The Bitfinex cryptocurrency exchange has announced the launch of a new “loyalty program,” which is said to offer users the opportunity to earn “unlimited” commissions.
In fact, this program is a multi-level referral program, under which users are given the opportunity to invite new customers and earn commissions on this.
The Bitfinex Affiliate Program is here!
Join now and discover an entirely new way of growing your earnings in crypto! https://t.co/Vtl9vVO5tR pic.twitter.com/XJw7oobwV2
– Bitfinex (@bitfinex) October 17, 2019
The structure of the “loyalty program” consists of three levels and makes it possible to earn up to 38% of the trading commissions of invited users, while those who come through referral links receive a discount of 6%.
In addition, if certain conditions are met, for example, verification of an account or accumulation of at least 500 USDt on the account, multipliers in the amount of up to 2.16x of the commission enter the game.
Note that referral programs are not the most common among cryptocurrency exchanges. As a rule, such proposals in an attempt to attract new users are more often made by beginner platforms, while industry “veterans” do not have this option.
Bitfinex launched its referral program amid an ongoing litigation with New York authorities who accuse the exchange of having lost $ 850 million in losses and concealed this fact by using Tether, a stablecoin issuer affiliated with it, to cover the damage.
Additionally, in October a lawsuit against more than $ 1.4 million was filed against Tether and Bitfinex. Investors accuse them of violating the US Commodity Exchange Act, the RICO Law (on investing funds obtained from racketeering), money laundering, Pump & Dump schemes, and market manipulations due to the issue of USDT and deliberate deception of investors.
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