1. The Liquid Referral Launch Bonus (the “Campaign”) is conducted by Quoine Pte. Ltd. (the “Organiser”) during the period from 20th May 2020 00:00 AM GMT+7 to 20th Jun 2020 11:59 PM GMT+7 (the “Campaign Period”). The Campaign will be open to all existing users of the Liquid platform who have a live Account on Liquid with the Organiser (each, a “Participant”), subject to these terms and conditions.

2. This Campaign is not open to users that are (i) residing, located, domiciled, incorporated or established in the United States of America, 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. This Campaign is a special limited-time promotion offered to Referrers in conjunction with the launch of the Liquid Referral Program. Campaign mechanics are as follows:

(i) For every successful referral of a new customer (“Referee”) made by a Participant (“Referrer”) using their referral code assigned to their Liquid Account (which may be generated at https://app.liquid.com/settings/referral), the Referrer will be eligible to receive preferential launch benefits as described below.

(ii) The Referrer will receive 50% of the trading fees collected by the Organiser from a trade made by the Referee during the Campaign Period on any markets on Liquid (“Launch Referral Bonus”) in place of the Referral Bonus offered under the terms of the Liquid Referral Program. The Launch Referral Bonus will be paid in the quote currency of such trade unless the Referee pays the trading fee in QASH, in which case the Launch Referral Bonus will be paid in QASH. The Organiser will calculate and pay out the Launch Referral Bonus daily at 0:00 UTC.

(iii) After the Campaign Period, the terms of the Liquid Referral Program will apply to further referral benefits to be received by Referrers. Accordingly, the Launch Referral Bonus will not apply to trading fees collected by the Organiser after the above stated Campaign Period.

(iv) For avoidance of doubt, “trading fees” refer to fees collected by the Organiser for services provided through the Trade module on Liquid such as Spot Trading, Margin Trading, Liquid Infinity and Liquid Perpetuals. The Launch Referral Bonus is not applicable to transactions made under any other module on Liquid (e.g. IEO Market, Lending, Quick Exchange).

(v) There is no limit to the number of Launch Referral Bonuses that may be received by a Referrer under this Campaign.

4. Please be aware that the Organiser may amend the Campaign (in particular, the terms of the Launch Referral Bonus set out above) at any time, in its sole and absolute discretion, notwithstanding that such amendment may be to the disadvantage to a participating Referrer.

5. The Organiser reserves the right, in its sole and absolute discretion, to disqualify or prohibit a Participant, Referrer or any other person from participating or qualifying in any aspect of the Campaign for any reason, including without limitation if the Organiser 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, Participants or Referrers who engage in prohibited trading conduct through their Liquid accounts (including without limitation wash trading whether conducted independently or in tandem with others) will be automatically disqualified from all aspects of the Campaign.

6. If any Participant or Referrer is discovered or deemed to be ineligible for the Campaign for any reason, or is prohibited or disqualified under Clause 5 above, the Organiser is entitled to at any time:

(i) to forfeit, withdraw or withhold any or all Launch Referral Bonus(es);

(ii) where the Launch Referral Bonus(es) has been paid out and/or utilised, to reclaim any or all of such Launch Referral Bonus(es) and/or deduct the value of the utilised portion of such Launch Referral Bonus(es) from the relevant Liquid accounts in any currency.

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

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

8. The Organiser does not take any responsibility for any circumstance or event that may prevent a Participant or Referrer 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.

9. The Organiser will 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 Launch Referral Bonus due, and any subsequent changes to the Launch Referral Bonus value (if any).

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

11. 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.

12. 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 liability to any person.

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

14. This Campaign and these terms and conditions are governed by the laws of Singapore and are subject to the exclusive jurisdiction of the Singapore courts.

15. By participating in the Campaign, the Referrer represents and acknowledges that he or she has read, understood and agrees to be bound by these terms and conditions and by all decisions of the Organiser without limitation or qualification.

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