Binance lottery

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    When new cryptocurrencies are sold on the Binance launchpad platform, they often sell out in a few minutes, if not in a few seconds.

    Therefore, Binance has switched from selling coins on a first-come, first-serve basis to using a lottery system to determine who is allowed to buy coins at the initial coin offering. This is not a lottery in the sense of having to purchase tickets.

    Instead, people who simply possess at least 100 Binance coins when the lottery occurs have the maximum chance of winning. Those who own less than 100 Binance coins have some but a lower chance of winning.

    Arguably, the lottery system is unfair because it favors larger investors. Binance must be in part using the lottery system to raise the value of their Binance coins, which may be more profitable for them than selling tickets to these lotteries.

    Answered on August 7, 2019.
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