1. The Liquid-XCF Trading Competition (the “Campaign”) is jointly conducted by Quoine Pte. Ltd. (the “Quoine”) and Cenfura Token Limited (the “Sponsor”, and together with Quoine, the “Organisers”) during the period from 25 November 2020, 00:00 to 12 December 2020, 23:59 (JST) (the “Campaign Period”).

2. The Campaign is open only to individual users of the Liquid platform who have a Verified Account with Quoine on Liquid (each, a “Participant”), subject to these terms and conditions (please refer here for information on Verified Accounts).

3. This Campaign is not open to (a) users that are residing, located, domiciled, incorporated or established in the United States of America, Japan or other restricted countries as may be notified by Quoine from time to time or (b) corporate account holders.

4. The Campaign is comprised of the “XCF Deposit Event” and “XCF Trading Contest” sub-campaigns. The mechanics of the sub-campaigns are set out below:

i. XCF Deposit Event

a. Up to 40,000 XCF tokens (“XCF”) will be given away under the XCF Deposit Event, of which 20,000 XCF will be allocated to be the prize for a bonus lucky draw as part of the event.

b. To be eligible for the giveaway, Participants must deposit at least 250 XCF in their Liquid account at any time during the 25th November, 2020, 00:00 to 30 November 2020, 23:59 (JST).

c. XCF will be awarded based on Tiers that correspond to the Participant’s Deposit Amount during the Campaign Period, subject to a maximum cap of 100 XCF that may be awarded per Participant, as set out in the table below.


Deposit Amount



≧1000 XCF

100 XCF


750 XCF

75 XCF


500 XCF

50 XCF


250 XCF

25 XCF

The Deposit Amount is determined by the amount of XCF deposited in the Participant’s Liquid account minus any XCF amount withdrawn during the Campaign Period. XCF rewards will be distributed on a first-come-first-served basis.

d. Notwithstanding whether they received a reward under sub-paragraph c., all Participants who fulfil the eligibility criteria in sub-paragraph b. will be automatically entered into a bonus lucky draw where one Participant will be selected to win 20,000 XCF.

ii. XCF Trading Contest

a. Subject to applicable terms and conditions, Participants with the 50 highest consolidated XCF trading volume shall be eligible to win XCF under the XCF Trading Contest (“Top Traders”).

b. Participant’s consolidated XCF trading volume will be calculated by the Organiser based on buy and sell XCF transactions executed through the user’s Liquid account during the Campaign Period. All trading volume should be a result of legitimate trade transactions and Participants are reminded that wash trading and other prohibited trading practices are strictly forbidden.

c. To be eligible for any prize under the XCF Trading Contest during the 3rd December 2020, 00:00 to 12 December 2020, 23:59 (JST)., Top Traders must:

  1. execute a minimum of USD 1,000 worth of trades on XCF trading pairs on Liquid; and

  2. achieve a minimum net purchase of 1000 XCF from all his transactions at the conclusion of the Campaign Period.

d. Top Traders will be ranked from 1st to 50th, where the Top Trader with the highest consolidated XCF trading volume is ranked 1st and the Top Trader with the lowest trading volume is ranked 50th. The amount of XCF to be awarded to each Top Trader are set out in the table below:


Prize (in XCF)





















11th - 19th


20th - 29th


30th - 39th


40th - 50th


e. In the event that any Top Trader is for any reason deemed by the Organiser not to be eligible to receive their prize before or at the time of distribution for any reason, their prize will go to the Top Trader of the next rank. The Organiser reserves the right, but is not obligated, to select another Participant as a Top Trader in its discretion in the event any prize remains unallocated for any reason whatsoever. The Organiser shall have sole and absolute discretion in determining whether a Participant is eligible to be selected as a Top Trader.

5. Within 7 days from the end of the Campaign Period, Quoine will contact the prize recipients and distribute the XCF prizes to their respective Liquid accounts. Quoine may revise the foregoing schedule in its sole discretion.

6. The Organisers reserve the right, in their sole and absolute discretion, to disqualify or prohibit any person from participating or qualifying in any aspect of the Campaign for any reason, including without limitation if the Organisers deem or suspect that such person:

a. 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 Quoine (whether in relation to this Campaign or otherwise);

b. has damaged, tampered with, abused or corrupted the operation of the Campaign; or

c. has engaged in conduct that the Organisers consider inappropriate or unacceptable, which includes (without limitation) conduct inconsistent with the intended operation or purpose of the Campaign as determined by the Organisers.

For avoidance of doubt, Participants who engage in prohibited trading conduct through their Liquid accounts (including without limitation wash trading) will be automatically disqualified from all aspects of the Campaign.

7. If any person is discovered or deemed to be ineligible for the Campaign for any reason, or is prohibited or disqualified under Clause 6 above, the Organisers are entitled at any time:

a. to forfeit, withdraw or withhold any prize; or

b. where the prize has been paid out and/or utilised, to reclaim such prize and/or deduct the value of the utilised portion of such prize from the winner’s Liquid account in any currency.

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

8. Employees of the Organisers or their related corporations may not participate in the Campaign and will be ineligible to receive any prizes under the Campaign.

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

10. The Organisers do not take any responsibility for any circumstance or event that may prevent a person from participating in the Campaign as a result of 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 Organisers 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 prizes due, and any subsequent changes to the prize value (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 prevail.

14. The Organisers reserve the right to cancel, withdraw or amend any aspect of the Campaign or these terms and conditions at their sole and absolute discretion without liability to any person.

15. 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.

16. 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.

17. Each person who enters or participates in any aspect of the Campaign 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 Organisers without limitation or qualification.

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