Token Sale On Binance To Be Held In New Format
The Binance trading platform introduced changes regarding the conduct of token sales, according to its official website. Now, these will be held on the Launchpad platform in the form of a lottery, not according to the principle of “first come, first served”.
The right to participate in the sale of tokens will be provided with lottery tickets. Their number will depend on that of Binance Coin tokens (BNB) on the user's account for the period of 20 days preceding the initial exchange offering (IEO).
Depending on the amount of funds on the accounts, clients of the exchange will be able to get a maximum of five tickets. The lottery will be conducted using a developed transparent system.
For example, the indicator 100 ≤ X < 200 means that the number of client's BNB tokens varies between 100 BNB and 200 BNB during a period of 20 days. In this case, the user can get one lottery ticket, and if he has up to 500 tokens and above, he can receive five tickets, correspondingly. The exchange will monitor the availability of BNB on the accounts daily.
One lottery ticket gives the right to purchase a certain number of tokens in BNB-equivalent. When a user announces his readiness to make a purchase, the exchange automatically deducts funds from his account.
Binance warns that the KYC procedure remains obligatory. Moreover, restrictions on participation in token sale are still applicable to some countries.
Changpeng Zhao, the head of the exchange, addressed the clients on Twitter asking them to leave feedback on the new format of token sales.
As previously reported, Binance launched a bitcoin service at Australia’s newsstands.