Luno Pay Reward Campaign - Tether Gold

Luno (Pty) Ltd (“Luno”) has agreed to run a reward campaign through Luno Pay (the “Campaign”). Without limiting the applicability of Luno’s Terms of Use, Privacy Policy and the general Rewards and Promotions Rules, you agree to be bound by these terms and conditions by participating in the Campaign (the “Rules”). You agree to accept any decision made by Luno in terms of these Rules as final and binding. 

1. Campaign Details: Customers who use any supported cryptocurrency through Luno Pay to make a purchase to the equivalent value of R100.00 or more in South Africa during the Campaign Period (the “Qualifying Purchase”) and who meet the eligibility criteria below will automatically participate in the Campaign and receive Campaign Rewards in Tether Gold (XAUT), a gold-backed digital asset issued by Tether (subject to the limit set out below). Customers who do not wish to participate in the Campaign may request to be excluded as a participant by sending an email to [email protected]. 

2. Campaign Period: The Campaign will commence on 1 June 2026 and run until and including 31 January 2027.

3. Campaign Rewards: Subject to the limit set out below, the Campaign Rewards will be calculated as follows before being converted to and promptly allocated in Tether Gold (XAUT) to each participating Tether Gold (XAUT) wallet on Luno:

   1. 15% of the Rand-equivalent amount of the Qualifying Purchase if the payment currency selected with Luno Pay is ZARU; and

   2. 5% of the Rand-equivalent amount of the Qualifying Purchase if the payment currency selected with Luno Pay is any supported cryptocurrency other than ZARU. 

In each case, the applicable reward percentage is applied to the Rand-equivalent amount of the Qualifying Purchase and the resulting Rand value is converted into XAUT at Luno's live XAUT/ZAR rate at the time of the transaction, before being allocated to the Customer's XAUT wallet.

Notwithstanding the Campaign Rewards set out above, Luno reserves the right, at any time and in its sole discretion, to adjust or reduce the Campaign Rewards allocated to Customers from certain merchants.

If a Customer does not have a Tether Gold (XAUT) wallet on Luno at the time of the relevant Campaign Reward allocation, such wallet will be automatically created. Subject to the Reward Hold Period set out in Section 4.2 below, there will be no transfer restrictions on any allocated Campaign Rewards, and accordingly XAUT received as Campaign Rewards may be sold and/or transferred by a Customer subject to applicable laws. For the avoidance of doubt, any refunds of Qualifying Purchases will be dealt with directly by the merchant and are subject to its returns policy and will not impact the amount of allocated Campaign Rewards.

4. Limit and Reward Hold Period: 

   1. Reward Cap: Customers can receive Campaign Rewards distributed in Tether Gold (XAUT) on Luno up to the following limits, assessed by reference to the Rand value of all XAUT Campaign Rewards accrued by the Customer within the relevant rolling period, calculated at Luno's live XAUT/ZAR rate at the time of each assessment:

      1. a Rand-equivalent value of R500.00 of XAUT within any rolling 30-day period; and

      2. a Rand-equivalent value of R1,000.00 of XAUT within any rolling 90-day period.

If either limit is reached or exceeded at the time of a Qualifying Purchase, no further Campaign Rewards will be allocated above such limit for that Qualifying Purchase.

2. Reward Hold Period: Campaign Rewards allocated to a Customer's Tether Gold (XAUT) wallet may be subject to a hold period of up to 90 days from the date of allocation (the "Reward Hold Period"), during which the Customer will not be able to sell, transfer, withdraw, or otherwise deal with such Campaign Rewards. Luno reserves the right to adjust the Reward Hold Period at any time by updating these Rules.

3. In the event that the Campaign as defined herein is running concurrently with other Luno Pay reward campaign(s), Customers can only receive a reward flowing from one campaign for any given payment, and the determination of the applicable reward will be entirely at Luno's discretion.
   
   
   

4. Luno reserves the right, in its sole discretion, to decline payment of, delay, withhold and/or reduce the Campaign Rewards as set out above if a Customer is found to be engaging in fraudulent or suspicious activity, including but not limited to engaging in transactions with gambling or betting merchants and otherwise engaging in gamification tactics.
   
   
   

5. Luno reserves the right, in its sole discretion, to disqualify or disallow Qualifying Purchases for Customers who breach the Rules, Luno's Terms of Use, Privacy Policy and/or the general Rewards and Promotions Rules.
   
   
   

6. Luno reserves the right, in its sole discretion, to disqualify or disallow Qualifying Purchases for Customers who engage in any abuse of the Campaign, whether as outlined in 4.4 above or otherwise.

5. Eligibility: Participation in the Campaign is limited to: 

   1. verified Luno South Africa customers who are 18 years or older and otherwise meet the eligibility criteria set out in section 3 of Luno's South African Terms of Use (“Customer”); and

   2. who make a Qualifying Purchase. 

6. Subject to change: Luno reserves the right to hold, void, cancel, suspend, adjust or amend the Campaign and its Rules, including without limitation the Campaign Period, reward rates, the minimum spend threshold, reward caps and the methodology for calculating reward cap limits, the Reward Hold Period, eligible Customers, eligible merchants, and eligible payment currencies, at any time and without prior notice, unless notice is otherwise required by applicable law. Any changes will be reflected on these terms.

7. Own risk: To the extent permitted by law, Luno does not accept any responsibility for any damage, loss, liabilities, injury, costs, expenses or claims (whether in contract, tort or otherwise) suffered by the participants of the Campaign or any third parties arising out of or in connection with participating in the Campaign or accepting the Campaign Rewards. For the avoidance of doubt, the Rand-equivalent value of Tether Gold (XAUT) Campaign Rewards will fluctuate with the market price of gold and Luno accepts no responsibility for any decrease in the value of XAUT allocated as Campaign Rewards.

8. Personal information: Personal information will be processed in accordance with Luno’s privacy notice for the purpose of administering the Campaign, for example to share aggregate anonymised information about cryptocurrencies spent through Luno Pay with Tether without sharing individual Customer data. You may exercise your right to object to Luno processing your personal information by submitting a request through our privacy rights webform.

9. Governing law: These Rules shall be governed by and interpreted in accordance with South African law and any disputes arising from the Campaign shall be subject to the exclusive jurisdiction of the courts of South Africa.