Binance has introduced a new platform that allows users to earn rewards by accurately predicting upcoming token listings on the USD-denominated futures market. According to the press release, users can purchase "Picks" for 1 USDT each at the NEXT Pool. These "Picks" are used to predict upcoming listings on the exchange’s USD-denominated futures market.
Each user can allocate up to 100 "Picks" for every potential listing. Successful predictions allow users to be eligible to receive USDT futures bonus vouchers or USDT trading fee rebate vouchers based on their allocated "Picks."
Binance Expands Offerings
Additionally, users can select new potential listings for the Futures NEXT platform with a "Nomination Seed" worth 2,000 USDT. Approved nominations transform the fee into "Picks", broadening the scope of predictions. According to Binance, users can withdraw their "Picks" after a certain period.
According to the company, users can get started by logging into their Binance futures account. Once logged in, one can begin making predictions at Futures NEXT by acquiring "Picks" or nominating a new token at the NEXT pool.
The availability of the Futures NEXT platform may vary by region, depending on legal and regulatory guidelines. Additionally, while tokens may be popular on Futures NEXT, this popularity does not guarantee their listing on Binance’s USD-denominated futures market.
Binance's new offering follows a regulatory crackdown on the cryptocurrency exchange by the Nigerian government. Last week, two senior executives from Binance were detained upon arrival in the country. This move followed Nigeria's ban on several cryptocurrency trading websites due to a concern about the devaluation of the naira and rising inflation rates.
Binance Defies Regulatory Hurdles
Nigeria's recent actions against cryptocurrency exchanges result from growing worries about the devaluation of the naira, which has led to a staggering inflation rate nearing 30%.
Cryptocurrency platforms have emerged as alternative platforms for trading and establishing unofficial exchange rates for the Nigerian currency. Consequently, Nigerian authorities have taken decisive action to curb these activities.
Besides that, Binance.US, the US-based unit of the global cryptocurrency exchange, laid off two-thirds of its staff due to a loss in revenue. Binance.US experienced a staggering outflow of $1 billion in assets following the regulator's temporary restraining order.
This article was written by Jared Kirui at www.financemagnates.com.
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