Binance Announces New Token Sale Format for LaunchPad, BNB Price Surges
- In a twist of events the leading altcoin exchange has responded with a creative solution to their previous problems.
- The next crowd sale on Binance Launchpad will replace the first-come-first-serve model with a lottery system, which would decide who gets to participate.
Critics have been harsh on Binance and their BNB token after the issues surrounding Celer’s IEO on the exchange’s Launchpad platform. In a twist of events, however, the leading altcoin exchange has responded with a creative solution to their previous problems.
The next crowd sale on Binance Launchpad will replace the first-come-first-serve model with a lottery system, which would decide who gets to participate. Every account will be eligible for up to five lottery tickets, depending on the amount of Binance Coin that it’s holding (100 BNB per ticket).
As for the lottery, it will be fully transparent and provably fair. The full information about the new IEO model can be found in the official announcement.
One curious fact is that holding BNB is required for the 20 days before an actual crowdsale, which provides an incentive scheme, aimed at reducing the circulating supply of Binance Token, while simultaneously increasing interest in the token. So the reaction for this news was almost instant – with BNB jumping from $15 to upwards of $17 a piece.
As for Binance, they have managed to silence critics, while also showing competitors such as Huobi and Bittrex that they have no intention of losing their leader’s spot anytime soon.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.