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Binance.US crypto exchange has announced an important update for XRP holders. In a new announcement, Binance.US makes it known that the Flare Networks airdrop for XRP holders has finally arrived.
Binance.US says it has successfully airdropped FLR to XRP holders with a balance of over 10 XRP during the Dec. 11, 2020, snapshot.
The airdrop installment, totaling 15% of the claimable FLR tokens, was distributed on Oct. 25, 2023, at 7:00 a.m. PDT/10:00 a.m. EDT due to the token distribution timeline specified by Flare Protocol's Flare Improvement Proposal 01 (FIP.01).
The snapshot for the much-anticipated FLR airdrop was taken on Dec. 11, 2020, and it consists of the total XRP balance held by user Binance.US accounts at the time. Eligible XRP holders should receive FLR tokens at a ratio of 1 XRP to 0.1511 FLR.
Tomiwabold OlajideThe initial distribution of Flare tokens on Binance.US comes almost 10 months behind other crypto exchanges. The first part of the distribution, which took place at the beginning of January, saw 4.279 billion Flare (FLR) tokens given to millions of recipients across multiple exchanges.
Binance.US delisted XRP from its platform shortly after the Ripple lawsuit was filed in December 2020.
However, following the landmark ruling on July 13, which determined that XRP sold on exchanges does not qualify as securities, XRP was relisted by major crypto exchanges such as Coinbase and Gemini. Binance.US also jumped on the bandwagon, relisting XRP on its platform.
Following the initial airdrop distribution in January, Flare began a 36-month series of FlareDrops of 24.2 billion FLR, which recipients who have wrapped their acquired Flare tokens can claim. One-eighth of the 36 planned airdrops took place on Oct. 13.
Binance.US says it has yet to determine whether it will support the buying, selling or trading of FLR on its platform.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team