Thomas Daniels
Crypto exchange Binance has launched an airdrop initiative for BNB holders, as founder Changpeng Zhao reportedly controls over 60% of the token’s circulating supply.
On Wednesday, Binance unveiled its “HODLer Airdrops” program aimed at Binance Coin (BNB) holders. This initiative seeks to create a “healthy and sustainable market environment” by incentivizing users to join Binance’s Simple Earn lending program. Participants will be rewarded with tokens from upcoming projects set to list on the platform, contingent upon their participation in the lending program.
The specifics of the tokens to be distributed among Simple Earn participants remain undisclosed. However, Binance emphasized its focus on collaborating with “small to medium projects with strong fundamentals, a large circulating supply, and robust organic communities.”
To qualify for the program, BNB holders must complete Know Your Customer (KYC) verification. Additionally, eligibility is contingent on the user’s “country or region of residence,” with Binance offering no further details on geographic restrictions.
This development follows reports indicating that Changpeng Zhao, Binance’s founder, who recently received a four-month prison sentence for money laundering violations, controls 64% of BNB’s circulating supply. This significant holding translates to over $56 billion in token value. A Forbes investigation revealed that the initial coin offering (ICO) of BNB in 2017 was “undersubscribed,” leading Zhao and his firm to redirect unsold shares into wallets under his control. Binance has yet to publicly respond to these findings.
