Effective 29 October 2018
- All terms not otherwise defined herein shall have the definitions set forth in the Conditions.
- To be eligible for participation in the Program, the Referrer must be an existing User and registered account holder on the Interface operated by BTSE. The Referrer may refer friends (each a “Referee”) to the Interface by sharing his/her unique referral link, which will be provided by the Group to the User in such User’s administrative interface, upon their successful registration as a User.
- The terms governing the eligibility of Users to use the Services on the Interface as set out in the Conditions shall apply to any Referee.
Eligibility for Referral Rewards
The Referrer and Referee shall be eligible for the Referral Rewards (as defined below) if such Referee is deemed a Qualified Referee. For the purposes of these terms and conditions, a “Qualified Referee” refers to a new User who has (a) registered for an account on the Interface through the referral link sent to them by the Referrer within seven (7) calendar days of clicking the referral link; (b) been accepted as a User on the Interface; and (c) successfully completed a trade on the Interface with a minimum notional value as updated from time to time in the Fee Schedule within thirty (30) calendar days of clicking the referral link (the “Referral”).
The Referrer and Qualified Referee shall be entitled to enjoy the following referral rewards (“Referral Rewards”):
The Referrer shall receive a proportion of commissions charged by the Group (the “Commission Fees”) for any trades conducted by the Qualified Referee and all such persons whose referral can be ultimately traced to the Referrer (the “Referee Network”). The Referrer shall receive Commission Fees in the amount equivalent to such Referrer’s Effective Commission Base.
The Referrer’s Effective Commission Base shall be calculated as (A) 20% of the commission charged by the Group for any trades conducted by the Qualified Referee; plus (B) 10% of the commissions received by the Qualified Referee, subject to these terms and conditions, as set out in the example below:
Payment of the Commission Fees shall be made daily to the Referrer’s registered account on the Interface in the following manner:
- if the relevant commission received by the Group is in Fiat Currency, the Commission Fees will be paid in the base currency of the Referrer’s registered account. In the event that the fiat commission due to the Referrer relates to a trade by a person holding an account with a base currency other than the base currency of the Referrer’s registered account, the portion of the commission to be paid to the Referrer as Commission Fees shall be automatically converted to the base currency of the Referrer’s registered account based on the relevant FX rate prevailing at the time of payment, as determined by BTSE; or
- if the relevant commission received by the Group is in Digital Tokens, the Commission Fees will be paid in the same Digital Tokens in which such commission was received by the Group.
- The Referrer will earn Commission Fees for the life of the Qualified Referee, on all transactions that the Qualified Referee or the Referee Network undertake on the Interface, subject to clause 4(a)(iv) below.
- If a Qualified Referee or any member of the Referee Network is banned from trading for any reason, the Group will not pay the Referee any outstanding Commission Fees for the revenues generated by such banned Qualified Referee or member of the Referee Network. If a Qualified Referee is being investigated by the Group for any reason, the Group will withhold payments of any outstanding Commission Fees generated from such Qualified Referee or member of the Referee Network until the relevant investigation has been completed.
Discount on trading fees
Both the Referrer and Qualified Referee shall be entitled to a discount of 20% on trading fees with respect to their own trades conducted on the Interface for:
- a period of 30 days following the Referral, in the case of the Qualified Referee; or
- an initial period of 37 days following the Referral, in the case of the Referrer (the “Referrer Discount Period”).
In the event that the Referrer refers the Interface to more than one (1) Qualified Referee, the Referrer Discount Period applicable to such Referrer shall be increased by 7 days for each additional Referral made, up to a maximum Referrer Discount Period of 240 days.
For the avoidance of doubt, the discount on trading fees a Referrer or Qualified Referee is entitled to at any point in time shall be capped at 20%. The Group reserves the right at its sole and absolute discretion to revise the discount amount and Discount Period from time to time.
In addition to the restrictions agreed to by the Referrer in the Conditions, the Referrer hereby agrees that the following activities are expressly prohibited and engaging in any of these will be grounds for immediate termination and disqualification from the Program, and may lead to the forfeiture of accrued, but not yet received, Referral Rewards:
- direct or indirect self-referrals by the Referrer;
- setting up any site redirects from any page on the website or network of websites belonging to the Referrer or any third party so that the page goes directly to the Interface;
- modifying the Referrer’s referral link in any manner, including modifying the referral link such that the modified referral link leads to a website other than the Interface;
- spam, bulk distribution of referral links, distribution to strangers, or any other promotion of the Referrer’s referral link that would constitute or appear to constitute unsolicited commercial e-mail or spam under any applicable law or regulation;
- fraud, attempted fraud, or abuse of the Program or these terms and conditions; and
- selling, trading, bartering or providing anything of value to third parties beyond the referral link, or otherwise using the referral link or Referral Rewards for promotional purposes.
- The Group reserves the right to terminate the Program at any time, at its sole and absolute discretion. The Group shall not be liable to provide any Referral Awards in respect of any Referrals occurring after the termination of the Program in accordance with this Clause 6.1. For the avoidance of doubt, the Group shall continue paying Commission Fees in accordance with Clause 4(a) in respect of any Referrals occurring before the date of termination, notwithstanding such termination.
- The Group may, in its sole and absolute discretion, terminate or suspend any Referrer’s participation in the Program for breach of these terms and conditions or taking any actions that are inconsistent with the intent of these terms and conditions. In connection with the above, the Group reserves the right to confiscate any historical Commission Fees which have been paid to the relevant Referrer or withhold payment of any outstanding Commission Fees to such Referrer.
The Group shall not be liable to any Referrer or Qualified Referee for failure to award any Referral Rewards by reason of any acts of God, any actions, regulations, orders or requests by any governmental or quasi-governmental entity (whether or not the actions, regulations, orders or requests prove to be invalid), equipment failure, threatened terrorist attacks, terrorist acts, air raid, blackout, earthquake, tornado, hurricane, typhoon, war, unusually severe weather, explosion, labor or material shortage, transportation interruption of any kind, work slow-down, civil disturbance, or any other similar or dissimilar cause beyond the Group’s control.
The Referrer agrees to indemnify, defend and hold the Group and its representatives and agents harmless from and against any and all third party claims, demands, liabilities, costs or expenses, including attorney’s fees and costs, arising from, or related to any breach by the Referrer of any of these terms and conditions or any violation by the Referrer of applicable law.
The Group makes no express or implied warranties or representations with respect to the Program, the Referral Rewards or the Commission Fees payment arrangements (including, without limitation, their functionality, warranties of fitness, merchantability, legality, non-infringement, or any implied warranties arising out of a course of performance, dealing or trade usage).
The Referrer acknowledges that he/she has read these terms and conditions and agrees to abide by these terms and conditions in their entirety. The Referrer has independently evaluated the desirability of participating in this Program and is not relying on any representation, guarantee or statement other than that set forth in these terms and conditions.
If you have any other questions about the Program, please contact us via "Support Center" link on the website, https://support.btse.com.