Have you also been having issues with the KuCoin affiliate program?
The BuyPreSaleICO team has been hearing a lot of complaints lately that there are issues with the KuCoin affiliate program, and we wanted to highlight them, and hopefully to get comments from other crypto Kucoin affiliates, to see if others are having the same issues.
There was also a lot of complaints about the Binance affiliate program a number of weeks ago, but that was for a different reason – Binance decreased their affiliate’s commission from 50% to 20%. But after having dropped their affiliate payout commission, and at times stopping new registrations for Binance, (which made life for Binance affiliates hard, as that is wasted traffic) they seem to have been stable over the last few weeks.
So what is the issue with the KuCoin affiliate program?
HISTORY OF KUCOIN
Kucoin officially launched it’s centralized crypto exchange, on the 15th September 2017.
The Kucoin white paper discussed 2 different bonus pools:
- If you hold more than 6 KuCoin’s then you share in a percentage of the profit that KuCoin makes on a daily basis – to date, this has not changed from the original vision, and KuCoin still seems to be paying a daily bonus based on the transactional volume on KuCoin from the proceeding 24 hours.
- A 3 tier affiliate program, where you get given a referral link, which you can get others to click on, and then they can get other new Kucoin users, and they can get other new Kucoin users – ie: the referral program was 3 level’s deep.
FIRST ISSUE WITH THE KUCOIN AFFILIATE PROGRAM
The first issue came in early January 2018, when Kucoin suddenly released a notice that the affiliate program was being paused, but that any sign-up’s would continue to be paying on an ongoing basis.
This notice of the suspension of the “Kucoin affiliate program” seemed to be a translation into English using Google translate or some other translation tool, as it didn’t all make sense.
From Reddit user mikelo22:
KuCoin desperately needs someone with English as a first language to proof-read their announcements. It’s difficult to even understand what they’re saying.
Kucoin affiliates were not sure whether they would continue receiving any funds at all, or why this was happening – especially as the 3 level KuCoin affiliate program was an integral part of KuCoin’s white paper, and was a large focus of their marketing effort.
The reason many of KuCoin’s users were furious with them, was that they weren’t just referring the affiliate link to friends and family. They had invested significant time and money into building business’s around the KuCoin affiliate program. Some of the affiliates were building websites, with Kucoin help sites, to guide new users on how to register and start trading with KuCoin. Some were spending a large amount of money on building paid search campaigns including on Google to drive targetted traffic to the KuCoin website.
Users on Reddit discussing KuCoin were furious, outraged, and many vowed not to use KuCoin going forward in the future.
Reddit User: deviltjuh
Thanks Kucoin! Worked hard for my referrals and now we cant register any new customers👌🏻 maybe the Guy with the white Bentley or the blue maseratti can tell me how it feels to screw people! What is next? Steal my KCS bonus?
Reddit User: CrowdConscious
How in the world can Kucoin take out their invitation/referral bonus? It’s in their EFFING BUSINESS MODEL!! Plus, I’ve referred over 1,000 people to the bloody exchange and have written articles detailing a lot of their cool features…but now they’re just taking this away? Like that? My account no longer shows my past referral figures…’The People’s Exchange,’ right.
I’m going to make an example out of them if they take the invitation bonus away – in any capacity. It doesn’t make sense.
In their business model and mentioned in their white paper, it says the invitation bonus is their way of rewarding users…there’s no way they are taking this out entirely – it wouldn’t make sense, but neither does the grammar in that announcement.
Bit nervous about losing the revenue I worked so hard to earn by helping users get registered to the exchange…this image of how ‘Kucoin Exchange only gets 10% of revenue and gives back 90% to ‘the people” is straight on their website too – so what happens to that other 40% that was split 20%, 12%, and 8% between ‘inviters’?
Incidentally, this has 2 interesting consequences:
- The KuCoin users that actually did stop using Kucoin and sold their KuCoin tokens would have sold out near the high, when KuCoin tokens were around $20 per token. At the time of writing, KuCoin is sitting at just over $5 per KuCoin token.
- Volume on KuCoin appears to have dropped significantly since the announcement that the affiliate program on KuCoin was being suspended. This could be across all crypto exchanges, due to the overall market of crypto falling from around the $800 Billion mark at it’s peak, down to sub $400 billion at the time this article is being written. But it could also be that a large number of KuCoin affiliates were also buying, selling and trading the tokens on KuCoin and when they stopped logging in due to the suspension of the KuCoin affiliate program, they stopped trading the alt coin tokens at the same time.
WHY WERE KUCOIN AFFILIATES SO ANGRY?
The reason that many kucoin affiliates were so angry with the immediate suspension in badly written english of the KuCoin affiliate program, was that the affiliate program was 3 level’s deep, and many affiliates had built up substantial 1st tier numbers (many over 1000 new Kucoin registered users) but the real power was when these new kucoin users started becoming power affiliate users themselves, and starting to promote the kucoin program, thus pushing the 2nd & 3rd tier kucoin numbers above the 1st level. By closing the kucoin affiliate program so suddenly, this obviously didn’t happen.
SO IS THE KUCOIN AFFILIATE PAYOUTS CONTINUING
No-one knows whether the payouts for the users the affiliates have got signed up under them will continue and for how long. One of the other things Kucoin did, was to remove the number of registered users, so affiliates can’t see how many users they ended up with on each of the 3 levels.
SECOND ISSUE WITH THE KUCOIN AFFILIATE PROGRAM
For about 2 weeks, kucoin affiliates appear to have received payouts, but now it has come to our attention that a number of kucoin affiliates have had another issue affecting their accounts:
- The kucoin extraction started every Saturday, at different times depending on where you lived. Many affiliates have reported that since last week, this countdown showing how long to the next extraction is showing 0 days 0 hours, which means that there isn’t an upcoming extraction starting. And this past Sunday, many affiliates across the internet, reported that there didn’t seem to be a new extraction happening.
KuCoin was getting extremely positive reports when they started trading just a few short months back – it’s very unfortunate that they chose to close their affiliate program, once again, an integral part of the KuCoin white paper in such an abrupt and sudden manner.
If you were a KuCoin affiliate, please let us know your experience, and thoughts with the KuCoin affiliate program, specifically:
- What were your thoughts and feelings when KuCoin suddenly shut down the affiliate program?
- Have you continued to receive your weekly payouts and is the countdown showing how long till the next affiliate extraction begins still working for you?
PS: If you haven’t yet joined the Binance affiliate program, here is the link: www.Binance.com