Binance, the largest crypto exchange in the world, continues to lead in the crypto world with new products and acquisitions.
On August 26, Binance announced the launch of Binance Lending, a feature that allows the lending of crypto and earning interest. Three days later, Binance X, “a new initiative to foster innovation on the Binance platform and blockchain ecosystem at large” was born. A Bitcoin Futures platform followed this and now Binance JEX.
What is Binance JEX?
To add to the growing list is the acquisition is JEX, a Seychelles-based crypto asset trading platform specializing in spot and derivatives services. According to Binance:
“JEX will join the Binance ecosystem as Binance JEX and focus on further building the crypto-asset derivatives market, providing Binance users with professional services including futures contracts, options, and other derivative products.”
Notably, Binance JEX will be an independent entity within the Binance ecosystem. Therefore, Binance will maintain the team working on JEX. JEX tokens and the Foundation that runs JEX will be managed by Binance.
However, Binance will convert the JEX tokens from Ethereum (ERC-20) standard to its own Binance Chain (BEP2) standard. The exchange will then airdrop all the 200 million unlocked JEX coins to all BNB holders.
When will the airdrop begin?
In an announcement, Binance said:
“Starting from 2019/10/06, Binance JEX will conduct a monthly airdrop of JEX tokens to BNB holders equivalent to 30% of the profit generated by Binance JEX in each respective month. …Binance will record all users’ lowest BNB balance each day between 2019/09/06 0:00 AM (UTC) to 2019/10/06 0:00 AM (UTC) and calculate a total BNB holding ration for each user at the end of the total holding period.”
For BNB users to receive JEX tokens, they will need to hold a minimum of 10 BNB at all times during the airdrop period. Additionally, the monthly airdrop will run for 12 months after which it may be adjusted depending on future conditions.
“Each user’s lowest BNB balance each day includes BNB in their spot trading accounts, sub-accounts, Binance Lending accounts, but does NOT include BNB in margin accounts …BNB holdings are calculated daily with JEX distributed monthly. The distribution will be completed within 2 weeks of each holding period.”
Interestingly, BNB and JEX token holders will have a level playing ground on Binance JEX. For example, BNB can be used to attract a fee discount.
All aboard the Binance JEX train
To receive the tokens, one is required to register on the Binance exchange, buy and hold more than 10 BNB, and wait for JEX tokens. To board the Binance JEX train, you’ll need to create an account by visiting the registration page.
The registration can be done by either providing a mobile phone number (mobile registration) or by providing an email address (mail registration). This is followed by providing a verification code (sent on your email or phone number), and a password. Unfortunately, Binance JEX only accepts mobile registrations from China, Hong Kong, Taiwan, Japan, and the United Kingdom.