In a move that has stirred the cryptocurrency sector, Binance.US successfully distributed Flare (FLR) tokens to qualifying XRP holders, a process initiated back in December 2020. The distribution, which occurred at 10 a.m. EDT on October 25, 2023, signals the climax of a waiting period that had the digital currency enthusiasts on their toes.
For one to qualify for this long-anticipated airdrop, they needed to possess a minimum of 10 XRP in their Binance.US accounts during the time of the December 2020 snapshot. Fulfilling its pledge, the exchange has allocated 15% of the total due FLR tokens to the rightful owners, operating with a distribution ratio of 0.1511 FLR per XRP, which was meticulously computed beforehand.
To ensure the newly acquired FLR tokens are immediately operational, Binance.US has greenlit the withdrawals. Nevertheless, the exchange issued a statement emphasizing its current position on FLR transactions. It read, “We wish to clarify that, at present, our platform does not facilitate the purchase, sale, or exchange of FLR tokens,” thereby setting distinct boundaries on its support capabilities.
This distribution is part of the Flare Network’s more extensive campaign initiated earlier in the year. A colossal 4.279 billion FLR tokens were disseminated to their rightful owners, notably the XRP holders captured in the 2020 snapshot. The initiative was broad, involving major exchanges like OKX, Kraken, and KuCoin to ensure a smooth process.
Though Binance.US’s recent completion of the FLR token handout marks a milestone, it doesn’t guarantee the token’s availability for trading on the platform. The exchange, with its reputation for rigorous asset scrutiny, has not pledged support for FLR trading activities, leaving token holders in speculation.