Terms and Conditions 


  1. The Hedera Hashgraph Listing Campaign (the “Campaign”) is conducted by Quoine Pte. Ltd. (the “Organiser”) during the period from 12 August 2019 00:00 AM GMT+8 to 12 November 2019 23:59 PM GMT+8 (the “Campaign Period”). The Campaign will be open to existing users of the Liquid platform who have a live, Verified Account on Liquid with the Organiser (each, a “Participant”), subject to these terms and conditions. A Verified Account is where the user’s proof of identity, selfie and proof of address has been approved and he has successfully passed the Organiser’s verification process (please refer to here for information on account statuses).

2. This Campaign is not open to users that are (i) residing, located, domiciled, incorporated or established in Japan or other restricted countries as may be notified by the Organiser from time to time; or (ii) users who have opened accounts on Liquid with an entity other than the Organiser.

3. During the Campaign Period, a Participant who has previously made a successful referral (“Referrer”) of a new customer (“Referee”) will be eligible to receive 50% of the Referee’s trading fees collected by the Organiser (“Referral Trading Fees”) when the Referee executes a transaction on the Liquid platform involving a HBAR/BTC, HBAR/ETH or HBAR/USD trading pair on his or her account (“Eligible HBAR Trade”). A total of USD 7,000 worth of Referral Trading Fees will be given out for this Campaign. 

4. A successful referral is where the Referee signed up for an account using the Participant’s affiliate code, successfully opened a Verified Account with the Organiser and fulfilled all other applicable onboarding KYC requirements in force at such time to the satisfaction of the Organiser. A successful referral could have been made during or prior to the commencement of the Campaign Period. 

5. The Referral Trading Fees will be paid out in BTC to the Referrer’s account on Liquid after the end of the month, and the Organiser will send a corresponding consolidated monthly report of the Referral Trading Fees paid out to the Participant by email. Notwithstanding the foregoing, the Organiser reserves the right, at its sole and absolute discretion, to defer payment of the Referral Trading Fees to such date as it may determine. Both the Referrer and Referee must maintain a live, Verified Account on Liquid with the Organiser at the time of pay out in order for the Referrer to receive any Referral Trading Fees.

6. The Organiser reserves the right, in its sole and absolute discretion, to disqualify or prohibit a Referrer/Referee or any other person from participating or qualifying in any aspect of the Campaign. Without prejudice to the generality of the foregoing, the Organiser may disqualify or prohibit a person where it deems or suspects that such person:

  • (i)has acted in violation of these terms and conditions, the Liquid Terms of Use, the Liquid Trading Rules or any other agreement entered into with the Organiser (whether in relation to this Campaign or otherwise);

  • (ii)has damaged, tampered with, abused or corrupted the operation of the Campaign; or

  • (iii)has engaged in conduct that the Organiser considers inappropriate or unacceptable, which includes (without limitation) conduct inconsistent with the intended operation or purpose of the Campaign as determined by the Organiser. 

For avoidance of doubt, Referrers/Referees who engage in prohibited trading conduct on their Liquid accounts such as wash trading, shall be automatically disqualified from all aspects of the Campaign. 

7. If any Referrer/Referee is discovered or deemed to be ineligible for the Campaign for any reason, or is prohibited or disqualified under Clause 6above, the Organiser is entitled to at any time:

  • (i)forfeit, withdraw or withhold any Referral Trading Fees; or

  • (ii)where the ReferralTrading Fees has been paid out and/or utilised, reclaim the Referral Trading Fees and/or deduct the value of the utilised portion of the Referral Trading Fees from the Referrer’s Liquid account. 

In such an event, no person shall be entitled to any payment or compensation from the Organiser.

8. Employees of the Organiser or its related corporations may not participate in the Campaign and will be ineligible to receive any Referral Trading Fees. 

9. The Organiser’s decisions in any matter in relation to the Campaign shall be final and conclusive. All valuations for the purposes of the Campaign shall be determined by the Organiser and are final and binding.

10. The Organiser does not take any responsibility for any circumstance or event that may prevent the Participant from participating in the Campaign as a result of certain technical restrictions, issues or other limitations such as force majeure, which include (but are not limited to) regulatory considerations, government directives and government intervention of whatsoever nature. 

11. The Organiser shall not assume any liability for any loss incurred or suffered by any person in connection with the Campaign, howsoever arising, including without limitation, any error in computing trades and Referral Trading Fees due, and any subsequent changes to the value of Referral Trading Fees to be paid out (if any). 

12. This Campaign is not valid in conjunction with other campaigns, offers or promotions unless otherwise stated.

13. In the event of any inconsistency between these terms and conditions and any brochure, marketing or promotional material relating to the Campaign, these terms and conditions shall prevail.

14. The Organiser reserves the right to cancel, withdraw or amend any aspect of the Campaign or these terms and conditions at its sole and absolute discretion without any liability.

15. A person who is not a party to these terms and conditions shall have no rights under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce any of these terms and conditions.

16. This Campaign is governed by the laws of Singapore and shall be subject to the exclusive jurisdiction of the Singapore courts.

17. By entering the Campaign, the Participant represents and acknowledges that he or she has read, understood and agree to be bound by these terms and conditions and by all decisions of the Organiser without limitation or qualification.


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