Monitok referral program - Terms and Conditions

Last updated: 30 Jan 2024

These are the general terms and conditions (the “Conditions”) of the referral program (“Referral Program”) provided by Montitok, UAB.
Monitok is a company that provides mobile self-custodial exchange services. For more information, refer to our website: https://monitok.io (the “Website”).

Excluding any conditions or stipulations of third parties, these Conditions apply to all agreements and other dealings between Monitok and its Referral Program users, consisting of Referrers and Recipients (hereafter collectively referred to as the “Users”). Monitok offers the Referral Program on the condition that the User accepts these Conditions. The User is i.a. deemed to have accepted these Conditions in the event the Referral URL is created, shared or used using the Referral Program registration service. Monitok, UAB may amend these Conditions. The latest version of the Conditions always applies between Monitok, UAB and the User.

1. Definitions

Insofar as not defined in these Conditions, the following terms, when capitalized in these Conditions shall have the following meaning:

1.1 Monitok, UAB is a company under the law of the Republic of Lithuania, having its registered office at 30 Uzupio St., LT-01203 Vilnius, Lithuania, under Company code: 306005345

1.2 Referrer: any natural (or legal) person that invites a Recipient to participate in the Referral Program through the Status application.

1.3 Recipient: any natural (or legal) person – who receives an invitation from a Referrer to participate in the Referral Program.

1.4. Referred User:  a person who registers himself as a User using the unique Referral Link sent by the Referrer.

1.5. Referral Link: a unique WEB link (code) in the User’s account that is to be shared with other persons in order to become New Users.

1.6 Waitlist: the waiting list with registered entries of persons who have submitted their applications for the Waitlist leading up to the public launch of the Platform. The Waitlist serves as a part of the Referral Program and allows Users who have applied to the Waitlist to be automatically informed about updates on the Platform development, the planned Platform launch timeline as well as notification upon the launch of the Platform via the email address indicated in the Waitlist application and to refer others through a personal invite.

1.7 Reward: a reward or a prize to a User that is a winner of the Contest and subject to the fulfillment of the conditions as set in these Referral Terms.

2. Montok's Referral Program

2.1 Monitok provides a Referral Program to raise awareness of its upcoming product.

2.2 The Monitok's Referral Program allows Referrer to be eligible to earn a reward in form of points described in these terms.

3. Acknowledgements

3.1 By participating in the Referral Program, the User agrees to accept and comply with these Referral Terms and the Monitok's Privacy Policy as published in the Monitok.io website. When the referrer fills in the waitlist form or shares the Referral Link, it is considered that he agrees to the Referral Terms. If a person does not agree with the Referral Terms or any part of them, the user may not fill the waitlist form or use the Referral Link.

3.2 By Participating in the Referral Program User acknowledges that:

  • 3.2.1. He/she is at least 18 years old

  • 3.2.2. He/she is not a resident or citizen of Iran, Iraq, Libya, Belarus, Cuba, Burundi, Democratic Republic of Congo, North Korea, Syria, Myanmar (Burma), Somalia, Sudan, Venezuela, Zimbabwe, the regions of Crimea, Donetsk or Luhansk, or any other country or region that is the subject of comprehensive country-wide or region-wide economic sanctions by the United States of America, the United Kingdom, the European Union or the North Atlantic Treaty Organisation (NATO); 

  • 3.2.3.He/she is not the subject of economic or trade sanctions administered or enforced by any governmental authority or international organization, or otherwise designated on any list of prohibited or restricted parties (including the list maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, sanctions list of the European Union or NATO).

3. How does the Referral Program work?

3.1. Issuance of Referral Links

Upon successful registration in the Waitlist, participants will be assigned a unique referral link. This link serves as the official tool for the referral program.

3.2. Distribution of Referral Links

Participants are authorized to distribute their unique referral link utilizing any communication method, subject to certain restrictions outlined in the 'Limitations and Restrictions' section below. This includes but is not limited to, prohibitions on paid advertising using 'Monitok' related keywords, spamming, use of automated systems, and exploitative or inappropriate use of the Monitok brand and referral program.

3.3. Referral program advancing mechanism

For each new user who joins the Waitlist utilizing a participant's referral link, the Referer will be awarded an advancement in position on the program's leaderboard.

3.4. Conditions for Successful Referrals

A referral is considered successful and eligible for leaderboard advancement under the following conditions:

  • The referred individual (hereafter referred to as the "Referee") must use the Referrer's unique link to sign up for the Waitlist.

  • The Referee must complete verification by engaging with the verification email sent to their registered email address.

3.5. Leaderboard Ranking Criteria

Leaderboard ranking is determined by the number of successful referrals attributed to each participant. In instances where multiple participants have an equivalent number of referrals, precedence will be given based on the chronological order of Waitlist sign-up.

4. Contest and Reward


Within the Contest, the Users shall compete for a Reward as part of the Referral Program Reward pool, which shall, in total, consist of 1,000,000 points.

4.1 Reward in Points

At the end of the campaign, rewards will be distributed based on each participant's position on the waitlist leaderboard. Participants will be divided into ten tiers according to their ranking, with each tier's details specified in the table below. Users within a specific tier will equally share the points allocated to that tier. The allocation of points increases with the tier level, meaning everyone will receive points and participants in higher tiers will receive a greater number of points. 


Points allocation formula between Participants.

Tier

Participants split % into tiers

% Reward from total Points Pool

Points Allocated for Tier

1

0-10%

30.50%

3,050,000

2

11-20%

21.00%

2,100,000

3

21-30%

15.80%

1,580,000

4

31-40%

10.50%

1,050,000

5

41-50%

7.80%

780,000

6

51-60%

5.30%

530,000

7

61-70%

3.70%

370,000

8

71-80%

2.60%

260,000

9

81-90%

1.80%

180,000

10

91-100%

1.00%

100,000

  • Tier 1 (0-10%): These are the top performers, representing the highest 10% on the leaderboard. They receive the largest share of the total points pool, which is 30.50%, amounting to 3,050,000 points [to be distributed equally].

  • Tier 2 (11-20%): Participants in this group fall into the second-highest 10% bracket. They are rewarded with 21% of the total points, amounting to 2,100,000 points [to be distributed equally].

  • Tier 3 (21-30%): This tier includes users in the third 10% segment. They are allocated 15.80% of the points, amounting to 1,580,000 points [to be distributed equally].

  • Tier 4 (31-40%): Members of this group are in the fourth 10% range. They receive 10.50% of the total points pool, amounting to 1,050,000 points [to be distributed equally].

  • Tier 5 (41-50%): This mid-tier range encompasses users in the fifth 10% bracket. They get 7.80% of the points, amounting to 780,000 points [to be distributed equally].

  • Tier 6 (51-60%): Occupants of this tier are in the sixth 10% percentile. They are allocated 5.30% of the points, amounting to 530,000 points [to be distributed equally].

  • Tier 7 (61-70%): These users are in the seventh 10% category. Their reward is 3.70% of the total points, amounting to 370,000 points [to be distributed equally].

  • Tier 8 (71-80%): This tier is for users ranking in the eighth 10% tier. They receive 2.60% of the points, amounting to 260,000 points [to be distributed equally].

  • Tier 9 (81-90%): Participants in the ninth 10% segment get 1.80% of the points pool, amounting to 180,000 points [to be distributed equally].

  • Tier 10 (91-100%): This final tier includes those in the lowest 10% ranking. They receive 1% of the points, amounting to 100,000 points [to be distributed equally].

The following table represents a theoretical example where 50,000 users have joined the waitlist.

Example of points allocation to Participants.

Tier

Number of Participants

Points Allocated for Tier

Points per Participant

1

5,000

3,050,000.00

610

2

5,000

2,100,000

420

3

5,000

1,580,000

316

4

5,000

1,050,000

210

5

5,000

780,000

156

6

5,000

530,000

106

7

5,000

370,000

74

8

5,000

260,000

52

9

5,000

180,000

36

10

5,000

100,000

20


4.3 Reward distribution

The contest will commence on January 2023, and will continue until the official public launch date of the Platform, which Monitok will announce publicly. The Point Rewards will be credited to the user's account on the Platform within one month following the launch, provided that the user has registered on the Platform using the same email address that was used to sign up for the Waitlist prior to the stated deadline.

5. Limitations and restrictions 


Referrers are eligible to invite other people to join the waitlist by sharing their Referral Links with the aim of encouraging account creation and use of Monitok services.

Referral Links are intended for personal and non-commercial use only. If Referral Links are utilized solely for the purpose of exploiting the reward system, Monitok reserves the right to restrict participation in the Referral Program.

This prohibition includes, but is not limited to:

  • Promotion of referral codes through paid advertising featuring “Monitok” or Monitok-related keywords is strictly prohibited. 

  • Bidding on or running ads on search brand keywords that include “Monitok” or similar variations, or incorporating the Monitok brand in ad copy. Promotion of the Referral Link through public sites or domains is not permitted.

  • Engagement in spamming, mass emailing without consent of the recipient.

  • The use of automated systems, bots, or scripts to interact with people without their permission in order to promote referral links is also prohibited.

  • Referrers are discouraged from encouraging invitees to register and conduct transactions solely for the purpose of exploiting the reward system, without the genuine intention of becoming a Monitok user. Such conduct may be identified through public statements or inferred from the behavior of new users.

  • Using the Referral system purely as a source of revenue, without the basic intention of being a Monitok customer, is against the program's rules. Monitok retains the sole discretion to decide whether a Referrer is exploiting the Referral Program.

  • Utilizing the Monitok brand, the Referral Program, Monitok services, or the Monitok platform in connection with any offensive, abusive, harassing, or defamatory content, or in any manner contrary to the principles of fairness and integrity, is strictly prohibited. Monitok reserves the right to determine such inappropriate use at its sole discretion.