What You Need to Know About the $500K Binance Airdrop

TL;DR

Cryptocurrency Giveaway: Binance is offering $500,000 in cryptocurrencies to users who use their Web3 wallet for swaps until December 31, 2023.
Web3 Wallet Launch: Introduced at Binance’s Istanbul conference, the Web3 wallet features secure cryptocurrency swapping, transfers, and dApp access.
Platform Updates: Binance is removing four cryptocurrencies (BTS, PERL, TORN, WTC) due to various reasons and introducing zero-fee trading for selected pairs starting December 8.

$500K Binance Airdrop

The world’s largest cryptocurrency exchange – Binance – announced it will give away $500,000 worth of cryptocurrencies to eligible users. The rewards range from 1 SHIB to 1 BTC (currently worth around $44,000), with the offering being on until December 31, 2023.

Supposedly, one million users will receive the airdrop. According to the official website, the rewards will be airdropped to the users’ wallets within two weeks after the activity concludes.

The company explained that those willing to qualify for the airdrop have to make a swap using their Binance Web3 wallet. The firm has partnered with numerous entities to unveil the token distribution, including Maverick Pool, Gala Games, Acala Network, CyberConnect, Chiliz, and others.

Binance’s Web3 wallet is a self-custody solution built within the platform’s application. It allows clients to swap thousands of cryptocurrencies across 30+ networks, conduct quick transfer funds, explore various decentralized applications (dApps), earn a yield on their holdings, and more.

Binance introduced the product during its flagship Blockchain Week conference in Istanbul, which was held last month. Speaking on the matter was Richard Teng – the newly appointed CEO of the trading venue:

“We want our users to be assured that they are interacting with Web3 within a secure and protected ecosystem. That is why we have incorporated MPC technology as well as Binance’s trusted security infrastructure within the Web3 wallet.”

What Else is Going on With Binance Recently?

The exchange has recently announced numerous alterations, with some scheduled to take place this week. It announced the removal of four cryptocurrencies from its platform on December 7. Those include BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC). 

The aforementioned assets have been negatively affected by the news, experiencing a double-digit price decline on a two-week basis. WTC, for example, has plunged by over 75% in the past 14 days. 

In addition, Binance revealed that it will launch zero-fee trading for the following pairs: XRP/FDUSD, SOL/FDUSD, DOGE/FDUSD, BNB/FDUSD, ETH/FDUSD, and LINK/FDUSD. The offering starts on December 8 and will last “until further notice.”