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Yesterday, and when the surplus of the markets were te the crimson, the signature token on the Binance exchange, Binance Coin (BNB), experienced an explosive build up te value overheen a brief period of time.
The coin wasgoed more or less trading at a comfy level of $12.50 until the exchange announced that it would be doubling the referral premie on the exchange for anyone with more than 500 BNB ter their account. This then led BNB to skyrocket to a level of $16.22: an increment of 30%. The token has since lodged at current levels of $15 which is still high and a 20% increment from the $12.50 levels earlier mentioned.
The announcement by the exchange wasgoed made spil goes after:
Binance will dual referral commission prizes to 40% for all accounts that hold 500 BNB or more, kicking off from /05/Nineteen 0:00 AM (UTC). Each user’s commission rate will then be adjusted at 0:00 AM (UTC) each day based on their BNB holdings. The commission rate for all other users will remain at 20%.
Note: The daily snapshot of BNB holdings will not include any BNB locked in-order or pending for withdrawal/deposit.
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This means that any trader with more than 500 BNB te their Binance account, will receive a 40% referral premie that is dual the initial rate of 20%. This then explains why BNB slok up te value spil more users desired to increase their holdings of the token so spil to maximize on the referral premie for anyone who signs up through them.
This is primarily advantageous for the exchange te that it indirectly recruits users, via this incentive, to be their fresh user-enrollment agents into the online exchange. The referral programs works te a way that whenever a fresh user whom you referred to the webpagina trades, you get a commission off the trading fees charged by Binance. This means you now get a 40% every time anyone you have refereed to the webpagina determines to trade: Binance gets the other 60%.