Binance just launched a new 50,000 USDT giveaway

Binance crypto exchange just launched a new major giveaway. The giveaway includes 50,000 USDT Binance Futures vouchers, which are aimed at XRP and Ethereum options contracts traders.

The giveaway comes as Binance’s way of celebrating the long-awaited launch of options on the exchange’s platform. The official launch of Binance Futures Options came over a week ago, and it includes contracts for ETH and XRP.

The addition of ETH and XRP options came on May 25th, which is over a month after Binance launched options trading for Bitcoin (BTC).

Details regarding the giveaway

According to the rules of the giveaway, any user who has over 600 ETH or 600,000 XRP trading volume will be entitled to receive a share from the 50,000 USDT vouchers. However, those who trade more than the mentioned amounts will not be able to receive multiple rewards.

The exchange also noted that those who do not have Binance Futures accounts at this time can still open them and enjoy this opportunity. According to the exchange, the volume bonus will last for 7 days due from the day of distribution. Meanwhile, the exchange will also keep the right to disqualify traders if they attempt to commit fraud.

The exchange’s CEO, Changpeng Zhao (CZ), also stated that options contracts will provide traders with insurance on their positions. Even though options trading is popular in the industry, Binance still sees it as very risky. Especially since there is no guarantee that the execution at a gain will take place the moment the premium was deducted.

Binance continues to grow

The new addition further extends the capabilities of Binance’s platform and service — something that the exchange still works very hard to achieve. A lot of its efforts in 2020 went towards acquiring more crypto firms, such as the acquisition of CoinMarketCap in early April.

Prior to that, the exchange also acquired WazirX, JEX, DappReview, and Trust Wallet.