1. Overview

1.1 PT Luno Indonesia Ltd ("Luno") offers a referral programme for eligible Luno customers in Indonesia who introduce new over-the-counter trading customers to Luno (the "OTC Ambassador Programme" or the "Programme").

1.2 The Programme comprises:

(a) a Referral Commission, as described in Section 6;

(b) OTC Ambassador status, as described in Section 7;

(c) an OTC Ambassador Bonus, as described in Section 8.

1.3 Without limiting the applicability of Luno's Terms of Use, Privacy Policy, OTC Desk Terms, and the General Rewards and Promotions Terms, you agree to be bound by these terms and conditions when participating in the Programme (the "Rules"). You agree to accept any decision made by Luno under these Rules as final and binding, save in the case of manifest error.

1.4 The Programme rewards a Referrer by reference to trading activity carried out by another person. A Referrer does not act for Luno, does not act for any Referred Customer, and has no authority to bind either. Section 14 applies.

2. Definitions

2.1 For the purposes of these Rules:

"Account Approval Date" means, in respect of a Referred Customer, the date on which Luno notifies that person that their Luno account has been approved and enabled for OTC transactions.

"Ambassador Status" means the status described in Section 7.

"Bonus" means the Ambassador Bonus described in Section 8.

"Business Day" means a day other than a Saturday, Sunday or public holiday in Indonesia, on which commercial banks are open for general business in Indonesia.

"Commission" means the Referral Commission described in Section 6.

"Customer" means the holder of a Luno account, whether a natural person or a legal entity.

"Eligible Referrer" means a Customer who satisfies every criterion in Section 4 at the relevant time, and "you" is construed accordingly.

"Existing Customer" means a person who holds, or who at any time before the relevant Referral was submitted held, a Luno account, whether or not that account was verified, funded, used or subsequently closed.

"Group" means, in relation to a legal entity, that entity together with any other entity that controls it, is controlled by it, or is under common control with it.

"Initial Volume" means, in respect of a Referred Customer, the first IDR 1,000,000,000 of Qualifying OTC Volume executed by that Referred Customer, counted cumulatively from their first OTC transaction and regardless of when it is executed.

"Luno Platform" means the Luno website, mobile applications and any other interface through which Luno makes its services available to customers in Indonesia.

"Monthly Referred Volume" means, in respect of a Referrer and a Reward Month, the aggregate Qualifying OTC Volume executed during that Reward Month by all of that Referrer's Referred Customers, excluding each Referred Customer's Initial Volume, and the Qualifying OTC Volume of any Referred Customer excluded under Section 9.4.

"OTC" means any transaction executed through Luno's over-the-counter desk, or by negotiated, brokered or otherwise off-order-book arrangement, whether or not settled on the Luno Platform.

"Programme Period" has the meaning given in Section 3.1.

"Promo Code" means a Bitcoin promotional code issued by Luno in satisfaction of a monetary Reward under Section 13.

"Qualified Customer" means a Referred Customer whose Qualifying OTC Volume during their Qualifying Window is at least IDR 1,000,000,000.

"Qualifying OTC Volume" means the aggregate IDR value of OTC transactions executed and completed as recorded in Luno's systems, calculated so that the value of each transaction is added to the aggregate regardless of whether it is a buy or a sell, and excluding every transaction described in Section 10.3.

"Qualifying Window" means, in respect of a Referred Customer, the period of 30 consecutive calendar days beginning on and including their Account Approval Date.

"Referral" means the submission of a prospective customer to Luno in accordance with Section 5.

"Referral Code" means the unique code issued by Luno to an Eligible Referrer on registration for the Programme.

"Referred Customer" means a person attributed to a Referrer under Section 5.

"Referrer" means an Eligible Referrer who has been issued a Referral Code.

"Related Person" means, in relation to a Referrer: an immediate family member; a person resident at the same address; a person over whose Luno account the Referrer holds signing authority, or control, or whose Luno account the Referrer funds in whole or in part; any legal entity that the Referrer controls, that controls the Referrer, or that is under common control with the Referrer; and, where the Referrer is a legal entity, any of its directors, officers, authorised representatives or ultimate beneficial owners, and any immediate family member of such a person.

"Retention Period" means each period of three consecutive Reward Months during which a Referrer holds Ambassador Status, the first beginning with the Reward Month in which that Ambassador Status takes effect and each subsequent period beginning immediately after the end of the preceding one.

"Reward" means a Commission or a Bonus.

"Reward Month" means a calendar month falling wholly or partly within the Programme Period.

2.2 Headings are for convenience only and do not affect interpretation. References to a Section are to a section of these Rules. "Including" and "for example" are not words of limitation. References to IDR are to Indonesian Rupiah.

3. Programme Period

3.1 The Programme will run from 2 November 2026 at 00:00 (GMT+7) until and including 30 November 2027 at 23:59 (GMT+7) (the "Programme Period").

3.2 A Referred Customer's Qualifying Window must fall wholly within the Programme Period. Accordingly, no Commission is payable in respect of a Referred Customer whose Account Approval Date falls before 2 November 2026 or after 1 November 2027.

3.3 The final Reward Month of the Programme is November 2027. A Reward earned in respect of a completed Reward Month falling within the Programme Period will be issued in accordance with Section 13 notwithstanding that the date of issue falls after the end of the Programme Period.

3.4 The Programme operates on a calendar-month cycle. All times are determined by the timestamps recorded on Luno's systems, in GMT+7.

3.5 The Programme is subject to suspension, modification and termination in accordance with Section 19. Termination of the Programme does not create any entitlement to compensation.

4. Referrer eligibility

4.1 General. Participation in the Programme is limited to Customers who meet all of the following criteria at all relevant times:

(a) the Customer holds either:

    (i) an individual Luno account, where the account holder is a natural person aged at least 18 years who has verified their identity to at least KYC Level 3; or

    (ii) a business or corporate Luno account, where the account holder is a legal entity established and registered in Indonesia that has satisfied Luno's business verification (KYB) requirements in full;

(b) the Customer is verified and located in Indonesia;

(c) the account is active and in good standing, meaning an account not suspended, restricted, dormant, or flagged for AML, sanctions or fraud review;

(d) the Customer complies with Luno's Terms of Use and all applicable laws;

(e) the Customer has registered for the Programme, accepted these Rules, completed any additional verification required by Luno under Section 4.3, and been issued a Referral Code; and

(f) the Customer holds a valid tax identification number (NPWP) or, in the case of an individual, a population identification number (NIK).

4.2 Business and corporate Referrers — additional requirements. In addition to Section 4.1, where the Referrer is a legal entity:

(a) each individual who accepts these Rules or operates the account must be duly authorised to do so on behalf of the entity, and Luno may require evidence of that authority at any time;

(b) the entity must have disclosed its ultimate beneficial owners to Luno and must notify Luno promptly of any change; and

(c) the entity must nominate a single email address registered with Luno for Programme communications and for delivery of Rewards under Section 13, and is responsible for keeping that address current and for controlling access to it.

4.3 Referrer due diligence. Registration for the Programme is at Luno's discretion. Luno may carry out identity, sanctions, politically exposed person, adverse media and beneficial ownership screening on any applicant or Referrer, and may decline an application, or suspend or terminate participation, without giving reasons. Luno may repeat such screening at any time during the Programme Period.

4.4 Excluded persons. A Customer is excluded from the Programme if they:

(i) participate using fake or fraudulent details;

(ii) fail to maintain an account in good standing at the time a Reward is calculated, issued or delivered;

(iii) are an employee, officer, director, or contractor of Luno, its parent company, or any of its subsidiaries;

(iv) are an immediate family member of a person in category (iii); or

(v) are a legal entity that is a member of Luno's Group, or that is controlled by, or of which a director, officer or ultimate beneficial owner is, a person in category (iii) or (iv).

4.5 Eligibility is assessed continuously. A Customer who ceases to satisfy any criterion in this Section 4 ceases to be an Eligible Referrer with immediate effect, and Section 18 applies.

5. Referrals, attribution and exclusions

5.1 How a Referral is made. A person is attributed to a Referrer as a Referred Customer only where:

(a) that person applied for a Luno account using the Referrer's Referral Code; or

(b) the Referrer submitted that person's details to Luno through the channel Luno designates for the Programme, and Luno confirmed the submission, in each case before that person applied for a Luno account.

5.2 No retroactive attribution. A person who has already applied for a Luno account cannot be attributed to a Referrer. Luno will not accept a claim submitted after the event, however it is evidenced.

5.3 One Referrer per Referred Customer. A Referred Customer may be attributed to one Referrer only, and that attribution is permanent for the duration of the Programme Period. Where two or more Referrers claim the same person, attribution is determined by the earlier timestamp recorded on Luno's systems. Luno's determination is final, save in the case of manifest error.

5.4 Existing Customers are excluded. An Existing Customer cannot be a Referred Customer. No Commission is payable, no Existing Customer counts toward Ambassador Status, and no volume transacted by an Existing Customer is included in Monthly Referred Volume.

5.5 Related Persons are excluded. A Referrer may not refer a Related Person. Where Luno identifies that a Referred Customer is a Related Person of their Referrer, no Reward is payable in respect of that Referred Customer, any Reward already issued in respect of that Referred Customer may be recovered under Section 13.7, and Sections 15 and 18 may apply. A Referrer must notify Luno promptly if a Referred Customer becomes a Related Person.

5.6 Declaration. On registration, and on each Referral if Luno requires, a Referrer must declare that the person referred is not a Related Person and that the Referrer has not and will not fund, control, or exercise signing authority over that person's Luno account.

5.7 No role in onboarding. A Referrer has no role in the onboarding, identity verification or customer due diligence of a Referred Customer. A Referrer must not collect, complete, submit or hold any verification document on behalf of a prospective or actual Referred Customer, and must not represent that they can influence the outcome or timing of any Luno onboarding, compliance or review process.

5.8 Disclosure to the prospective customer. Before or at the time of making a Referral, a Referrer must disclose to the person being referred that the Referrer may receive a Reward from Luno if that person opens an account and transacts.

5.9 Luno is under no obligation to approve any person referred, to open any account, or to provide OTC services to any person, and no Referral creates any such obligation.

6. Tier 1 — Referral Commission

6.1 A Referrer is entitled to a Commission of IDR 1,500,000 in respect of each Referred Customer who becomes a Qualified Customer.

6.2 A Referred Customer becomes a Qualified Customer where their Qualifying OTC Volume during their Qualifying Window reaches at least IDR 1,000,000,000.

6.3 Qualifying OTC Volume is counted cumulatively across the Qualifying Window. Volume executed after the Qualifying Window closes does not count toward qualification and cannot be used to qualify a Referred Customer, whatever its amount.

6.4 Where a Referred Customer does not reach IDR 1,000,000,000 of Qualifying OTC Volume within their Qualifying Window, the Referral lapses and no Commission is or becomes payable in respect of that Referred Customer at any time.

6.5 One Commission only is payable in respect of each Referred Customer, regardless of any volume that Referred Customer transacts after qualification, and regardless of whether the Referrer subsequently attains, loses or re-attains Ambassador Status.

6.6 A Commission is issued in accordance with Section 13 within twenty (20) Business Days after the first day of the calendar month following the Reward Month in which the Referred Customer became a Qualified Customer.

7. Tier 2, Scheme 1 — Ambassador Status

7.1 A Referrer attains Ambassador Status where five Referred Customers attributed to that Referrer have each become a Qualified Customer.

7.2 The five Qualified Customers are counted cumulatively across the Referrer's participation in the Programme, subject to Section 9. There is no time limit within which the five must be reached.

7.3 Ambassador Status takes effect on the first day of the calendar month following the Reward Month in which the fifth Qualified Customer became a Qualified Customer, and entitles the Referrer to the Bonus under Section 8 from that date.

7.4 Attaining Ambassador Status does not give rise to any additional Commission. The Commission payable under Section 6.1 in respect of each of the five Qualified Customers is the same Commission and is not duplicated.

7.5 Retention requirement. To retain Ambassador Status, a Referrer must introduce at least five new Qualified Customers during each Retention Period. This requirement applies to every Retention Period for so long as the Referrer holds Ambassador Status, and continues until the end of the Programme Period. Satisfying the requirement in respect of one Retention Period does not relieve the Referrer of it in respect of any subsequent Retention Period.

7.6 Only Referred Customers who become Qualified Customers during a Retention Period count toward the requirement in Section 7.5 for that Retention Period. Qualified Customers counted toward attaining Ambassador Status under Section 7.1 do not count toward any Retention Period.

7.7 A Qualified Customer counts toward one Retention Period only, being the Retention Period during which they became a Qualified Customer. Where a Referrer introduces more than five Qualified Customers during a Retention Period, the surplus does not carry forward to any subsequent Retention Period.

7.8 Where a Referrer satisfies Section 7.5 in respect of a Retention Period, Ambassador Status continues and a new Retention Period begins on the day immediately following the end of the preceding one.

7.9 Where a Referrer does not satisfy Section 7.5 in respect of a Retention Period, Ambassador Status ceases in accordance with Section 9.1.

8. Tier 2, Scheme 2 — Ambassador Bonus

8.1 A Referrer who holds Ambassador Status throughout a Reward Month is entitled to a Bonus in respect of that Reward Month where their Monthly Referred Volume for that Reward Month is at least IDR 10,000,000,000.

8.2 The Bonus is determined by the highest threshold in the following table that the Referrer's Monthly Referred Volume meets or exceeds:

8.3 For the avoidance of doubt:

(a) only one Bonus is payable per Referrer per Reward Month, and the amounts in the table are not cumulative. A Monthly Referred Volume of IDR 50,000,000,000 gives rise to a Bonus of IDR 5,000,000, and not to the sum of the amounts for each threshold passed;

(b) where Monthly Referred Volume is at least IDR 100,000,000,000, the Bonus is 0.02% of the whole of the Monthly Referred Volume and not of the amount by which it exceeds IDR 100,000,000,000, and the table of fixed amounts does not apply; and

(c) a Monthly Referred Volume that falls between two thresholds gives rise to the Bonus for the lower threshold. Partial amounts do not give rise to any additional Bonus.

8.4 No carry-forward. Monthly Referred Volume resets at the beginning of each calendar month. Volume does not accumulate, carry forward, or roll over between Reward Months.

8.5 The Bonus is calculated in IDR and rounded down to the nearest IDR 1 before conversion under Section 13.4.

8.6 A Bonus is issued in accordance with Section 13 within twenty (20) Business Days after the first day of the calendar month following the Reward Month to which it relates.

8.7 Where Ambassador Status ceases part-way through a calendar month under Section 9.2, no Bonus is payable in respect of that Reward Month. Thresholds are not pro-rated.

8.8 All Referred Customers count. Subject to Sections 9.4 and 10.4, Monthly Referred Volume includes the Qualifying OTC Volume of every Referred Customer attributed to the Referrer, whether or not that Referred Customer became a Qualified Customer and whether or not a Commission was paid in respect of them.

9. Loss of Ambassador Status and reset

9.1 Where the requirement in Section 7.5 is not satisfied in respect of a Retention Period, the Referrer ceases to hold Ambassador Status with effect from the first day of the calendar month immediately following the end of that Retention Period. By way of example, where Ambassador Status takes effect on 1 March, the first Retention Period comprises March, April and May. If five new Qualified Customers were not introduced during those three months, Ambassador Status ceases on 1 June. If they were, Ambassador Status continues and the next Retention Period comprises June, July and August, and so on for so long as Ambassador Status is held.

9.2 Ambassador Status also ceases immediately where the Referrer ceases to be an Eligible Referrer, where their participation is suspended or terminated under Section 18, or where they leave the Programme under Section 18.4.

9.3 On ceasing to hold Ambassador Status:

(a) entitlement to the Bonus ceases, and no Bonus is payable in respect of any Reward Month beginning on or after the date Ambassador Status ceased;

(b) the Referrer's count of Qualified Customers resets to zero; and

(c) Commissions already issued are not affected and are not recoverable by reason only of the loss of Ambassador Status.

9.4 Referred Customers attributed before a reset. A Referred Customer attributed to a Referrer at any time before Ambassador Status ceased does not count toward re-attaining Ambassador Status under Section 7.1, and their Qualifying OTC Volume is excluded from that Referrer's Monthly Referred Volume in every subsequent Reward Month. This exclusion is permanent, applies for the remainder of the Programme Period, and continues to apply where the Referrer subsequently re-attains Ambassador Status.

9.5 A Referrer who remains an Eligible Referrer after ceasing to hold Ambassador Status continues to participate in the Programme at Tier 1 and remains entitled to a Commission under Section 6 in respect of Referred Customers attributed to them after the reset.

9.6 Ambassador Status may be re-attained under Section 7.1, counting only Referred Customers attributed to the Referrer after the reset. A new first Retention Period begins on the date the re-attained Ambassador Status takes effect, and Sections 7.5 to 7.9 and this Section 9 apply afresh.

10. Qualifying OTC Volume: calculation and exclusions

10.1 Qualifying OTC Volume is calculated by reference to OTC transactions executed and completed, as recorded in Luno's systems. The IDR value of a transaction is the IDR consideration recorded by Luno at the time the transaction is executed.

10.2 Timestamps recorded on Luno's systems (GMT+7) determine the Qualifying Window and the Reward Month in which a transaction falls.

10.3 Non-qualifying transactions. The following are excluded from Qualifying OTC Volume and from Monthly Referred Volume, and do not count toward any Commission, Ambassador Status or Bonus:

(a) transactions executed on the Luno Exchange, whether as maker or taker;

(b) transactions executed through Luno's Instant Buy/Sell, Multi-buy, Repeat Buy or Bundle features;

(c) cancelled, failed, incomplete, expired or rejected transactions;

(d) reversed, refunded or charged-back transactions;

(e) deposits, top-ups and withdrawals of fiat currency;

(f) sending or receiving crypto assets to or from another wallet, including transfers between Luno accounts;

(g) crypto asset balances already held;

(h) promotional credits, bonus amounts, rewards, airdrops and any value received under this or any other Luno promotion, and the redemption of any Promo Code;

(i) self-trading and any other form of market manipulation;

(j) transactions that Luno reasonably determines are abusive, fraudulent, manipulative, or undertaken without genuine economic purpose and principally to qualify for or increase a Reward; and

(k) any transaction category designated by Luno as ineligible from time to time, effective on publication.

10.4 Initial Volume is excluded from the Bonus. Each Referred Customer's Initial Volume is excluded from Monthly Referred Volume. It is not excluded from Qualifying OTC Volume for the purposes of determining whether that Referred Customer becomes a Qualified Customer under Section 6.2.

10.5 The effect of Section 10.4 is that the first IDR 1,000,000,000 a Referred Customer transacts is rewarded by the Commission under Section 6 and is not rewarded a second time under the Bonus. Initial Volume is measured as a running cumulative total for each Referred Customer from their first OTC transaction, and not by reference to any Reward Month or to the Qualifying Window. Where a Referred Customer's cumulative Qualifying OTC Volume passes IDR 1,000,000,000 part-way through a Reward Month, only the amount above IDR 1,000,000,000 is included in Monthly Referred Volume for that Reward Month.

10.6 By way of example, a Referred Customer executes IDR 600,000,000 of Qualifying OTC Volume in November 2026 and a further IDR 800,000,000 in December 2026. Nothing is included in Monthly Referred Volume for November 2026. Their cumulative total passes IDR 1,000,000,000 during December 2026, so IDR 400,000,000 is included in Monthly Referred Volume for December 2026. All Qualifying OTC Volume they execute from January 2027 onward is included in full.

11. Interaction with other Luno promotions

11.1 Participation in the Programme does not prevent a Referrer from participating in any other Luno promotion, and the same transaction may count toward a Reward under this Programme and toward a reward under another Luno promotion, unless the terms of that other promotion expressly state otherwise.

11.2 Participation in the Programme does not of itself make a Referred Customer ineligible for any other Luno promotion. A Referred Customer's eligibility for any other promotion is determined by the terms of that promotion.

11.3 Where the terms of another Luno promotion expressly exclude participation by a Referred Customer, or exclude stacking with this Programme, those terms prevail in respect of that promotion.

12. Calculation, valuation and records

12.1 All calculations under these Rules are made by reference to Luno's own systems and records, which are determinative save in the case of manifest error.

12.2 Luno's calculation of Qualifying OTC Volume and Monthly Referred Volume, its determination of whether a person is a Qualified Customer, its determination of Ambassador Status, and its calculation of any Reward are final, save in the case of manifest error.

12.3 Luno may recalculate and correct any determination or Reward at any time where a transaction is cancelled, refunded, reversed or corrected, where an attribution is found to be incorrect, or where an error is identified, including after a Reward has been issued.

12.4 Any figure displayed to a Referrer through the Luno Platform or in any statement, dashboard or report is indicative only. It does not create any entitlement and is not a determination of any Reward. Luno's final determination under this Section prevails.

13. Issue of Rewards, withholding, recovery and set-off

13.1 Form and timing. A Reward will be distributed in the form of a Bitcoin Promo Code, sent to the Referrer's email address registered with Luno, within twenty (20) Business Days after the first day of the calendar month following the Reward Month in which the Reward was earned, or as soon as reasonably practicable thereafter where Luno requires additional time to verify entitlement or to complete a review under Section 13.6 or Section 17.

13.2 Where the Referrer is a legal entity, the Promo Code will be sent to the email address nominated under Section 4.2(c) and may be redeemed only into that entity's Luno account.

13.3 It is the Referrer's responsibility to ensure that the email address registered with Luno is correct and current, and to redeem the Promo Code. Luno is not liable for any failure to receive a Promo Code due to spam filtering, junk email, an incorrect or out-of-date email address, or any other cause not attributable to Luno.

13.4 Conversion. The Reward is calculated in IDR under Sections 6 and 8 and converted to Bitcoin at the Luno rate prevailing at the time the Promo Code is generated. The value of Bitcoin may rise or fall after that time, and Luno is not responsible for any such change.

13.5 Redemption and expiry. The period within which a Promo Code must be redeemed will be stated in the email by which it is issued. An unredeemed Promo Code expires at the end of that period and the Reward is forfeited. The Referrer's account must satisfy Section 4 at the time of redemption.

13.6 Luno may withhold the issuing of any Reward pending completion of a fraud, AML, sanctions, security or compliance review, without prior notice where notice would prejudice that review. Luno is not obliged to issue any Reward where doing so would breach applicable law, a regulatory requirement, a sanctions obligation, or a direction from a competent authority.

13.7 Recovery and set-off. Where a Reward has been issued in error, or where it is subsequently determined that the Referrer was not entitled to it, including where a transaction is cancelled, reversed or refunded, where a Referred Customer is found to be an Existing Customer or a Related Person, where a Referred Customer fails ongoing customer due diligence or is offboarded, or where Section 15 applies, Luno may (a) cancel an unredeemed Promo Code, (b) reverse or debit the equivalent amount from the Referrer's Luno account, (c) deduct it from any future Reward, or (d) recover it as a debt due from the Referrer. Luno may exercise these rights without prior notice where necessary to prevent further loss, and will notify the Referrer promptly afterwards.

13.8 The rights in Section 13.7 may be exercised for a period of twelve (12) months from the date the Reward was issued, or at any time where fraud or dishonesty is reasonably suspected.

14. Referrer obligations and conduct

14.1 A Referrer must:

(a) maintain accurate and current account information, including the registered email address;

(b) comply with applicable laws, Luno's Terms of Use and these Rules;

(c) complete any verification requested by Luno, including beneficial ownership verification for entity accounts;

(d) cooperate with any fraud, security, AML, sanctions or compliance investigation; and

(e) not share, sell or transfer their Referral Code, any Promo Code or any Reward.

14.2 No authority and no agency. A Referrer is not an agent, employee, representative, partner or introducing broker of Luno. A Referrer must not:

(a) state or imply that they act for, on behalf of, or with the authority of Luno;

(b) use Luno's name, logo, trade marks or branding, or produce any marketing or promotional material referring to Luno, without Luno's prior written approval;

(c) enter into any commitment on Luno's behalf, or make any representation or warranty about Luno's services, pricing, spreads, execution, security or regulatory status; or

(d) offer, promise or pay any inducement to a prospective or actual Referred Customer in connection with a Referral.

14.3 No advice. A Referrer must not provide, or hold themselves out as providing, financial, investment, tax, accounting or legal advice, and must not make any representation or forecast as to the price, performance or return of any crypto asset, or as to any outcome of transacting with Luno.

14.4 No solicitation to transact for the purposes of a Reward. A Referrer must not encourage or induce any Referred Customer to execute any transaction for the purpose of reaching a threshold under these Rules, or otherwise than in accordance with that Referred Customer's own circumstances, objectives and risk tolerance.

14.5 A Referrer must not use, disclose or retain any information about a Referred Customer's account, holdings or transactions other than as permitted by Luno and by applicable law.

14.6 Breach of this Section 14 may result in suspension or termination of participation under Section 18, forfeiture or recovery of any Reward under Section 13.7, and action under Luno's Terms of Use.

15. Fraud, abuse and misuse

15.1 Luno may suspend, cancel, withhold, reverse or deny any Reward, and may remove a Referrer from the Programme, if it reasonably believes that the Referrer, a Referred Customer, or any person acting in concert with either, has:

(a) engaged in wash trading or self-trading;

(b) manipulated trading activity or market prices;

(c) created or controlled multiple accounts in breach of these Rules;

(d) submitted a Referral in respect of an Existing Customer or a Related Person;

(e) used automated scripts, bots or unauthorised access to generate volume;

(f) engaged in fraudulent, deceptive or abusive conduct;

(g) attempted to artificially increase Qualifying OTC Volume or Monthly Referred Volume;

(h) breached these Rules or Luno's Terms of Use; or

(i) otherwise attempted to obtain any Reward improperly.

15.2 No genuine economic purpose. Without limiting Section 15.1, Luno may void some or all of a Referrer's Qualifying OTC Volume or Monthly Referred Volume where Luno reasonably considers that transactions were entered into without genuine economic purpose and principally to qualify for or increase a Reward. Indicators include: repeated buying and selling of the same or substantially similar assets within a short period with no material change in net position; sequences of transactions in round amounts at or around a threshold in Sections 6.2 or 8.2 that produce no corresponding change in portfolio composition; transactions timed around the end of a Reward Month or the close of a Qualifying Window to reach a threshold; volume concentrated immediately below and then crossing a threshold in Section 8.2 in the final days of a Reward Month; funding of a Referred Customer's account by the Referrer or by a Related Person; and coordinated activity across two or more accounts.

15.3 Luno's determination under this Section is made in good faith on the basis of available information and is final, save in the case of manifest error.

15.4 Nothing in this Section limits any other right or remedy available to Luno, including account suspension or closure under the Terms of Use and any reporting obligation to a competent authority.

16. Multiple accounts and persons acting in concert

16.1 Where Luno identifies multiple accounts controlled by, or acting in concert with, the same person, Luno may treat those accounts as a single participant, exclude all of them from the Programme, or void volume and Rewards attributable to any of them.

16.2 Indicators of accounts acting in concert include shared device or network identifiers, shared funding sources, shared beneficial ownership, common signatories or authorised representatives, a common address, and correlated transaction patterns.

16.3 Qualifying OTC Volume cannot be combined or aggregated across multiple Referred Customer accounts in order to reach the threshold in Section 6.2.

17. Compliance and regulatory requirements

17.1 Participation in the Programme remains subject to all applicable laws and regulations, including those relating to sanctions, anti-money laundering and counter-terrorism financing.

17.2 Each Referred Customer is subject to Luno's customer due diligence, onboarding and ongoing monitoring requirements in full, independently of any Referral. Nothing in this Programme alters, abbreviates or waives any such requirement, and no Referral gives rise to any presumption as to a person's eligibility to be onboarded.

17.3 Luno may suspend, modify or terminate any Reward, or a Referrer's participation, where necessary to comply with applicable law, regulatory guidance, or a direction from a competent authority.

17.4 Luno may require a Referrer to provide additional information or documentation as a condition of continued participation or of receiving any Reward.

18. Suspension and removal of individual participation

18.1 Luno may suspend or terminate a Referrer's participation in the Programme, with immediate effect and without prior notice where necessary, where:

(a) the Referrer ceases to be an Eligible Referrer;

(b) Section 15, 16 or 17 applies;

(c) the Referrer breaches Section 5 or Section 14;

(d) the Referrer's Luno account is suspended, restricted or closed for any reason; or

(e) continued participation would expose Luno to legal, regulatory or reputational risk.

18.2 On suspension or termination of participation, Ambassador Status ceases immediately, Section 9.3 and Section 9.4 apply, any unredeemed Promo Code may be cancelled, and any Reward not yet issued is forfeited unless Luno determines otherwise.

18.3 Sections 9.4, 12, 13.7, 13.8, 15, 21, 23, 26 and 29 survive termination of participation.

18.4 A Referrer may leave the Programme at any time by notifying Luno through an official support channel. Leaving does not entitle the Referrer to any Reward not yet earned and issued, and Section 9 applies.

19. Suspension, modification and termination of the Programme

19.1 Luno may suspend, modify or discontinue the Programme, in whole or in part, where reasonably necessary for operational reasons, security, fraud prevention, system maintenance, legal or regulatory compliance, or commercial reasons.

19.2 Termination or modification of the Programme does not create any entitlement to compensation.

19.3 On termination of the Programme, Rewards earned in respect of a completed Reward Month and not yet issued will be issued in the ordinary course, subject to these Rules.

20. Queries and claims

20.1 If you believe a Reward has been incorrectly calculated or has not been issued correctly, or that an attribution is incorrect, you must notify Luno through an official support channel within thirty (30) calendar days of the last date on which the Reward was due to be issued under Section 13.1, or of the attribution.

20.2 Luno will investigate and respond within a reasonable period. Claims notified after the period in Section 20.1 may not be considered, except where applicable law requires otherwise or where the delay was not reasonably avoidable.

20.3 This Section does not limit any right you have under Indonesian consumer protection law.

21. Taxes

21.1 A Reward is consideration for the introduction of a customer and may constitute taxable income in the hands of the Referrer.

21.2 Referrers are solely responsible for determining, declaring and paying any taxes arising from participation in the Programme or receipt of any Reward, except to the extent that applicable law requires Luno to withhold, deduct or report.

21.3 Where Luno is required to withhold or deduct, the Reward will be issued net of that withholding or deduction, and Luno will report and remit as required.

21.4 Luno may require a Referrer to provide a tax identification number (NPWP) or, in the case of an individual, a population identification number (NIK), and any other documentation reasonably required for tax purposes, before issuing a Reward.

21.5 Nothing communicated by Luno constitutes tax advice. Referrers should obtain independent tax advice.

22. Risk warning and no advice

22.1 Trading and investing in crypto assets is a high-risk activity. The value of crypto assets can rise and fall significantly in a short period and a person may lose part or all of the value of their investment.

22.2 The Programme is a referral programme. It does not constitute financial or investment advice, or a recommendation to buy, hold or sell any crypto asset, or to transact at any particular volume.

22.3 Thresholds under these Rules are not targets. Any decision to transact should be based on the transacting person's own circumstances, objectives and risk tolerance, and not on a desire to reach a threshold or to procure a Reward for any other person.

22.4 Luno does not encourage the purchase of crypto using debt or borrowed funds of any kind.

22.5 Rewards are issued in Bitcoin. The value of a Reward in IDR terms may fall after it is issued. Section 13.4 applies.

23. Limitation of liability

23.1 To the maximum extent permitted by applicable law, Luno is not liable for any indirect, incidental, consequential, exemplary, punitive or special damages, or for any loss of profit, revenue, opportunity, data or goodwill, arising out of or in connection with the Programme.

23.2 To the maximum extent permitted by applicable law, Luno is not liable for any loss arising from: the unavailability, delay, error or malfunction of the Luno Platform; a delay in issuing or a failure to issue a Reward where Section 13.6, 17 or 19 applies; the non-receipt, non-redemption or expiry of a Promo Code; the refusal of any Referral or of any application for a Luno account; the conduct of any Referred Customer; any act or omission of a third party; or any change in the value of a crypto asset.

23.3 Luno gives no assurance as to the volume any Referred Customer will transact, as to the continuation of any Referred Customer's relationship with Luno, or as to the amount of any Reward.

23.4 Nothing in these Rules excludes or limits liability where such exclusion or limitation is prohibited by applicable law, including any liability that cannot be excluded under Indonesian consumer protection law.

24. Changes to the Programme and these Rules

24.1 Luno may at any time amend these Rules, and may introduce, vary, suspend, withdraw or discontinue the Programme, any tier, any Reward, any qualification threshold, any Bonus amount or rate, and any Commission amount.

24.2 A change takes effect on publication on the Luno Platform or through another official communication channel, unless Luno states a later effective date.

24.3 Luno will act in good faith in exercising its rights under this Section, and may inform Referrers of a change through the channels described in Section 25. Luno is not obliged to give prior notice of any change.

24.4 Continued participation after the effective date constitutes acceptance of the change. A Referrer who does not accept a change may leave the Programme under Section 18.4.

24.5 Notwithstanding Section 24.2, a change that reduces the Commission amount, reduces a Bonus amount or rate, or increases a qualification threshold does not apply to a Reward Month that has already begun, or to a Qualifying Window that has already opened, and takes effect from the first day of the following calendar month. A Reward already earned in respect of a completed Reward Month is not affected by a subsequent change.

25. Communications

25.1 Luno may communicate Programme-related information through the Luno Platform, email, SMS, WhatsApp, push notification, in-app message, or any other official communication channel associated with the account.

25.2 It is the Referrer's responsibility to keep their contact details current and to monitor those channels. Because Rewards are delivered by email under Section 13, an out-of-date registered email address may result in a Reward being forfeited under Section 13.5.

25.3 Luno will only communicate through its official channels. Luno will never request your password, one-time passcode, PIN, private key, seed phrase, or any payment in connection with the Programme.

26. Personal data

26.1 Any personal information provided to or generated by Luno for the purposes of the Programme will be handled strictly in accordance with the Luno Privacy Policy and applicable Indonesian data protection law.

26.2 Participation involves the processing of personal data for the purposes of: assessing Referrer eligibility; attributing Referred Customers; calculating and issuing Rewards; fraud, AML, sanctions and compliance monitoring; and regulatory reporting.

26.3 Data provided by a Referrer. Where a Referrer submits the personal data of another person under Section 5.1(b), the Referrer warrants that they have a lawful basis to do so, that they have informed that person that their data will be provided to Luno and of the purposes for which it will be used, and that they will provide evidence of that basis on request. The Referrer indemnifies Luno against any claim arising from a breach of this warranty, to the extent permitted by applicable law.

26.4 Information disclosed to a Referrer. Luno does not disclose a Referred Customer's identity, account details, holdings or individual transactions to a Referrer. Any statement provided to a Referrer under this Programme shows aggregate figures only.

26.5 Where the Referrer is a legal entity, Section 26.1 includes the personal data of its authorised representatives, signatories and ultimate beneficial owners. The entity is responsible for ensuring it has a lawful basis to provide that data to Luno and for informing those individuals accordingly.

27. General

27.1 Severability. If any provision of these Rules is held invalid or unenforceable, the remaining provisions continue in full force.

27.2 No waiver. A failure or delay by Luno in exercising a right under these Rules is not a waiver of that right.

27.3 Assignment. Luno may assign or transfer its rights and obligations under these Rules to any member of its Group or to a successor. A Referrer may not assign or transfer any right under these Rules.

27.4 No third-party rights. These Rules do not confer any right on a person who is not a party to them, including any Referred Customer.

27.5 Force majeure. Luno is not liable for any failure or delay in performing its obligations under these Rules caused by an event beyond its reasonable control.

27.6 No partnership or advisory relationship. Nothing in these Rules creates a partnership, joint venture, agency, fiduciary, employment, brokerage or advisory relationship between Luno and any Referrer.

27.7 Entire agreement. These Rules, together with the documents referred to in Section 1.3, constitute the entire agreement on which Luno operates the Programme. Neither party can rely on, or will have any remedy in respect of, any statement or document not set out in these terms.

28. Language

These Rules are made available in Bahasa Indonesia and in English. In the event of any inconsistency between the two versions, the Bahasa Indonesia version prevails.

29. Governing law and dispute resolution

29.1 These Rules are governed by and interpreted in accordance with the laws of Indonesia.

29.2 Any dispute arising from or in connection with the Programme is subject to the non-exclusive jurisdiction of the courts of Indonesia.