diff --git a/internal/custom/custom_test.go b/internal/custom/custom_test.go
index 70bcca8..f04cc37 100644
--- a/internal/custom/custom_test.go
+++ b/internal/custom/custom_test.go
@@ -331,7 +331,7 @@ func TestExchangeForOrganizationKey(t *testing.T) {
 	srv := httptest.NewServer(http.HandlerFunc(func(w http.ResponseWriter, r *http.Request) {
 		gotAuth = r.Header.Get("Authorization")
 		switch r.URL.Path {
-		case "/api/cli/key":
+		case "/v1/cli/key":
 			_, _ = io.WriteString(w, `{"apiKey":"sk_org","organizationId":"org_1","organizationName":"Acme"}`)
 		default:
 			http.NotFound(w, r)
@@ -339,7 +339,7 @@ func TestExchangeForOrganizationKey(t *testing.T) {
 	}))
 	defer srv.Close()
 
-	got, err := exchangeForOrganizationKey(context.Background(), srv.Client(), srv.URL, "at-1", "laptop")
+	got, err := exchangeForOrganizationKey(context.Background(), srv.Client(), srv.URL+"/v1/cli/key", "at-1", "laptop")
 	if err != nil {
 		t.Fatal(err)
 	}
@@ -352,3 +352,17 @@ func TestExchangeForOrganizationKey(t *testing.T) {
 		t.Fatalf("404 should mean not available, got %v", err)
 	}
 }
+
+func TestKeyExchangeURLIsTheTokenAudience(t *testing.T) {
+	t.Setenv("MODAPI_KEY_EXCHANGE_URL", "")
+	t.Setenv("MODAPI_OAUTH_RESOURCE", "")
+	cfg := loadSettings()
+	if cfg.KeyExchangeURL != "https://api.moderationapi.com/v1/cli/key" || cfg.Resource != cfg.KeyExchangeURL {
+		t.Fatalf("got exchange %q, resource %q", cfg.KeyExchangeURL, cfg.Resource)
+	}
+
+	t.Setenv("MODAPI_KEY_EXCHANGE_URL", "https://staging.example.com/v1/cli/key")
+	if cfg := loadSettings(); cfg.Resource != "https://staging.example.com/v1/cli/key" {
+		t.Fatalf("resource %q does not follow the exchange URL", cfg.Resource)
+	}
+}
diff --git a/internal/custom/exchange.go b/internal/custom/exchange.go
index 3f090cb..44adb97 100644
--- a/internal/custom/exchange.go
+++ b/internal/custom/exchange.go
@@ -10,29 +10,29 @@ import (
 	"net/http"
 )
 
-// exchangeResult is the dashboard's answer: the same shape as the MCP key
-// exchange (POST /api/mcp/key).
+// exchangeResult is the key exchange's answer: the same shape as the MCP key
+// exchange.
 type exchangeResult struct {
 	APIKey           string `json:"apiKey"`
 	OrganizationID   string `json:"organizationId"`
 	OrganizationName string `json:"organizationName"`
 }
 
-// errExchangeNotAvailable means the dashboard has no CLI key exchange yet.
+// errExchangeNotAvailable means the API has no CLI key exchange yet.
 var errExchangeNotAvailable = errors.New("this Moderation API account cannot sign in from the CLI yet")
 
 // exchangeForOrganizationKey trades a Clerk OAuth access token for an
 // organization key of the organization the user picked on the consent screen.
-// The dashboard makes one key per user and device name.
-func exchangeForOrganizationKey(ctx context.Context, client *http.Client, dashboardURL, accessToken, deviceName string) (*exchangeResult, error) {
-	if err := requireHTTPS(dashboardURL); err != nil {
+// The API makes one key per user and device name.
+func exchangeForOrganizationKey(ctx context.Context, client *http.Client, keyExchangeURL, accessToken, deviceName string) (*exchangeResult, error) {
+	if err := requireHTTPS(keyExchangeURL); err != nil {
 		return nil, err
 	}
 	payload, err := json.Marshal(map[string]string{"deviceName": deviceName})
 	if err != nil {
 		return nil, err
 	}
-	req, err := http.NewRequestWithContext(ctx, http.MethodPost, dashboardURL+"/api/cli/key", bytes.NewReader(payload))
+	req, err := http.NewRequestWithContext(ctx, http.MethodPost, keyExchangeURL, bytes.NewReader(payload))
 	if err != nil {
 		return nil, err
 	}
@@ -42,7 +42,7 @@ func exchangeForOrganizationKey(ctx context.Context, client *http.Client, dashbo
 
 	res, err := client.Do(req)
 	if err != nil {
-		return nil, fmt.Errorf("could not reach the Moderation API dashboard: %w", err)
+		return nil, fmt.Errorf("could not reach the Moderation API: %w", err)
 	}
 	defer res.Body.Close()
 	body, _ := io.ReadAll(io.LimitReader(res.Body, 1<<20))
@@ -61,6 +61,6 @@ func exchangeForOrganizationKey(ctx context.Context, client *http.Client, dashbo
 	case result.Message != "":
 		return nil, errors.New(result.Message)
 	default:
-		return nil, fmt.Errorf("the dashboard returned %s for the CLI sign-in", res.Status)
+		return nil, fmt.Errorf("the Moderation API returned %s for the CLI sign-in", res.Status)
 	}
 }
diff --git a/internal/custom/login.go b/internal/custom/login.go
index d6f64ba..d1456c7 100644
--- a/internal/custom/login.go
+++ b/internal/custom/login.go
@@ -99,7 +99,7 @@ func runLogin(cmd *cobra.Command, _ []string) error {
 	}
 
 	hostname, _ := os.Hostname()
-	exchanged, err := exchangeForOrganizationKey(ctx, httpClient, cfg.DashboardURL, tokens.AccessToken, hostname)
+	exchanged, err := exchangeForOrganizationKey(ctx, httpClient, cfg.KeyExchangeURL, tokens.AccessToken, hostname)
 	if errors.Is(err, errExchangeNotAvailable) {
 		return withHints(failure(output.ReasonCLIUnavailable, "%v", err),
 			"Set "+organizationKeyEnv+" to an organization key from the dashboard's API keys page")
diff --git a/internal/custom/settings.go b/internal/custom/settings.go
index 1925251..d401cd4 100644
--- a/internal/custom/settings.go
+++ b/internal/custom/settings.go
@@ -20,9 +20,10 @@ var OAuthClientID = "4Cis1Jh7mS6MINJg"
 const (
 	defaultIssuer       = "https://clerk.moderationapi.com"
 	defaultDashboardURL = "https://dash.moderationapi.com"
-	// defaultResource is the audience the CLI asks Clerk to put in its access
-	// token; the dashboard's CLI key exchange accepts only this audience.
-	defaultResource = "https://dash.moderationapi.com/api/cli/key"
+	// defaultKeyExchangeURL trades the Clerk access token for an organization
+	// key. It is also the audience the CLI asks Clerk to put in that token: the
+	// key exchange accepts only this audience.
+	defaultKeyExchangeURL = "https://api.moderationapi.com/v1/cli/key"
 
 	// projectKeyEnv and webhookSecretEnv are the variables every SDK reads.
 	projectKeyEnv    = "MODAPI_SECRET_KEY"
@@ -36,19 +37,22 @@ const (
 var loginScopes = []string{"openid", "profile", "email", "user:org:read"}
 
 type settings struct {
-	Issuer       string
-	ClientID     string
-	Resource     string
-	DashboardURL string
+	Issuer         string
+	ClientID       string
+	Resource       string
+	KeyExchangeURL string
+	DashboardURL   string
 }
 
 // loadSettings reads the sign-in settings. The env vars exist for staging and tests.
 func loadSettings() settings {
+	keyExchangeURL := envOr("MODAPI_KEY_EXCHANGE_URL", defaultKeyExchangeURL)
 	return settings{
-		Issuer:       envOr("MODAPI_OAUTH_ISSUER", defaultIssuer),
-		ClientID:     envOr("MODAPI_OAUTH_CLIENT_ID", OAuthClientID),
-		Resource:     envOr("MODAPI_OAUTH_RESOURCE", defaultResource),
-		DashboardURL: strings.TrimSuffix(envOr("MODAPI_DASHBOARD_URL", defaultDashboardURL), "/"),
+		Issuer:         envOr("MODAPI_OAUTH_ISSUER", defaultIssuer),
+		ClientID:       envOr("MODAPI_OAUTH_CLIENT_ID", OAuthClientID),
+		Resource:       envOr("MODAPI_OAUTH_RESOURCE", keyExchangeURL),
+		KeyExchangeURL: keyExchangeURL,
+		DashboardURL:   strings.TrimSuffix(envOr("MODAPI_DASHBOARD_URL", defaultDashboardURL), "/"),
 	}
 }