Crypto exchange Binance has announced a new airdrop program for BNB holders, following reports that Changpeng Zhao controls over 60% of the token’s circulating supply.

Binance Introduces HODLer Airdrops Program

In a recent announcement, Binance introduced a new initiative aimed specifically at Binance Coin (BNB) holders to foster a “healthy and sustainable market environment.” The HODLer Airdrops program will reward BNB holders with tokens from projects that plan to list on Binance and have a large circulating supply.

To participate, BNB holders must join Binance’s lending program, Simple Earn, and lock their tokens. However, it remains unclear which tokens will be airdropped to Simple Earn participants. Binance aims to engage with “small to medium projects with strong fundamentals, a large circulating supply, and strong and organic communities.”

Participation Requirements

Eligibility for the program requires BNB holders to complete Know Your Customer (KYC) verification. Additionally, eligibility may depend on the user’s country or region of residence, though further details on this have not been provided.

“The only condition is that BNB holders have to join Binance’s lending program known as Simple Earn and lock their tokens.”

Background and Context

The new program comes shortly after reports indicated that Binance founder Changpeng Zhao owns 64% of BNB’s circulating supply, controlling more than $56 billion worth of tokens. Changpeng Zhao was recently sentenced to four months in prison after pleading guilty to money laundering violations.

A Forbes investigation revealed that BNB’s initial coin offering in 2017 was initially “undersubscribed,” leading Zhao and his company to “funnel unsold shares into wallets he controlled.” Binance has yet to publicly comment on Forbes’ findings.

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