Binance introduces HODLer Airdrops for BNB holders, rewarding users who subscribe to Simple Earn with airdropped tokens from upcoming projects.
A new initiative designed only for holders of Binance Coin (BNB) was unveiled by Binance on its website on Wednesday in an effort to promote a “healthy and sustainable market environment.”
BNB holders will receive tokens from projects “with a large token circulating supply that intend to list on Binance” as part of the so-called HODLer Airdrops program.
The only requirement is that holders of BNB must lock their tokens and enroll in Binance’s Simple Earn lending scheme. Which tokens will be airdropped to Simple Earn users is unknown.
However, according to Binance, it is looking to work with “small to medium projects with strong fundamentals, a large circulating supply, and strong and organic communities.” Holders of BNB accounts must undergo KYC (Know Your Customer) verification in order to participate in the program.
Additionally, Binance states without providing more information that a user’s eligibility depends on their “country or region of residence.” The launch of the new scheme coincides with information that Binance founder Changpeng Zhao, who was recently sentenced to four months in prison for money laundering offenses, controls over $56 billion worth of coins, accounting for 64% of BNB’s circulating supply.
According to a Forbes investigation, Zhao and his business were forced to “funnel unsold shares into wallets he controlled” since BNB’s initial coin offering in 2017 was initially “undersubscribed.” Binance has not yet to make any public remarks regarding Forbes’ findings.
