Uhm so this is just a kind of murky pyramide ponzi scheme (referal system where you earn from referall fee with multiple levels) which hides behind a exchange?
Did i get it right?
Businesses use referral to attract customers, this doesn't make them a Ponzi. In this case there are still platforms where people can exchange coins versus other people.
What I pointed out was that OP came out with an over-scaled comparison just to lure people click on his ref link.
First there seem to be a misunderstanding, everyone can check it out without registering...they just can't trade.
If they did it right, even if somebody registers in a month, your referral link will still be in effect. Yes, it depends on how they do the referral policy.
And I think that you know that too.
The users have nothing to lose. Still, I don't like this ref practice.