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OFFICIAL RULES

First Trade Loss Protection

BY PARTICIPATING IN THE PROMOTION, YOU AGREE TO THESE OFFICIAL RULES AND THE KRAKEN.COM TERMS OF SERVICE, WHICH EACH FORM A CONTRACT. READ THEM CAREFULLY BEFORE PARTICIPATING.

NO PURCHASE NECESSARY TO CREATE A KRAKEN ACCOUNT, BUT A PURCHASE (AN INITIAL CRYPTO INVESTMENT AS DESCRIBED BELOW) IS REQUIRED TO QUALIFY FOR THIS INCENTIVE.

1. Sponsor

The First Trade Loss Protection (“Promotion”) is sponsored by Payward, Inc., a Delaware corporation with registered number 5017249 and registered address at 1209 Orange Street, Wilmington, Delaware 19801 (“Kraken” or “Sponsor”).

2. Eligible Areas

The Promotion is open only to legal residents of the United States (excluding New York and Maine, and any jurisdictions where prohibited by law). The Promotion will not be offered in the United Kingdom, Canada, the European Economic Area, or any other jurisdiction where such promotions are restricted or prohibited.

3. Promotion Period

The Promotion begins at 12:00:01 AM Eastern Time (ET) on September 22, 2025 and continues until terminated by Kraken in its sole discretion. Kraken may amend, suspend, or terminate the Promotion at any time and for any reason, with or without notice.

4. Eligibility

To participate in the Promotion, you must:

  • Be at least 18 years of age (or the age of majority in your jurisdiction of residence, if higher).
  • Be a legal resident of an Eligible Area.
  • Have successfully created and verified a Kraken consumer account through the Kraken mobile app at the Intermediate (“Tier 3”) verification level or higher.
  • Not be a Kraken Related Party (as defined below).

The Promotion is not open to: (a) employees, officers, directors, managers, agents, consultants, or representatives of Kraken or its affiliates; (b) immediate family members of the foregoing; or (c) any person otherwise prohibited under applicable law.

5. How to Participate

  • Eligible Participants who create a Kraken consumer account and make a qualifying investment of USD $100 in BTC, ETH, XRP, or SOL during the Promotion Period will automatically be enrolled.
  • To qualify, the Participant must hold the investment for 30 days from the date of purchase.
  • If, at the conclusion of the 30-day period, the market value of the purchased crypto asset is less than the initial $100 purchase amount, Kraken will reimburse the Participant for the difference in value (“Reimbursement”), up to a maximum of $100 per eligible user, including applicable Kraken trading fees and third-party processing fees (e.g., Apple Pay or Google Pay fees).
  • Limit one (1) Reimbursement per eligible Participant.
  • No opt-in or registration is required beyond the qualifying investment.

6. Prize / Reward

  • Each eligible Participant may receive one (1) Reimbursement, consisting of a credit to the Participant’s Kraken account equal to the amount of loss incurred on the qualifying investment, capped at USD $100 plus applicable fees.
  • Approximate Retail Value (ARV): up to USD $100 per user.
  • Reimbursements will be provided in U.S. dollars or equivalent account credit within thirty (30) days after verification of eligibility.
  • All taxes, fees, and other costs associated with acceptance or use of a Reimbursement are the sole responsibility of the Participant. Kraken may issue tax reporting documentation as required by law.

7. Limitations and Restrictions

  • Each Participant may receive no more than one (1) Reimbursement.
  • The Promotion may not be combined with other offers or promotions.
  • Reimbursements are not transferable and may not be substituted, exchanged, or redeemed for cash, except at the sole discretion of Kraken.
  • Fraudulent, abusive, or manipulative behavior (including but not limited to wash trading, multiple account registrations, or misuse of the Promotion) will result in disqualification.

8. Determination and Delivery of Reimbursement

  • Kraken will calculate the market value of the Participant’s qualifying crypto asset at the end of the 30-day holding period using Kraken’s published exchange rates.
  • Reimbursement will equal the difference between the Participant’s $100 purchase amount (plus applicable Kraken and processing fees) and the closing value of the crypto asset at that time.
  • Reimbursements will be credited to the Participant’s Kraken account within thirty (30) days after verification.

9. Taxes

Participants are solely responsible for all applicable federal, state, and local taxes, duties, and fees associated with receipt and use of the Reimbursement. Kraken may issue IRS Form 1099 or other applicable tax forms to report the value of the Reimbursement. Participants should consult their tax advisors.

10. Notification

Reimbursements will be applied directly to the Participant’s Kraken account. Participants will be notified by email or in-app notification. If Kraken is unable to credit a Reimbursement due to inaccurate information, account restrictions, or regulatory reasons, the Reimbursement may be forfeited.

11. Disqualification

Kraken reserves the right to disqualify any Participant that Kraken determines, in its sole discretion, has violated these Rules, the Kraken.com Terms of Service, or applicable law; engaged in fraud or abuse; or otherwise acted in bad faith in connection with the Promotion.

12. Privacy and Consents

By entering the Promotion, you agree that any content and any other information submitted by you or collected by Kraken in connection with the Promotion may be used by Kraken, including their affiliated business entities. Further, you consent to and opt-in to any communications, including marketing communications, from Kraken. You give consent for Kraken and its agents to obtain and deliver your name, address and other information to third parties for the purpose of administering this Promotion and complying with applicable laws, regulations, and rules. YOU FURTHER ACKNOWLEDGE THAT IF YOU ARE A WINNER, YOUR IDENTIFYING INFORMATION, INCLUDING BUT NOT LIMITED TO YOUR NAME AND ADDRESS, MAY BE DISCLOSED TO THIRD PARTIES TO FACILITATE THE PROMOTION AND COMPLY WITH APPLICABLE LAW, TAX, AND REPORTING REQUIREMENTS. Except as otherwise contemplated in these Rules, Kraken will use personal information collected in connection with the Promotion in accordance with its online privacy policy located at https://kraken.com/legal/privacy. 

13. Limitation of Liability

By participating in the Promotion, you agree to and hereby do release and hold harmless Kraken and the Promotion Related Parties from any damage, injury, death, loss, claim, action, demand, or other liability (collectively, “Claims”) that may arise from your acceptance, possession and/or use of any prize or your participation in this Promotion, regardless of whether such Claims, or knowledge of the facts constituting such Claims, exist at the time of entry or arise at any time thereafter.

BY PARTICIPATING IN THE PROMOTION, YOU AGREE THAT TO THE EXTENT PERMITTED BY APPLICABLE LAW: (1) ANY AND ALL DISPUTES, CLAIMS AND CAUSES OF ACTION THAT CANNOT BE RESOLVED BETWEEN YOU AND KRAKEN, OR THE KRAKEN RELATED PARTIES ARISING OUT OF OR CONNECTED WITH THE PROMOTION WILL BE RESOLVED INDIVIDUALLY, WITHOUT RESORT TO ANY FORM OF CLASS ACTION; (2) ANY AND ALL CLAIMS, JUDGMENTS AND AWARDS WILL BE LIMITED TO ACTUAL THIRD-PARTY, OUT-OF-POCKET COSTS INCURRED, (IF ANY), NOT TO EXCEED TWENTY FIVE DOLLARS ($25.00), BUT IN NO EVENT WILL ATTORNEYS’ FEES BE AWARDED OR RECOVERABLE; (3) UNDER NO CIRCUMSTANCES WILL YOU BE PERMITTED TO OBTAIN ANY AWARD FOR, AND YOU HEREBY KNOWINGLY AND EXPRESSLY WAIVE ALL RIGHTS TO SEEK, PUNITIVE, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES, LOST PROFITS AND/OR ANY OTHER DAMAGES, OTHER THAN ACTUAL OUT-OF-POCKET EXPENSES NOT TO EXCEED TWENTY FIVE DOLLARS ($25.00), AND/OR ANY RIGHTS TO HAVE DAMAGES MULTIPLIED OR OTHERWISE INCREASED; AND (4) YOUR REMEDIES ARE LIMITED TO A CLAIM FOR MONEY DAMAGES (IF ANY) AND YOU IRREVOCABLY WAIVE ANY RIGHT TO SEEK INJUNCTIVE OR EQUITABLE RELIEF.

14. Governing Law and Disputes

These Rules shall be governed by the laws of the State of California without regard to conflict of law principles. Any disputes arising out of or relating to the Promotion shall be resolved exclusively by binding arbitration in San Francisco, California, under the Streamlined Arbitration Rules and Procedures of JAMS.

15. General Terms

Kraken reserves the right to modify these Rules in any way or at any time. Kraken reserves the right, in its sole discretion, to cancel or suspend this Promotion should viruses, bugs or other causes beyond their control corrupt the administration, security or proper operation of the Participation. In the event of cancellation or suspension, Kraken shall promptly post a notice on its website to such effect. Failure to enforce any provision of these Rules shall not constitute a waiver of that provision. Kraken’s decisions will be final in all matters relating to the Promotion. You waive any right to claim ambiguity in the Promotion or these Rules.  The invalidity or unenforceability of any provision of these Rules will not affect the validity or enforceability of any other provision. If the Promotion is not capable of running as planned for any reason, Kraken reserves the right, in our sole discretion, to cancel, modify or suspend the Promotion and unilaterally select winners from eligible submissions received prior to cancellation, modification, or suspension or as otherwise deemed fair and appropriate by Kraken.

Sponsor: Payward, Inc., 1209 Orange Street, Wilmington, Delaware 19801.