EEA Krak Salary Match Incentive Program Terms

Our provision of the Krak Salary Match Incentive Program is a promotional incentive that sits on top of the E-money Core Services, which continue to be provided and regulated as described in the EEA Terms of Service.

1 Krak Salary Match Incentive Program

1.1 Krak Salary Match Incentive Program overview. We may provide you with the option to participate in a promotional incentive under which you can receive percentage-based rewards on eligible and qualifying salary payments that are paid into your Krak E-Money Wallet (the “Salary Match Incentive Program”). The Salary Match Incentive Program is subject to the EEA Terms of Service, these Incentive Terms and your fulfilment of all applicable eligibility criteria listed on our website.

1.2 Automatic participation. You do not need to make a separate application to participate in the Salary Match Incentive Program. We will automatically review eligible incoming payments to determine whether they qualify for rewards under the Salary Match Incentive Program (“Salary Rewards”).

1.3 Connection with Core Services. The Salary Match Incentive Program is linked to your Krak E-Money Wallet and the E-money Core Services described in Part C of the EEA Terms of Service. The Salary Match Incentive Program does not change your rights or obligations in relation to the E-money Core Services or the treatment of funds in your Krak E-Money Wallet, which remain governed by Part C of the EEA Terms of Service. In particular, your Krak E-Money Wallet is not a bank account and is not covered by any deposit guarantee scheme, as described in section 3 of Part C of the EEA Terms of Service.

1.4 Contracting Kraken entity. For the purposes of these Incentive Terms, the Salary Match Incentive Program is provided by PIL, in its capacity as the provider of the E-money Core Services.

1.5 Nature of the Salary Match Incentive Program. The Salary Match Incentive Program is a discretionary promotional reward programme. Salary Rewards are paid by us and not by your employer or any other third party, and do not constitute interest on e-money or a return on any Crypto-assets. It is your responsibility to pay any tax which may arise from receiving Salary Rewards.

2 Eligibility and Participation

2.1 Geographic restrictions. The Salary Match Incentive Program is only available to Retail Clients who are resident and located in certain countries in the EEA, as described in the Krak app or on our Site. We may vary the list of such countries from time to time to comply with any applicable legal or regulatory obligations and/or our internal policies and requirements.

2.2 Account eligibility. To participate in the Salary Match Incentive Program, you must:

  1. have an active Account and Krak E-Money Wallet;

  2. have successfully completed the identity verification steps that we require for participation in the Salary Match Incentive Program;

  3. satisfy the Qualifying Salary Payment criteria set out in these Incentive Terms; and

  4. not have your Account or Krak E-Money Wallet suspended, restricted or under investigation at the relevant time.

We may periodically review your eligibility, and we may restore or remove your eligibility for the Salary Match Incentive Program in our discretion.

2.3 Qualifying payments(currencies and payment rails). The Salary Match Incentive Program only applies to salary payments that are:

  1. denominated in EUR; and

  2. received into your Krak E-Money Wallet via SEPA (for EUR),

in each case from a third-party payment service provider or bank.

2.4 Ineligible transactions. The following transactions are not eligible for the Salary Match Incentive Program and will not be treated as Qualifying Salary Payments (as defined below):

  1. internal transfers between Kraken Accounts (including Kraken<>Krak transfers);

  2. peer-to-peer transfers between Kraken clients;

  3. self-funded deposits or other transfers where you are, or we reasonably suspect you are, both the payer and the recipient (including where funds are cycled between accounts you control);

  4. any transaction that we reasonably consider to be suspicious, fraudulent, abusive or made in breach of these Incentive Terms;

  5. any transaction relating to an Account or Krak E-Money Wallet that is, at the time, under fraud, sanctions, law enforcement or similar compliance investigation; and

  6. any other transaction type that we specify from time to time in the Krak app or on our Site as being excluded from the Salary Match Incentive Program.

3 Qualifying Salary Payments

3.1 Salary Source. For the purposes of the Salary Match Incentive Program, we will associate your Krak E-Money Wallet with one or more salary-paying counterparties (each a “Salary Source”) based on incoming payments that satisfy the criteria set out in these Incentive Terms. We may at any time determine that:

  1. only one Salary Source will be linked to your Account; and

where there is more than one potential Salary Source, we may select or replace the Salary Source, for example where a new payment source appears more likely to be your primary employer or has a higher qualifying payment amount, as further described in the Krak app or on our Site.

3.2 Mandatory criteria. An incoming payment will only be capable of being treated as a “Qualifying Salary Payment ” if, at the time it is received:

  1. it meets the geographic, account and transaction eligibility criteria in sections 2.1–2.4; and

  1. it forms part of a pattern of payments from the same Salary Source that we reasonably consider to be consistent with a salary or wages (for example, monthly or weekly payments);

3.3 Maintaining eligibility. To continue to qualify for Salary Rewards in respect of a Salary Source, you must:

  1. continue to receive payments from that Salary Source in accordance with sections 3.2;

  2. continue to meet any minimum monthly threshold and other conditions described in the Krak app or on our Site;

  3. not become, and your Account must not become, high risk or subject to the exclusions in section 2.4; and

  4. not engage in circular, artificial or other transactions designed to abuse the Salary Match Incentive Program (for example, making third-party withdrawals back to the same Salary Source in a way that is intended to artificially generate or inflate Salary Rewards).

If you fail to meet these conditions, we may suspend or remove the Salary Source from the Salary Match Incentive Program, and you may cease to qualify for Salary Rewards until the conditions are met again.

4 Salary Rewards

4.1 How Salary Rewards work. If, in a calendar month, you receive one or more Qualifying Salary Payments from a Salary Source in a given currency (a “Qualifying Month”), you may earn a Salary Reward for that Qualifying Month under the Salary Match Incentive Program. In general terms:

  1. we look at the total amount of your Qualifying Salary Payment from that Salary Source in the relevant currency during that Qualifying Month, subject to any minimum thresholds, maximum caps and limits on the number of payments that may be taken into account;

  2. we apply a percentage rate (the “Salary Reward Rate”) to that amount; and

  3. we credit the resulting Salary Reward to your Account after the end of the Qualifying Month.

4.2 Percentage rates, tiers and limits. The Salary Reward Rate that applies to you, and any minimum thresholds, maximum monthly caps, limits on the number of payments per month and any other quantitative conditions, are set out in the Krak app and on our Site.

4.3 Reward currency. Unless we specify otherwise in the Krak app or on our Site, you may choose to receive Salary Rewards either:

  1. in the same Fiat Currency as the relevant Qualifying Salary Payments; or

  2. in BTC,

in each case as described in the Krak app.

If you do not make a selection, we will apply a default reward currency. You may change your reward currency selection for future Salary Rewards at any time via the Krak app, but any change will not affect Salary Rewards already calculated for a past Qualifying Month.

Where Salary Rewards are paid in BTC, we will convert the Fiat Currency value of your Salary Reward into BTC using a rate reasonably determined by us at the time of crediting, and we may include a spread within that rate, in accordance with Part C of the EEA Terms of Service.

4.4 Crediting of Salary Rewards. Salary Rewards for a Qualifying Month will ordinarily be calculated and credited to your Account on or around the first Business Day of the following calendar month, in the reward currency you have selected (or, if you hold more than one Krak E-Money Wallet or multi-currency accounts, in the specific wallet or account described in the Krak app). If, due to operational, technical or other reasons outside our reasonable control, we are unable to calculate or credit Salary Rewards on that date, we will do so as soon as reasonably practicable thereafter.

4.5 Adjustments and reversals. We may adjust or reverse Salary Rewards that have been credited to your Account where:

  1. a Qualifying Salary Payment is reversed, refunded or charged back;

  2. we later determine that a transaction did not in fact meet the criteria to be treated as a Qualifying Salary Payment;

  3. we reasonably determine that the Salary Reward was credited in error; or

  4. we reasonably suspect fraud, abuse or breach of these Incentive Terms.

Where an adjustment or reversal is required, we may debit your Krak E-Money Wallet and/or your Account (including any Crypto-assets) accordingly, and you authorise us to do so. If you do not have sufficient balances to enable us to make the adjustment, the amount will be a debt owed by you to us.

7 Changes, Suspension and Termination of the Salary Match Incentive Program

7.1 Abuse of Salary Rewards. If we reasonably suspect any fraud or misuse by you relating to Salary Rewards, or if you breach these Incentive Terms, we may disqualify you from earning Salary Rewards.

7.2 Changes to the Salary Match Incentive Program. We may make changes to the commercial features of the Salary Match Incentive Program (including the tiers, Salary Reward Rates, thresholds, caps, currencies, eligibility criteria and payment rails), as well as withdraw it, at any time. You can check the Krak App at any time to find the latest Salary Rewards available to you.