizations. If you access the Application on behalf of a company, decentralized autonomous organization, or other organization, you represent that you have authority to bind that organization to these Terms, and all references to “you” include that organization.

3.1 Ownership of the Application. As between you and us, Trading Arena owns all rights, title, and interest in and to the Application, and any and all related intellectual property and proprietary rights of any nature anywhere in the world, including all models (including LLMs), software, source code, websites, website contents, trade secrets, model weights, training and other data, interfaces, documentation, content, patents, copyrights, trademarks, trade names, logos, trade dress, service marks, internet domain names and other indicia of origin (including the “look and feel” of the Application) (collectively, “Intellectual Property”).

3.2 License to use the Application. Subject to your continued compliance with these Terms, we grant you a personal, limited, non-exclusive, non-transferable, non-sublicensable, and revocable license to access and use the Application only in accordance with these Terms and applicable law and regulation, and solely for your personal, lawful purposes. Any other use of the Application is expressly prohibited. 

3.3 License Grant from You to Trading Arena. We do not claim ownership of Strategies or Output, subject to the licenses granted in these Terms. You hereby grant Trading Arena and its affiliates a worldwide, non-exclusive, royalty-free, irrevocable, transferable, and sublicensable license to reproduce, display, perform, use, modify, create derivative works from, and otherwise use your Output, Strategies, Agent configurations, instructions, messages, or other materials you submit to or through the Application to operate, maintain, or improve the Application (including to allow other users to copy and implement the Strategies you create and choose to make public), or to comply with applicable law.

3.4 LLM Providers. The Application allows you to select from a menu of LLMs licensed by Coinbase from LLM providers. These LLMs are not owned or operated by Trading Arena. Trading Arena’s ownership of the Application does not extend to the underlying LLMs or their associated model’s weights, training data, or other proprietary components of LLMs. Your use of any third-party LLM through the Application is subject to the applicable LLM provider’s acceptable usage policies, which are incorporated herein by reference to the extent applicable. You should review the applicable LLM provider’s policies before submitting sensitive information.

3.5 No implied rights. Except for the limited rights expressly granted to you in these Terms, we reserve all other rights in and to the Application. We do not grant you or any third party any license or other rights, by implication, waiver, estoppel, or otherwise, under any Intellectual Property, except as expressly set forth in these Terms. You acknowledge and agree that the trademarks, trade names, logos, trade dress, service marks, internet domain names and other indicia of origin displayed or otherwise used in connection with the Application, including the “look and feel” of the Application (collectively, the “TA Marks”) are the trademarks of Trading Arena or its third-party licensors. You shall not use the TA Marks for any purpose, including for advertising and promotion or to otherwise imply any relationship with, or endorsement by, us. You shall not infringe, misappropriate or otherwise violate our Intellectual Property and will comply with our reasonable requests to protect our and our third-party service providers’ Intellectual Property and other rights in and to the Application and the TA Marks.

4.1 Technical requirements. To access the Application, you must have:

You are responsible for any hardware, software, mobile carrier, or internet-service charges you incur.

4.2 Account security. You are responsible for maintaining the security of your Coinbase login credentials and any devices you use to access the Application. We are not responsible for unauthorized access to your Coinbase account that results from your failure to safeguard those credentials or devices. You are responsible for all actions and activity that occurs under your Coinbase accounts.

4.3 Service changes and availability. We may add, remove, or modify features or functionality of the Application, or suspend or discontinue the Application (for you and/or for anyone else), at any time and for any reason, with or without notice. 

5.1 Chat interface. The primary way you interact with the Application is through a chat-style interface that allows you to enter natural-language prompts and receive textual and other responses. We may also present example prompts, trending news, explanations, summaries, and educational content as part of the Application.

5.2 Widgets and one-click actions. In many cases, an Output may include a widget, button, or link that, when clicked, opens or pre-populates an order ticket or other interface for an underlying product or service offered by a Coinbase Entity. These widgets are merely a convenient way to access the underlying product or service that you may already access; they do not alter the terms governing that product or service. You must review and confirm any order or transaction before it is submitted.

5.3 Trend and notification features. We may offer trend-based features or notifications (for example, surfacing assets, Strategies, or categories that meet certain criteria or are “trending”). These features or notifications may be delivered through the Application or through other Coinbase channels. 

5.4 Leaderboard. The Application includes a leaderboard feature that ranks users who have elected to make their Strategies publicly available based on the performance of those Strategies, as measured by the criteria described in the Application. Such a leaderboard is provided for informational purposes only. Past Strategy performance displayed on the leaderboard is not indicative of future results, does not constitute a recommendation by any of Trading Arena, the user attributed to the leaderboard position, or the LLM or Agent used by such user, to adopt any particular Strategy, and should not be relied upon as investment advice.

5.5 Dashboard. The Application will also allow you to view your Agent Actions log and saved prompts in connection with your use of the Application. This dashboard is provided as an informational and organizational tool only and does not alter your obligation to monitor Agent activity, review execution logs, and promptly modify or terminate any Agent whose behavior is inconsistent with your intended Strategy or risk tolerance.

5.6 Programmatic Guardrails and Controls. “Programmatic Guardrails” means the set of automated, platform-enforced technical controls built into the Application that are designed to operate continuously during any active Agent session to constrain Agent behavior, limit transaction exposure, protect account credentials, and block activity inconsistent with your defined Strategy parameters or applicable law, including without limitation Session Caps, Per-Transaction Limits, prompt injection protections, and the kill-switch functionality described in this Section. Trading Arena may incorporate Programmatic Guardrails designed to limit unintended Agent behavior or Agent activity. Prior to activating any Agent, you must define a maximum aggregate transaction value permitted for that Agent session (“Session Cap”) and a maximum value for any individual transaction that Agent may execute (“Per-Transaction Limit”), each subject to platform-imposed maximums that Trading Arena may update from time to time.

The Programmatic Guardrails may further incorporate architectural safeguards designed to prevent malicious third-party inputs from redirecting Agent behavior, accessing your Coinbase account credentials, or causing your Agent to execute transactions inconsistent with your defined Strategy parameters. You acknowledge that the Programmatic Guardrails do not guarantee the prevention of losses, errors, unauthorized activity, or Agent behavior inconsistent with your intended Strategy. In all cases of conflict between your Strategy parameters and the Programmatic Guardrails, the Programmatic Guardrails shall control, and Trading Arena’s determinations with respect to individual transaction blocking decisions made pursuant to the Programmatic Guardrails are final and non-appealable.

You may pause, modify, or terminate any Agent’s authority at any time through the kill-switch feature available in the Application. The Programmatic Guardrails described in this Section do not substitute for your ongoing obligation to monitor Agent activity, review execution logs and explainability outputs, and promptly modify or terminate any Agent whose behavior is inconsistent with your intended Strategy or risk tolerance. Trading Arena’s provision of Programmatic Guardrail infrastructure does not transfer or diminish your supervisory responsibility over Agent activity, and you remain solely responsible for all Agent Actions taken under your Coinbase account, including all consequences of Agent Actions. 

5.7 No change to underlying product requirements. Use of Trading Arena does not change the eligibility criteria, risk disclosures, or other requirements for any underlying Coinbase product. All standard onboarding, KYC/KYT, suitability, margin, credit, or regulatory checks continue to apply and are performed by the applicable Coinbase Entity.

You agree not to use the Application in any manner or for any purpose that:

With respect to your use of Agent functionality specifically, you agree not to configure any Agent with Strategy parameters designed to facilitate market manipulation, wash trading, layering, spoofing, or any other trading practice prohibited by applicable law or regulation. You agree not to use the Application to operate Agents on behalf of third parties, to resell or sublicense access to Agent infrastructure, or to use Outputs to develop, train, fine-tune, or improve any competing artificial intelligence model, machine learning system, algorithm, or similar technology, whether directly or indirectly.

We may immediately and without notice suspend or terminate your access to the Application, including any active Agents operating under your Coinbase account, and delete any and all of your content if we believe you have violated this Section 6 or any other provision of these Terms. We reserve the right to monitor, review and audit your use of the Application (including your Input) for compliance with this Section 6 and these Terms.

7.1 Assumption of Risk. By using the Application, you assume the risk that:

You understand that you are solely responsible for evaluating these risks before using any product or Strategy referenced by the Application.

7.2 Risk Disclosures. The Trading Arena Risk Disclosures, incorporated into these Terms as Appendix 2, describe important risks associated with the Application and with the products and Strategies that Trading Arena may reference. By using the Application, you represent that you have reviewed and understand those Risk Disclosures and that you accept the risks described in them. As described in the Risk Disclosures, you are solely responsible for:

In addition to the foregoing general risks, you specifically acknowledge the heightened risks associated with autonomous Agent execution, including the following: (a) the risk that an Agent may misinterpret your Strategy parameters and execute transactions inconsistent with your intended Strategy; (b) the risk that your selected LLM may produce inaccurate, hallucinated, or otherwise unreliable outputs that result in unintended Agent Actions; (c) the risk that stale Strategy parameters may cause an Agent to execute transactions that no longer reflect your current investment objectives or risk tolerance; (d) the risk that latency, slippage, or connectivity failures may affect Agent execution quality or result in unintended transactions; and (e) the risk that your failure to monitor Agent activity or activate the kill-switch in response to unintended behavior may result in material losses. You understand that you are solely responsible for evaluating all of these risks before activating any Agent and for monitoring Agent activity on an ongoing basis.

8.1 No guarantees. The Application does not guarantee any particular outcome or level of performance. Examples, hypothetical performance, scenarios, or projections are for illustration only and are not guarantees of future results. Outputs may be incomplete, inaccurate or out of date. You should not rely on these Outputs alone and you should do your own research before making any investment decisions.

8.2 Limited view of your circumstances. Trading Arena generally considers only your activity on the Coinbase application and website and some of the information you provide through the interface. It does not have access to or consider your entire financial picture unless you explicitly provide that information, and even then may not fully account for it. Outputs may therefore be inappropriate when viewed in the broader context of your finances.

8.3 Excluded topics. Trading Arena does not provide, and should not be relied on for, financial planning, retirement planning, tax or legal advice, or other professional advice (other than advice pertaining to the use of Coinbase products and Application). Trading Arena is not intended to provide advice about insurance, debt management, credit repair, specific tax filing positions, employment decisions, housing decisions, healthcare decisions, or legal Strategies. Notwithstanding such intent, Trading Arena might generate advice-adjacent content, and such content should not be relied upon. No Output, including any that touches on those topics, should be relied on as professional advice.

We are not responsible for the actions or omissions of other users of the Application. If you have a dispute with another user or any third party in connection with the Application, you release the Coinbase Entities from any claims, demands, or damages arising out of or related to that dispute, to the maximum extent permitted by law.

If you submit questions, comments, suggestions, ideas, reviews, or other feedback about the Application (“Feedback”), you hereby grant the Coinbase Entities a perpetual, irrevocable, worldwide, non-exclusive, transferable, freely sublicensable (through multiple tiers), fully-paid up, and royalty-free license to use, sell, display, perform, copy, modify, create derivative works of, and otherwise exploit, the Feedback for any purpose without acknowledgment or compensation to you.

Our collection, use, and sharing of personal data and certain other data relating to the Application are described in the Coinbase Global Privacy Policy and any Trading Arena–specific privacy notices. By using the Application, you consent to the processing of your data in accordance with those policies and notices.

12.1 Third-party technologies. The Application may rely on or provide access to technology, content, or services operated by third parties (for example, cloud-infrastructure providers, LLM providers, or data vendors) (“Third-Party Services”). Your use of any Third-Party Service may be subject to additional terms, policies, or agreements with those third parties. You will comply with any applicable requirements or restrictions imposed by the Third-Party Services that we may communicate to you from time to time.

12.2 Responsibility for Third-Party Services. We do not control and are not responsible for Third-Party Services, including their availability, accuracy, security, or privacy practices. Any dealings you have with Third-Party Services while using the Application are solely between you and those Third-Party Service. The Coinbase Entities are not liable for any damage or loss caused by or in connection with your use of or reliance on Third-Party Services.

We or another Coinbase Entity may offer additional services that interact with or build on the Application. Those services may require you to agree to extra terms. If there is a conflict between these Terms and the additional terms for an additional service, the additional terms will govern with respect to that service.

To the fullest extent permitted by applicable law, you agree to indemnify and hold harmless the Released Parties (as defined below) from and against any claims, disputes, demands, liabilities, damages, losses, and expenses (including attorneys’ fees) arising out of or related to: (a) your violation of these Terms or the Coinbase Platform Terms, or your provision of incomplete or incorrect information to Trading Arena in connection with your use of the Application;  (b) your provision of incomplete, inaccurate, or stale Strategy parameters, configuration settings, or any other information provided to any Agent operating under your Coinbase account;  (c) Agent Actions conducted on your behalf; (d) your negligence, willful misconduct, or violation of law; or (e) infringement, misappropriation, or other violation of Intellectual Property by your content. If you are obligated to indemnify any Coinbase Entity, we may, in our sole discretion, control the defense and settlement of the claim, and you agree to cooperate fully with that defense and settlement.

“Released Parties” means, collectively, Trading Arena, Coinbase, Inc., the Coinbase Entities, and all third-party service providers, including without limitation LLM providers, cloud-infrastructure providers, data vendors, and any other technology or service providers whose products, services, or technology are used in connection with or made available through the Application (each, a “Third-Party Provider” and collectively, “Third-Party Providers”), including all of the respective officers, directors, employees, agents, affiliates, successors, and assigns of the foregoing. References in these Terms to “Released Parties” are made expressly for the benefit of each such Third-Party Provider, and each Third-Party Provider is an intended third-party beneficiary of all disclaimers, limitations of liability, waivers, releases, and indemnification obligations set forth in these Terms to the same extent as Trading Arena and the Coinbase Entities.

To the maximum extent permitted by applicable law, you hereby fully release, waive, and forever discharge each of the Released Parties from any and all claims, demands, causes of action, damages, losses, costs, and expenses (including attorneys’ fees) arising out of or relating to your use of the Application, including without limitation any Agent Actions, Outputs, or any acts or omissions of any Third-Party Provider in connection with the Application, except to the extent such claims arise from fraud, willful injury to person or property, or a violation of law (whether willful or negligent) that cannot be disclaimed under California Civil Code § 1668 or other applicable law. This release is made expressly for the benefit of each Released Party, and each Third-Party Provider that is a Released Party is an intended third-party beneficiary of this release.

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE APPLICATION IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRADING ARENA SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND/OR NON-INFRINGEMENT. TRADING ARENA DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT (I) ACCESS TO THE APPLICATION WILL BE CONTINUOUS, UNINTERRUPTED, OR TIMELY; (II) THE APPLICATION WILL BE COMPATIBLE OR WORK WITH ANY SOFTWARE, SYSTEM OR OTHER APPLICATION, INCLUDING ANY WALLETS; (III) THE APPLICATION WILL BE SECURE, COMPLETE, OR FREE OF HARMFUL CODE, BIAS OR ERRORS; (IV) THE APPLICATION WILL PREVENT ANY UNAUTHORIZED ACCESS TO, ALTERATION OF, OR THE DELETION, DESTRUCTION, DAMAGE, LOSS OR FAILURE TO STORE ANY OF YOUR CONTENT OR OTHER DATA; (V) THE APPLICATION WILL PROTECT YOUR ASSETS FROM THEFT, HACKING, CYBER ATTACK, OR OTHER FORM OF LOSS OR DEVALUATION CAUSED BY THIRD-PARTY CONDUCT; (VI) ANY AGENT WILL EXECUTE YOUR STRATEGY ACCURATELY, COMPLETELY, OR IN A MANNER CONSISTENT WITH YOUR INVESTMENT OBJECTIVES OR RISK TOLERANCE; (VII) ANY LLM MADE AVAILABLE THROUGH THE APPLICATION WILL ACCURATELY INTERPRET YOUR STRATEGY PARAMETERS OR GENERATE OUTPUTS SUITABLE FOR AUTONOMOUS TRADING EXECUTION; (VIII) THE PROGRAMMATIC GUARDRAILS WILL PREVENT ALL UNINTENDED AGENT ACTIONS OR ELIMINATE ALL RISK OF LOSS; OR (IX) THE EXPLAINABILITY OUTPUTS GENERATED BY THE APPLICATION WILL ACCURATELY OR COMPLETELY DESCRIBE THE REASONING UNDERLYING ANY AGENT ACTION.

THE FOREGOING DISCLAIMERS ARE MADE FOR THE EXPRESS BENEFIT OF EACH OF THE RELEASED PARTIES, INCLUDING ALL THIRD-PARTY PROVIDERS. EACH RELEASED PARTY IS AN INTENDED BENEFICIARY OR, IN THE CASE OF THIRD-PARTY PROVIDERS, AN INTENDED THIRD-PARTY BENEFICIARY OF THIS SECTION AND MAY ENFORCE THESE DISCLAIMERS DIRECTLY. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION SHALL BE CONSTRUED TO DISCLAIM OR LIMIT LIABILITY FOR FRAUD, WILLFUL INJURY TO PERSON OR PROPERTY, OR A VIOLATION OF LAW (WHETHER WILLFUL OR NEGLIGENT) TO THE EXTENT SUCH DISCLAIMER OR LIMITATION IS PROHIBITED BY CALIFORNIA CIVIL CODE § 1668 OR OTHER APPLICABLE LAW.

You acknowledge and agree that each Third-Party Provider (as defined in Section 14) is an intended third-party beneficiary of these Terms, including without limitation Sections 7 (Assumption of Risk; Risk Disclosures), 12 (Third-Party Application and Providers), 14 (Indemnification), 15 (Warranty Disclaimers), and 16.1 and 16.2 (Limitation of Liability). Each Third-Party Provider may enforce these provisions and any disclaimers, limitations of liability, waivers, releases, and indemnification obligations set forth in these Terms directly against you to the same extent as Trading Arena and the Coinbase Entities, without the need for any separate agreement between you and such Third-Party Provider. This Section 15 is made expressly for the benefit of each Third-Party Provider and may not be amended or waived without the prior written consent of Trading Arena.

No Third-Party Provider makes any representation or warranty, express or implied, to you regarding the Application, any LLM, or any other technology or service made available through the Application. All Third-Party Providers disclaim all warranties, including without limitation any implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement, to the maximum extent permitted by applicable law.

16.1 TO THE MAXIMUM EXTENT PERMITTED BY LAW, NEITHER TRADING ARENA NOR ANY OF THE RELEASED PARTIES (INCLUDING THIRD-PARTY PROVIDERS) WILL BE LIABLE FOR ANY INCIDENTAL, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES, OR DAMAGES FOR LOST PROFITS, LOST REVENUES, LOST SAVINGS, LOST BUSINESS OPPORTUNITY, LOSS OF DATA OR GOODWILL, SERVICE INTERRUPTION, COMPUTER DAMAGE OR SYSTEM FAILURE, INTELLECTUAL PROPERTY INFRINGEMENT, OR THE COST OF SUBSTITUTE SERVICES OF ANY KIND ARISING OUT OF OR RELATING TO THESE TERMS OR FROM THE USE OF OR INABILITY TO USE THE APPLICATION, WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), PRODUCT LIABILITY OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT TRADING ARENA OR ANY OF THE RELEASED PARTIES HAVE BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGE, EVEN IF A LIMITED REMEDY SET FORTH HEREIN IS FOUND TO HAVE FAILED OF ITS ESSENTIAL PURPOSE.

16.2 NEITHER TRADING ARENA NOR ANY OF THE RELEASED PARTIES (INCLUDING THIRD-PARTY PROVIDERS) WILL BE LIABLE FOR ANY LOSS, CLAIM, DAMAGES, OR EXPENSES ARISING OUT OF OR RELATING TO ANY ACTION OR OMISSION IN CONNECTION WITH YOUR USE OF THE APPLICATION, INCLUDING ANY AGENT ACTION EXECUTED WITHIN YOUR DEFINED STRATEGY PARAMETERS.  NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION SHALL BE CONSTRUED TO DISCLAIM OR LIMIT LIABILITY FOR TRADING ARENA’S BREACH OF FIDUCIARY DUTY OR FOR FRAUD, WILLFUL INJURY TO PERSON OR PROPERTY, OR VIOLATION OF LAW (WHETHER WILLFUL OR NEGLIGENT) TO THE EXTENT SUCH DISCLAIMER OR LIMITATION IS PROHIBITED BY CALIFORNIA CIVIL CODE § 1668 OR OTHER APPLICABLE LAW. NOTHING IN THESE TERMS SHALL BE CONSTRUED TO WAIVE OR LIMIT ANY RIGHTS THAT YOU MAY HAVE UNDER FEDERAL SECURITIES LAWS OR ANY OTHER APPLICABLE LAW OR REGULATION. NEITHER TRADING ARENA NOR ANY OF THE RELEASED PARTIES (INCLUDING THIRD-PARTY PROVIDERS) SHALL BE RESPONSIBLE FOR LOSSES RESULTING FROM MARKET CONDITIONS, ACTS OR OMISSIONS OF THIRD PARTIES. 

16.3 TRADING ARENA SHALL NOT BE RESPONSIBLE FOR LOSSES RESULTING FROM: (A) INACCURATE, INCOMPLETE, OR STALE STRATEGY PARAMETERS DEFINED BY YOU; (B) ADVERSE MARKET MOVEMENTS, LIQUIDITY CONSTRAINTS, OR EXCHANGE CONDITIONS AFFECTING AGENT EXECUTION QUALITY; (C) THE FAILURE OF ANY LLM OR AGENT, INCLUDING LLMS AND AGENTS SELECTED BY YOU, TO ACCURATELY INTERPRET OR EXECUTE YOUR STRATEGY; (D) YOUR FAILURE TO MONITOR AGENT ACTIVITY, REVIEW EXPLAINABILITY OUTPUTS, OR ACTIVATE ANY KILL-SWITCH IN RESPONSE TO UNINTENDED AGENT BEHAVIOR; (E) TRANSACTIONS EXECUTED OR MISSED DURING API FAILURES, SYSTEM OUTAGES, OR BLOCKCHAIN NETWORK CONGESTION; OR (F) ACTS OR OMISSIONS OF THIRD-PARTY SERVICE PROVIDERS, INCLUDING LLM PROVIDERS OR BLOCKCHAIN NETWORK PARTICIPANTS.

THE EXCLUSIONS AND LIMITATIONS OF DAMAGES SET FORTH ABOVE ARE FUNDAMENTAL ELEMENTS OF THE BASIS OF THE BARGAIN BETWEEN TRADING ARENA AND YOU.

IF ANY PORTION OF THESE SECTIONS IS HELD TO BE INVALID UNDER APPLICABLE LAWS, THE INVALIDITY OF SUCH PORTION WILL NOT AFFECT THE VALIDITY OF THE REMAINING PORTIONS OF THE APPLICABLE SECTIONS. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATIONS AND EXCLUSIONS MAY NOT APPLY TO YOU.

You hereby represent and warrant, as of the date hereof and on each day you use or access the Application that:

17.1 You have all necessary power and authority to enter into these Terms and to carry out your obligations hereunder, including, without limitation the authority to authorize Agent Actions against the Coinbase account and assets you designate for Agent operation.

17.2 Neither the execution of these Terms, nor the use of the Application, by you, does or will violate any applicable law, statute, regulation, rule, judgment, order, decree, ruling, charge or other restriction of any government, governmental agency, or court to which you are subject or conflict with, violate or constitute a default under any agreement, debt or other instrument to which you are a party.

17.3 All information that you provided or may provide to us and any Agent is complete, accurate, up-to-date and correct in all respects. If any information supplied by you is no longer complete, up-to-date or correct in any respect, you shall provide us with any revised and updated information without delay. 

17.4 You will not use the Application if any applicable laws or regulations in any jurisdiction prohibit you from doing so.

We may update these Terms from time to time. If we make material changes, we will update the “Last Updated” date at the top of these Terms. Your continued use of the Application after changes become effective constitutes your acceptance of the updated Terms. If you do not agree to the updated Terms, you must discontinue use of the Application.

Any notices or other communications provided by us under these Terms, including those regarding modifications to these Terms, will be posted online, in the Application, or through other electronic communication. You agree and consent to receive electronically all communications, agreements, documents, notices and disclosures that we provide in connection with your use of the Application.

These Terms, any related documentation and any other documents incorporated by reference or on the Trading Arena interface comprise the entire understanding and agreement between you and Trading Arena as to the subject matter hereof, and supersedes any and all prior discussions, agreements and understandings of any kind (including any prior versions of these Terms), between you and Trading Arena. Section headings in these Terms are for convenience only and shall not govern the meaning or interpretation of any provision of these Terms.

We reserve the right to assign our rights without restriction, including without limitation to any Coinbase affiliates or subsidiaries, or to any successor in interest of any business associated with the Application. In the event that Trading Arena is acquired by or merged with a third party entity, we reserve the right, in any of these circumstances, to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control. You may not assign any rights and/or licenses granted under this Agreement. Any attempted transfer or assignment by you in violation hereof shall be null and void. Subject to the foregoing, this Agreement will bind and inure to the benefit of the parties, their successors and permitted assigns. 

If any provision of these Terms is determined to be invalid or unenforceable under any rule, law, or regulation of any local, state, or federal government agency, such provision will be changed and interpreted to accomplish the objectives of the provision to the greatest extent possible under any applicable law and the validity or enforceability of any other provision of these Terms shall not be affected.

We may suspend or terminate your access to the Application, in whole or in part, at any time and for any reason, with or without notice, subject to applicable law. You may also terminate your use of the Application at any time by simply stopping your Agent Actions through the Application and ceasing use of the Application. Upon termination, your right to use the Application ceases immediately. Sections that by their nature should survive termination — including, without limitation, Sections 3.1, 3.3, 3.5, and 7–29, and the Appendices — will continue in effect.

You agree that the laws of the State of California, without regard to principles of conflict of laws, will govern these Terms and any Dispute, except to the extent governed by the Federal Arbitration Act or other applicable federal law.

We shall not be liable for delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control, including, significant market volatility, act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or internet services or network provider services, power shortages, regional, national or global supply-chain disruptions, failure of equipment and/or software, pandemic, other catastrophe or any other occurrence which is beyond our reasonable control and shall not affect the validity and enforceability of any remaining provisions.

These Terms shall not be construed to waive rights that cannot be waived under applicable laws, including applicable state money transmission laws in the state where you are located. In addition, our failure to insist upon or enforce strict performance by you of any provision of these Terms or to exercise any right under these Terms will not be construed as a waiver or relinquishment to any extent of our right to assert or rely upon any such provision or right in that or any other instance.

You and Trading Arena are independent contracting parties. These Terms do not create a partnership, joint venture, or agency relationship, and you may not claim to be an agent or representative of Trading Arena.

If you have a dispute with us, you agree to first contact Coinbase Support via the Coinbase Customer Support page (https://help.coinbase.com). If Coinbase Support is unable to resolve your dispute, you agree to follow our Formal Complaint Process. You begin this process by submitting our complaint form. If you would prefer to send a written complaint via mail, please include as much information as possible in describing your complaint, including your support ticket number, how you would like us to resolve the complaint, and any other relevant information to us at 82 Nassau St., #61234, New York, NY 10038. The Formal Complaint Process is completed when Coinbase responds to your complaint or 45 business days after the date we receive your complaint, whichever occurs first. You agree to complete the Formal Complaint Process before filing an arbitration demand or action in small claims court. If you do not complete it, then you agree that your claim or action must be dismissed from arbitration or small claims court.

You agree to be bound by the Arbitration Agreement in Appendix 1 to these Terms.

You and Trading Arena agree that, except as specified in the Batch Arbitration Provision set forth in Appendix 1 to these Terms, each of us may bring claims against the other only on an individual basis and not on a class, representative, or collective basis or as part of a mass action (such as a mass arbitration), and the parties hereby waive all rights to bring or to participate in such actions in arbitration or in court to the maximum extent permitted by applicable law. This provision does not prevent you or Trading Arena from participating in a class-wide settlement of claims. YOU AND WE AGREE TO WAIVE OUR RIGHTS TO A JURY TRIAL. To the extent that any Dispute proceeds in court, and to the maximum extent permitted by applicable law, you and we agree to waive any right to a jury trial and have such matter resolved by a judge (also known as a bench trial).

Headings and captions used in these Terms are for reference purposes only and will not have any effect on the interpretation of these Terms. The word “including” or any variation thereof means “including, without limitation.” The word “or” shall be disjunctive but not exclusive.

Disputes Defined. “Disputes” are defined as any dispute, claim, or disagreement arising out of or relating in any way to your access to or use of the Application, Terms or prior versions of the Terms, including claims and disputes that arose between us before the effective date of the Terms. The term “Disputes” is intended to be interpreted broadly. The provisions below describe which Disputes belong in arbitration, small claims court, or a court of general jurisdiction.

Pre-Filing Formal Complaint Requirement. Before an arbitration demand or small claims action is filed, you and we agree to exhaust the Formal Complaint Process. See Section 28, above.

Arbitration Agreement. You and we agree to arbitrate all Disputes in binding arbitration except for the following types of Disputes:

1. Disputes about whether the Dispute is arbitrable. You and we agree that any Disputes arising out of or related to the interpretation or application of the Arbitration Agreement, including Disputes about the enforceability, revocability, scope, or validity of the Dispute Resolution section or any portion of the Dispute Resolution section (including the Arbitration Agreement) shall be resolved in a court of competent jurisdiction, not arbitration. This includes, but is not limited to, any dispute about whether the Batch Arbitration provision applies to the Dispute.

2. Disputes that are within the jurisdiction of a small claims court. You and we agree that if a Dispute could be brought in a small claims court in the county or parish in which you reside, then it must be brought in that small claims court, not arbitration, provided that it remains in that court and is not removed or appealed to a court of general jurisdiction.

3. Disagreements about whether a Dispute is within the jurisdiction of a small claims court. You and we agree that any disagreement about whether a Dispute is within the jurisdiction of a small claims court will be resolved by the small claims court in the first instance. Disagreements about whether a Dispute is within the jurisdiction of a small claims court may otherwise be resolved in a court of competent jurisdiction, but only after you or we have exhausted resolution from the small claims court.

4. Disputes about or related to infringement or misuse of intellectual property (“IP”) rights (e.g., trademarks, trade dress, domain names, trade secrets, copyrights, and patents). You and we agree that you or Trading Arena must resolve Intellectual Property Disputes outside of arbitration (e.g., in a court of competent jurisdiction). This means, for example, if you have a Dispute that contains an Intellectual Property cause of action, which is not arbitrable under this agreement, and other causes of action that are arbitrable, then the arbitrable causes of action must proceed in arbitration and the Intellectual Property cause of action must proceed outside of arbitration consistent with the other terms of the Terms. You and we agree that all Intellectual Property Disputes shall not be stayed solely on the grounds that there exists a pending arbitration of arbitrable causes of action.

5. Disputes about whether you or we have violated state or federal securities laws. In the event that there is a Dispute about whether you or we have violated state or federal securities laws, you and we agree that such Disputes shall be resolved by a court of competent jurisdiction. This means, for example, if you have a Dispute that contains causes of action under the state or federal securities laws and other causes of action that are arbitrable, then the arbitrable causes of action must proceed in arbitration and the state or federal securities laws causes of action must proceed in a court of competent jurisdiction.

Arbitration Procedure. You and we agree that arbitration under this Arbitration Agreement will, depending on the circumstance, be administered by the American Arbitration Association (“AAA”) subject to the AAA’s Consumer Arbitration Rules then in effect, except as modified by this Arbitration Agreement. If the AAA is unable or unwilling to administer the arbitration consistent with the Arbitration Agreement, or if the Dispute is part of a Batch Arbitration, you and we agree that JAMS will administer the arbitration subject to the JAMS Rules and Procedures then in effect, including any Mass Arbitration Procedures and Guidelines applicable to the Dispute, except as modified by this Arbitration Agreement. You and we agree that if JAMS is unable or unwilling to administer the arbitration consistent with the Arbitration Agreement, and the parties cannot agree on an alternative provider that will do so, then you or we may petition a court of competent jurisdiction to appoint an administrator that will do so. The AAA and JAMS rules are available at https://adr.org/Rules and https://www.jamsadr.com/adr-rules-procedures/. You and we agree that the Terms evidence a transaction involving interstate commerce and notwithstanding any other provision with respect to the applicable substantive law, the Federal Arbitration Act, 9 U.S.C. § 1 et seq. and federal arbitration law (not state arbitration law) will govern any proceedings regarding enforcement of this Arbitration Agreement. Any applicable limitations periods (including statutes of limitations) shall apply in arbitration like in court. You and we agree that an arbitral award shall have no preclusive effect in any other proceeding involving other Users. You and we (and your and our counsel, if represented) agree to work together in good faith to ensure that arbitration remains efficient and cost-effective for all parties. The arbitrator shall have the authority to award sanctions against parties and their counsel consistent with the standard set forth in Federal Rule of Civil Procedure 11.

Severability. You and we agree to sever arbitrable Disputes (which shall be resolved in arbitration) from Disputes that are not arbitrable (which shall be resolved in court); you and we also agree that if any provision of this Arbitration Agreement is found unenforceable, then that portion of the Arbitration Agreement shall be severed and the remainder of the Arbitration Agreement shall continue to control. Notwithstanding the foregoing, if the “Batch Arbitration” provision would otherwise apply to the Dispute, but a court of competent jurisdiction determines that the “Batch Arbitration” provision is unenforceable as to the Dispute or a portion of the Dispute (and all appeals have been exhausted or the ruling is otherwise final) or JAMS or a JAMS arbitrator refuses to apply all of the provisions of the Batch Arbitration provision as written, then the affected Dispute or portion of the Dispute cannot proceed in arbitration and may proceed in a court of competent jurisdiction consistent with the other terms of the Terms unless the parties agree otherwise in writing.

Confidentiality. You and we agree that any information exchanged between us in an arbitration may be used solely for that arbitration. You and we agree that we may not, for example, use information you or we obtained from the other party in one arbitration proceeding in another arbitration proceeding. You and we also agree to keep any information exchanged between us in any arbitration proceeding confidential between us, you, your and our attorneys, and the arbitrator. To the extent additional persons require access to information exchanged for purposes of the arbitration, you and we agree to negotiate in good faith for the entry of a protective order that will impose similar confidentiality obligations.

Arbitrator Appointment. Any arbitrator appointed under the Arbitration Agreement will be selected by the parties from the AAA or JAMS’s roster of arbitrators. If the matter is proceeding before JAMS, then you and we agree that the arbitrator shall be appointed in accordance with JAMS’s strike and rank process set forth in Rule 15 of the Comprehensive Arbitration Rules & Procedures. If the matter is proceeding before AAA, you and we agree that the arbitrator will be appointed through a strike and rank process consistent with the approach taken by JAMS in Rule 15 of the Comprehensive Arbitration Rules & Procedures.

Attorneys’ Fees and Costs. The parties shall bear their own attorneys’ fees and costs in arbitration unless the arbitrator finds that either the substance of the Dispute or the relief sought in the Dispute was frivolous or was brought for an improper purpose (as measured by the standards set forth in Federal Rule of Civil Procedure 11(b)). If you or Trading Arena need to invoke the authority of a court of competent jurisdiction to compel arbitration, then the party that obtains an order compelling arbitration in such action shall have the right to collect from the other party its reasonable costs, necessary disbursements, and reasonable attorneys’ fees incurred in securing an order compelling arbitration. The prevailing party in any court action relating to whether either party has satisfied any condition precedent to arbitration, including the Formal Complaint Process, is entitled to recover their reasonable costs, necessary disbursements, and reasonable attorneys’ fees and costs.

Waiver of Class, Collective, Representative, Mass Actions, and Other Non-Individualized Relief. YOU AND TRADING ARENA AGREE THAT, EXCEPT AS SPECIFIED IN THE BATCH ARBITRATION PROVISION SET FORTH BELOW, EACH OF US MAY BRING CLAIMS AGAINST THE OTHER ONLY ON AN INDIVIDUAL BASIS AND NOT ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS, AND THE PARTIES HEREBY WAIVE ALL RIGHTS TO HAVE ANY DISPUTE BE BROUGHT, HEARD, ADMINISTERED, RESOLVED, LITIGATED, OR ARBITRATED ON A CLASS, COLLECTIVE, REPRESENTATIVE, OR MASS ACTION (SUCH AS A MASS ARBITRATION) BASIS. ONLY INDIVIDUAL RELIEF IS AVAILABLE, AND DISPUTES OF MORE THAN ONE CUSTOMER OR USER CANNOT BE ARBITRATED, LITIGATED, OR CONSOLIDATED WITH THOSE OF ANY OTHER CUSTOMER OR USER. Subject to this Arbitration Agreement, the arbitrator may award declaratory or injunctive relief only in favor of the individual party seeking relief and only to the extent necessary to provide relief warranted by the party’s individual claim. Notwithstanding anything to the contrary in this Arbitration Agreement, if a court decides by means of a final decision, not subject to any further appeal or recourse, that the limitations of this provision entitled “Waiver of Class, Collective, Representative, Mass Actions, and Other Non-Individualized Relief,” are invalid or unenforceable as to a particular claim or request for relief (such as a request for public injunctive relief), you and Trading Arena agree that that particular claim or request for relief (and only that particular claim or request for relief) shall be severed from the arbitration and may be litigated in a court of competent jurisdiction consistent with the other terms of the Terms. This provision does not prevent you or Trading Arena from participating in a class-wide settlement of claims.

Batch Arbitration. You and we agree to abide by this Batch Arbitration provision in the event that: (a) there are twenty-five (25) or more individual arbitration demands of substantially similar nature filed by us against you and other customers or by you and others against us and (b) such arbitration demands are filed with the assistance of the same law firm, group of law firms, or organizations. You and we agree that arbitration demands will not be deemed “substantially similar” if they involve claims seeking relief in connection with alleged losses of assets arising from different facts and circumstances. Arbitration demands that trigger the application of this Batch Arbitration provision can be administered in arbitration only pursuant to the provisions of this Batch Arbitration Provision. See Severability, above.

1. If this Batch Arbitration provision is triggered, then JAMS shall:

a. administer the arbitration demands in batches;

b. appoint a single, different arbitrator for each batch unless the parties agree otherwise; and

c. provide for the resolution of each batch as a single consolidated arbitration with one set of filing and administrative fees due per side per batch, one procedural calendar, one in-person or video hearing (if any) in a format to be determined by the arbitrator that shall be convenient for the parties. You and we agree that if the Dispute is subject to this Batch Arbitration process, you will personally appear at any hearing (with counsel, if you are represented).

2. The number of batches will depend on the number of arbitration demands that were filed. The batching methodology is set forth below:

a. If there are more than 25 but fewer than 2,000 arbitrations, then there will be 20 batches.

b. If there are 2,000 or more arbitrations, then they will be batched into batches of 100 arbitrations per batch.

c. In deciding which arbitration demands will go in which batch, JAMS shall make the batches as equal as possible in terms of cumulative amount demanded and number of arbitration demands.

3. You and Trading Arena (and your and our counsel, if represented) agree to cooperate in good faith with JAMS to implement the Batch Arbitration process including the payment of single filing and administrative fees for each Batch, as well as any steps to minimize the burdens and costs of arbitration. You and Trading Arena (and your and our counsel, if represented) agree to work together in good faith throughout the Batch Arbitration process to streamline procedures, modify the number of arbitrations to proceed per batch as appropriate, increase efficiencies, and seek to resolve Disputes.

4. You and we agree that arbitrations administered pursuant to this Batch Arbitration provision may be administered concurrently to the extent administratively feasible.

5. Arbitrators appointed pursuant to this Batch Arbitration provision shall issue separate awards for each Trading Arena User involved in a batched proceeding.

6. This Batch Arbitration provision shall in no way be interpreted as authorizing a class, collective and/or mass arbitration or action of any kind, or arbitration involving joint or consolidated claims under any circumstances, except as expressly set forth in this provision.

You agree that the Trading Arena Risk Disclosures are incorporated by reference into these Terms.