Last updated: February 27, 2020
The Guidelines for U.S. Affiliates (“Guidelines”) as incorporated by reference into the Bybit Affiliate Program Services Agreement (“Services Agreement”) apply to any Affiliate that is a U.S resident or operates in the U.S. (“U.S. Affiliate”). Any violation of these Guidelines will result in immediate termination of the U.S. Affiliate’s status as an Affiliate under the Services Agreement.
Overview of U.S. Regulatory Regime
Under U.S. law, U.S. Affiliates will generally be considered to be Commodity Trading Advisors (“CTA”). CTAs will generally need to be registered with the Commodity Futures Trading Commission (“CFTC”) unless they qualify for an exemption. U.S. Affiliates may qualify for an exemption from registration if they both (a) do not direct the accounts of clients, subscribers, viewers, or followers (“Clients”) and (b) do not provide trading advice tailored to the circumstances of their Clients. Furthermore, all CTAs must comply with CFTC regulations regarding advertising and fraud.
In order to assist U.S. Affiliates with complying with U.S. laws and to ensure that U.S. Affiliates remain exempt from the requirement to register as a CTA, Bybit provides the following guidance.
Required Activity for U.S. Affiliates
DO review all past posts or videos made in connection with the Affiliate Program and edit or remove them as necessary in order to ensure that you have not violated these Guidelines.
DO disclose in any posts or videos made in connection with the Bybit Affiliate Program that the utilization of links to Bybit’s website may result in a commission being paid to the U.S. Affiliate. You do not need to disclose the amount of the commission. Example disclosure language follows:
This video has been made in connection with Bybit’s Affiliate Program. Utilizing the following referral link may result in a commission to us.
Prohibited Activity for U.S. Affiliates
DO NOT make trades on behalf of your Clients.
DO NOT solicit or accept Client funds or other property (or extend credit) to purchase, margin, guarantee or secure any commodity interest of your Clients.
DO NOT provide trading advice tailored to the specific circumstances of any Client, including via live streams, webinars, “Ask-Me-Anything” or AMA sessions, or replying to comments.
DO NOT post any testimonials regarding Bybit’s services UNLESS you prominently disclose the following next to the testimonial:
This testimonial may not be representative of the experience of other clients. The testimonial is no guarantee of future performance or success.
If more than a nominal sum has been paid for the testimonial (over $100 USD), you must disclose the following in addition to the above:
This is a paid testimonial.
DO NOT present any simulated or hypothetical performance results UNLESS you prominently disclose the following paragraph in immediate proximity to the presentation:
These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.
If the performance is presented through a video, the disclosure should appear in text within the video at the beginning of the video. If the performance is presented on a document of any sort, including a slide deck, the disclosure should appear at the bottom of every page of the document or every slide of the deck.
DO NOT present that your operations are “SEC compliant,” “CFTC compliant,” or otherwise recommended, reviewed, or approved by a U.S. federal regulator.
DO NOT make posts or videos that are fraudulent, deceptive, or that contain any information that could be conceived as market manipulation or attempted market manipulation.
If you have any questions in relation to these Guidelines or your obligations as a U.S. Affiliate, please contact the compliance department at firstname.lastname@example.org