Binance has unveiled a novel feature on its platform, designed to engage users in a predictive challenge regarding which tokens will next be listed on its USD-denominated futures market.
As detailed in a press release, the initiative allows participants to purchase “Picks” for 1 USDT each from the NEXT Pool, employing these to forecast which tokens will be added to the market.
Participants are permitted to use up to 100 “Picks” for each potential listing. Success in these predictions qualifies them for rewards in the form of USDT futures bonus vouchers or USDT trading fee rebate vouchers, contingent on the number of “Picks” they allocated.
For those looking to influence the platform’s future listings directly, Binance has introduced a “Nomination Seed.”
This feature, priced at 2,000 USDT, lets users propose new tokens for consideration.
Upon approval, the nomination fee is converted into “Picks,” thus expanding users’ predictive capabilities. Binance notes that it is possible to retract “Picks” after a specified duration.
The process begins with users logging into their Binance futures account and proceeding to make predictions or nominate tokens at the NEXT pool.
However, access to Futures NEXT is subject to regional legal and regulatory constraints. Furthermore, Binance cautions that a token’s popularity on Futures NEXT doesn’t assure its future listing.
This development comes in the wake of regulatory pressures on Binance, highlighted by the recent detention of two of its senior executives by Nigerian authorities.
This action aligns with Nigeria’s broader clampdown on cryptocurrency platforms, attributed to concerns over the naira’s devaluation and the consequential inflation, which is alarmingly close to 30%.
Cryptocurrencies have become a popular alternative in Nigeria, offering unofficial exchange rates amidst economic challenges.
This has prompted the Nigerian government to intensify its regulatory measures against such platforms.
In a related development, Binance.US, the American branch of the global exchange, significantly reduced its workforce, laying off two-thirds of its employees.
This move followed a dramatic $1 billion withdrawal of assets after a regulatory intervention, underscoring the tense relationship between cryptocurrency entities and regulatory bodies worldwide.