Affiliate Program Terms

The following terms and conditions (the “Affiliate Program Terms”) govern your participation in Bitfinex’s affiliate program (the “Affiliate Program”).

These Affiliate Program Terms supplement, and form part of, our standard terms of service, the current version of which is located at: https://www.bitfinex.com/legal/terms (“Terms of Service”). Accordingly, capitalized terms used, but not defined in these Affiliate Program Terms, have the meanings set out in the Terms of Service.

IMPORTANT: By entering a referral code for the Affiliate Program when you create an account on the Site for your use the Services (“Account”), by generating a referral code, or by sending a referral code to any Person, you acknowledge that you have read, understand, and completely agree to these Affiliate Program Terms, as updated and amended from time to time. Your only recourse in the case of your unwillingness to be bound by these Affiliate Program Terms, as updated and amended from time to time, is to either: (1) never enter, generate or send a referral code, or (2) cease your participation in the Affiliate Program by opening a support ticket and completing the process required by Bitfinex, or such other process as Bitfinex may designate from time to time. These Affiliate Program Terms were last updated on November 11, 2019.

Only Persons who currently have Accounts may participate in the Affiliate Program. Your participation in the Affiliate Program is always entirely at Bitfinex’s discretion. You may not participate in the Affiliate Program if you are a contractor or service provider to Bitfinex, unless you obtain specific approval in advance. You can be removed from the Affiliate Program at any time for any reason or no reason. If you violate any of the Affiliate Program Terms, you can be immediately removed from the Affiliate Program and any amounts you may have received or been entitled to receive under it will be forfeited by you. Please consider these important limitations before deciding whether to participate in the Affiliate Program.

If you chose to participate in the Affiliate Program as a Member (defined below), the Person that provided you the referral code you used when opening your Account (“Your Affiliate”) will have access to information about the Member Payment (defined below) associated with the referral code you used. Because that Member Payment is connected to your trading activities on Bitfinex, described in more detail below, you acknowledge that the information that Your Affiliate sees includes information connected to your trading activities. Your decision to cease your participation in the Affiliate Program will not change Your Affiliate’s access to that information. By entering a referral code when you open your Account, you are consenting to Bitfinex sharing that information with Your Affiliate. Please consider this important consent before deciding whether to participate in the Affiliate Program.

  1. General Description: Bitfinex makes money from users who trade in Digital Tokens through the Services. The Affiliate Program allows you to elect to participate in receiving revenue from users you refer to the Services who open an Account using a referral code you provide (each a “Member”). You can participate in the Affiliate Program either by referring users to the Services (each person so referring users, an “Affiliate”) or as a Member. Participation in the Affiliate Program is entirely voluntary and is not required to use the Site or Services.
  2. Changes to the Affiliate Program; Affiliate Program Terms; Fees: Bitfinex may update or amend the Terms of Service, Affiliate Program Terms, Site, Services, Eligible Fees (defined below), Eligible Member Fees (defined below), fees charged in connection with the Services or other elements of the transactions contemplated by these Affiliate Program Terms at any time and from time to time (“Changes”). Bitfinex may make Changes for any reason or no reason. These Changes may make your participation in the Affiliate Program more or less valuable to you and may result in you no longer being eligible to participate in the Affiliate Program. Your only recourse in the case of Changes is to cease your participation in the Affiliate Program by opening a support ticket and completing the process required by Bitfinex to cease your participation in the Affiliate Program, or such other process as Bitfinex may designate from time to time. Continued participation in the Affiliate Program following a Change will constitute your binding acceptance of the Change.
  3. Relationship: You may not speak for Bitfinex or any of its Affiliates or bind Bitfinex in any way. You must not make any claims, representations, or warranties in connection with Bitfinex, including with respect to the Site, Services, or Affiliate Program. You have no authority to bind Bitfinex to any obligation and so you cannot do so. Both you and Bitfinex are independent contractors and nothing in this agreement will create any partnership, joint venture, franchise, sales representation, or employment relationship between you and Bitfinex.
  4. Non-Exclusive; No Obligation: The Affiliate Program is not exclusive. Your participation in the Affiliate Program does not grant you any additional right to use or continue to use the Site or Services.
  5. Your Duties:
    1. You acknowledge that the intention of the Affiliate Program is to encourage referrals of new users to the Site and Services. You agree to act in good faith in accordance with this intention.
    2. You must not refer any Person who is a Prohibited Person.
    3. You must not refer any Person who is a contractor or service provider to Bitfinex.
    4. You must comply with all applicable Laws in connection with your activities under this Agreement, including when referring Persons to the Site or Services.
    5. You must not, directly or indirectly, allow any of the following Accounts to be one of your Members: (i) an Account owned or controlled by you or a member of your immediate family or household, or (ii) an Account owned or controlled by a Person who is already a user of the Site or Services.
    6. You are responsible for any costs or expenses associated with your activities referring Persons to the Site or Services. You incur those costs and expenses entirely at your own risk.
    7. You must ensure that any statements you make in connection with referring Persons to the Site or services are (i) professional, accurate, and truthful; (ii) not misleading or deceptive (for example, do not embellish the nature of your relationship with Bitfinex); and (iii) not offensive, illegal or obscene.
    8. You agree not to engage in spam, any electronic messaging that is prohibited by applicable Laws, illegal solicitation, or fraudulent or deceptive solicitation.
  6. Members:
    1. Any Person you refer to Bitfinex will be required to open an Account in order to become a Member.
    2. Bitfinex reserves the right to refuse any Person an Account for any reason or no reason. Bitfinex may refuse to continue to permit any Person to use the Site or Services at any time, as described in a Terms of Service. The fact that a Person is, or may become, a Member in no way impacts these rights.
  7. Affiliate Payment:
    1. Bitfinex will credit your Account with a set percentage of the order execution fees and margin funding fees earned from the Account the Member opened with your referral code (the “Eligible Fees”). For clarity, those fees are the amounts actually collected from the Member and in particular exclude any discounts that the Member may be provided. The Eligible Fees will also include taker fees earned by BFXD (as defined in the Derivatives Terms of Service located at https://www.bitfinex.com/legal/derivative_terms (the “Derivative Terms”)), but assuming a one basis point rate when calculating those fees rather than using the actual amount collected by BFXD in respect of Derivatives Services (as defined in the Derivatives Terms).
    2. The percentage of the Eligible Fees you receive will start at eighteen percent (18%) and will reduce every second in a straight-line fashion so that at the end of each thirty (30) day period, it is reduced by one half of a percent (0.5%); these reductions will continue until it reaches zero (the “Referral Percentage”). For clarity, the first reduction will commence immediately on a second by second basis so that the first one half of a percent (0.5%) reduction will occur thirty (30) days following the date and time the Member opened their Account. This will continue for thirty-six (36) consecutive thirty (30) day periods, each thirty (30) day period representing an equal reduction of one half of a percent (0.5%), until the Referral Percentage equals zero.
    3. The amount you receive will be subject to a multiplier of 1.2 (“Your Multiplier”) if, at the time a particular Member Payment (defined below) is being calculated, you have completed the verification process required for you to deposit or withdraw Fiat from the Services on your Account (each, a “Verified Account”). If you do not have a Verified Account, Your Multiplier will be 1.
    4. The amount you receive for each Member will also be subject to a multiplier based on the characteristics of the particular Member (“Member Multiplier”):
      1. If, at the time a particular Member Payment (defined below) is being calculated, the Member has a Verified Account, a multiplier of 1.2 will apply; and
      2. If, at the time a particular Member Payment (defined below) is being calculated the Member’s average holdings of Unus Sed LEO tokens over the past thirty (30) days is:
        1. more than 500 USDt equivalent but less than or equal to 5,000 USDt equivalent, a multiplier of 1.1 will apply;
        2. more than 5,000 USDt equivalent but less than or equal to 50,000 USDt equivalent, a multiplier of 1.2 will apply; or
        3. more than 50,000 USDt equivalent, a multiplier of 1.5 will apply.

      If only (i) or (ii) apply, the Member Multiplier will be the applicable amount set out in (i) or (ii). If both (i) and (ii) apply, the Member Multiplier will be the product obtained by multiplying the applicable amounts set out in each of (i) and (ii). If neither (i) or (ii) apply, the Member Multiplier will be 1

    5. The amount you receive will also be subject to a multiplier based on your social media engagement with Bitfinex (“Social Media Multiplier”). To be eligible for the Social Media Multiplier, you must link your eligible social media account (“Eligible SM Account”) with your Account using the tools Bitfinex makes available to you on the Site. After you link your Eligible SM Account, you’ll be eligible for the SocialMedia Multiplier if:
      1. you interact with a post from Bitfinex’s official account (“Your SMM Interaction”) on thatsocial media channel (i.e., like, repost, retweet, as applicable) within 7 daysof the date and timethe post is made (“Eligible Bitfinex Post”), or
      2. one or more of your followers interact with an Eligible Bitfinex Post (i.e., like, repost, retweet, asapplicable) (“Your Follower’s SMM Interaction”).
    6. The Social Media Multiplier will last for 36 hours from the time of either Your SMM Interaction or YourFollower’s SMM Interaction. During that 36 hour period the Social Medial Multiplier will be as followsfor each of Your SMM Interactions and each of Your Follower’s SMM Interactions:
      1. 1.1 if you have more than 1,000 followers for your Eligible SM Account; and
      2. 1.2 if you have more than 10,000 followers for your Eligible SM Account.

      If there has been only one or more of Your SMM Interactions or one or more of Your Follower’s SMM Interactions within the past 36 hours, your Social Media Multiplier will be the applicable number set out (i) or (ii) above. If there has been both one or more of Your SMM Interactions and one or more of Your Follower’s SMM Interactions within the past 36 hours, your Social Media Multiplier will be the applicable number set out (i) or (ii) above, multiplied by itself (i.e., 1.1 x 1.1 = 1.21 or 1.2 x 1.2 = 1.44). If you have 1,000 or fewer followers for your Eligible SM Account, or there has not been one or more of Your SMM Interactions or Your Follower’s SMM Interactions within the past 36 hours, your Social Media Multiplier will be 1.

      For clarity, if there are multiple of Your SMM Interactions or Your Follower’s SMM Interactions in a 36hour period, the 36 hour clock on the Social Media Multiplier applicable to each of Your SMMInteractions or Your Follower’s SMM Interactions, as applicable re-sets. The Social Media Multiplier is not multiplied by each of Your SMM Interactions or Your Follower’s SMM Interactions. If you link multiple Eligible SM Accounts to your Account, the same approach applies, however your Social Media Multiplier will be the highest Social Media Multiplier you are eligible to receive based on the number off ollowers for the applicable Eligible SM Accounts in which Your SMM Interaction or Your Follower’sSMM Interaction occurred.

    7. For each for your Members, you will receive an amount calculated as follows (the “Member Payment”):
      1. Member Payment = EF x RP x YM x MM x SMM, where

        1. EF means the Eligible Fees generated from the particular Member;
        2. RP mean the applicable Referral Percentage for the particular Member at the time the Member Payment is calculated;
        3. YM means Your Multiplier at the time the Member Payment is calculated; and
        4. MM means the Member Multiplier for the particular Member at the time the Member Payment is calculated; and
        5. SMM means the Social Media Multiplier at the time the Member Payment is calculated.
    8. You will receive each Member Payment promptly following the collection of the applicable Eligible Fee from the Member. The sum of all your Member Payments is your “Direct Payments”.
    9. In addition to the Direct Payments, you will receive an amount equal to: (i) 1/3 of the Direct Payments earned by each of your Members (“First Level Payment”), and (ii) 1/9 of the Direct Payments earned by any Members of your Members (“Second Level Payment”). Each First Level Payment will be provided to you at the time your Member receives the Member Payment on which your First Level Payment is based. Each Second Level Payment will be provided to you at the time your Member’s Member receives the Member Payment on which your Second Level Payment is based.
    10. The sum of all Direct Payments, First Level Payment and Second Level Payment is your “Total Affiliate Payment” and any part of your Total Affiliate Payment is referred to as an “Affiliate Payment”.
  8. Member Rebate:
    1. If you are a Member, Bitfinex will credit your Account with a set percentage of the order execution fees and margin funding fees earned from your Account (the “Eligible Member Fees”). For clarity, those fees are the amounts actually collected from you and in particular exclude any discounts that you may be provided. The Eligible Member Fees will also include taker fees earned by BFXD (as defined in the Derivatives Terms), but assuming a one basis point rate when calculating those fees rather than using the actual amount collected by BFXD in respect of Derivatives Services (as defined in the Derivatives Terms).
    2. The percentage of the Eligible Member Fees you receive will start at six percent (6%) and will reduce every second in a straight-line fashion so that at the end of each thirty (30) day period, it is reduced by one half of a percent (0.5%); these reductions will continue until it reaches zero (the “Member Percentage”). For clarity, the first reduction will commence immediately on a second by second basis so that the first one half of a percent (0.5%) reduction will occur thirty (30) days following the date and time you opened your Account. This will continue for twelve (12) consecutive thirty (30) day periods, each thirty (30) day period representing an equal reduction of one half of a percent (0.5%), until the Member Percentage equals zero.
    3. You will receive an amount calculated as follows (the “Member Rebate”):
      1. Member Rebate = EMF x MP, where
      2. EMF means the Eligible Member Fees generated from you; and
      3. MP means your Member Percentage at the time the Member Rebate is calculated.
  9. Mechanics, Conversion and Conversion Fee:
    1. If you have a Verified Account, you will receive your Affiliate Payments or Member Rebates in the same Digital Tokens that Bitfinex collected as the applicable Eligible Fees or Eligible Member Fee on which the Affiliate Payment or Member Rebate is based, with the exception of Unus Sed LEO tokens. Where Eligible Fees were taken in Fiat or Unus Sed LEO tokens, they will be converted to Bitcoin (BTC) or US Dollar Tethers (USDt), at Bitfinex’s discretion. This means your Total Affiliate Payment and Member Rebate may be composed of a number of different types of Digital Tokens. Bitfinex may also provide your Total Affiliate Payment, Member Rebate or both in one or more types of Digital Token of Bitfinex’s selection, acting reasonably or unreasonably.
    2. If you do not have a Verified Account, you will receive your Affiliate Payments or Member Rebate in the same Digital Tokens that Bitfinex collected as the applicable Eligible Fees or Eligible Member Fee on which the Affiliate Payment or Member Rebate is based, with the exception of: (i) Unus Sed LEO tokens, and (ii) any Digital Tokens that Bitfinex, in its sole discretion, which it can exercise reasonably or unreasonably, determines should be converted, including any Digital Token it considers a “stablecoin” or “privacy token” (“Convert Tokens”). Where Eligible Fees were taken in Fiat, Unus Sed LEO tokens, or Convert Tokens, they will be converted to Bitcoin (BTC). This means your Total Affiliate Payment and Member Rebate may be composed of a number of different types of Digital Tokens. Bitfinex may also provide your Total Affiliate Payment, Member Rebate or both in one or more types of Digital Token of Bitfinex’s selection, acting reasonably or unreasonably
    3. If Bitfinex converts Digital Tokens or Fiat that Bitfinex collected as part of the applicable Eligible Fees or Eligible Member Fees into other Digital Tokens or Fiat as a part of the Affiliate Program, Bitfinex will use the market price at the time of conversion to do so and will take a five percent (5%) fee.
    4. Affiliate Payments and Member Rebates will be based upon Bitfinex’s good faith calculation and information available to Bitfinex. Bitfinex is not responsible for any Eligible Fees or Eligible Member Fees not properly being credited to you that Bitfinex is unaware of, including due to computer error or other reasons.
  10. Access to Information:
    1. Bitfinex intends to make reasonable efforts to provide Affiliates information about the Member Payment, First Level Payment and Second Level Payment associated with each referral code the Affiliate sends out that is used by a Member when opening an Account. There may be circumstances where that information is unavailable such as during technology maintenance and updates or if we decide to discontinue the reporting of this information for one or more Members or one or more Affiliates.
    2. If you are a Member, you acknowledge that Bitfinex may make available Your Affiliate, information that allows Your Affiliate to see the Member Payment, First Level Payment and Second Level Payment associated with that referral code.
    3. Because the Member Payment we calculate based on your participation in the Affiliate Program as a Member is connected to your Eligible Fees, and your Eligible Fees are connected to your trading activities on Bitfinex, you acknowledge that the information Your Affiliate sees may provide them information connected to your trading activities.
    4. This information does not specifically identify you, but if Your Affiliate remembers or made note of who Your Affiliate provided which referral code to, Your Affiliate may be able to identify you and connect you to your trading activities.
  11. Affiliate Payment or Member Rebate Disagreements: You must notify Bitfinex of any disagreement regarding any Affiliate Payment or Member Rebate within thirty (30) days of receipt of the applicable Affiliate Payment or Member Rebate. Any failure to raise a disagreement within that time period is your acceptance of the Affiliate Payment or Member Rebate as full and final settlement of the amount you are entitled to receive under the Affiliate Program in respect of the Eligible Fee to which the Affiliate Payment relates or Eligible Member Fees to which the Member Rebate relates. If Bitfinex has not received your notice of disagreement within thirty (30) days of the date you received the applicable Affiliate Payment or Member Rebate, your right to dispute such Affiliate Payment or Member Rebate will be deemed to be, and hereby is waived.
  12. Limitation of Liability and Release: In addition to the Limitation of Liability and Release provisions set out in the Terms of Service, Bitfinex also assumes no liability or responsibility for and shall have no liability or responsibility for any Losses directly or indirectly arising out of or related to:
    1. these Affiliate Program Terms;
    2. the Affiliate Program and your participation in it;
    3. any communications you have with a Member or other Person regarding the Affiliate Program;
    4. any breach of these Affiliate Program Terms,
    5. any failure by you to comply with applicable Laws (including laws governing privacy or electronic messaging); and
    6. any negligent or intentional acts or omissions by you.

    You hereby agree to release the Associates from liability for any and all Losses, and you shall indemnify and save and hold the Associates harmless from and against all Losses. The foregoing limitations of liability shall apply whether the alleged liability or Losses are based on contract, negligence, tort, unjust enrichment, strict liability, violation of law or regulation, or any other basis, even if the Associates have been advised of or should have known of the possibility of such Losses and damages, and without regard to the success or effectiveness of any other remedies.

  13. Term: Your participation in the Affiliate Program, and the application of these Affiliate Program Terms commence when you enter a referral code for the Affiliate Program as a part of setting up your Account, or when you generate a referral code, or send a referral code to any Person or take other steps to engage a Person to participate in the Affiliate Program. These Affiliate Program Terms will apply indefinitely after that, until your participation in the Affiliate Program ends. If your participation in the Affiliate Program ends, all Affiliate Payments, Member Rebates or both will end on the same date. These terms will continue to apply after your participation in the Affiliate Program ends.
  14. Incorporation of Terms of Service: The Terms of Services apply in their entirety to these Affiliate Program Terms. For purposes of clarity only, and in no way to limit the general application of all of the Terms of Services to these Affiliate Program Terms, Sections 1 (Interpretation), 2 (Right to Use the Site), 11 (Resolution of Disputes), 12 (Jury Trial Waiver), 17 (No Representations and Warranties by Bitfinex), and 20 (Limitation of Liability and Release) expressly apply (with such changes as are necessary) to the Affiliate Program.