Binance Announces Good News For XRP Holders

October 26, 2023 10:17 am Comments

Too little too late?

Binance recently gave the XRP community on the platform some good news. After nearly three years, Binance is finally distributing the rewards from the Flare Network airdrop.

The Airdrop is based on a snapshot taken on December 11, 2020, and Binance distributed the FLR token rewards nearly 10 months after other exchanges.

The world’s largest centralized crypto exchange by volume delisted XRP from its platform following the filing of the infamous lawsuit from the SEC. Binance.US announced on Wednesday:

“We’re thrilled to announce that the Flare Network’s airdrop for XRP holders is finally here! Binance.US has successfully airdropped FLR on 10/25 at 10 a.m. ET to XRP holders with a balance of ≥10 XRP during the snapshot on 12/11/20.”

One user highlighted the protracted timing of the Flare Network airdrop rewards: “We all are 3 years older and Binance decides to airdrop FLR now.”

Cryptopolitan clarified:

To expedite the token’s utility, Binance.US authorized immediate FLR withdrawals. However, the platform maintained a clear stance on FLR deposits and trading.

“Our platform currently does not endorse the buying, selling, or trading of FLR,” Binance.US clarified, ensuring transparency regarding its support parameters.

XRP is currently trading within a range at roughly $0.55 at the time of this writing, down from the recent high of ~$0.95.

U Today added:

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.

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