Binance announced two days ago on their Twitter that they will be hosting a trading competition to giveaway 150,000 worth of PAX.
Reason behind the contest?
To celebrate the launch of six trading pairs with PAX as the quote pair into the Stablecoin Market (USDⓈ), Binance and PAX have committed a total of 150,000 PAX to give away to our users worldwide. Users will be ranked in terms of the total PAX effective volume traded on their Binance account across all PAX trading pairs during the competition period. The rewards will be allocated in the two competitions below.
— Binance (@binance) November 29, 2018
1st: Receive 50,000 PAX
2nd: Receive 30,000 PAX
3rd: Receive 10,000 PAX
4th – 10th: 40,000 PAX split evenly
11th – 20th: 15,000 PAX split evenly
There’s also a “lucky draw” where 50 Winners to be drawn, each receiving 100 PAX!
Users with PAX effective trading volume of 1,000 PAX or more will be put into a Lucky Draw. Binance will randomly select 50 lucky winners from this pool, with each winner receiving 100 PAX.
To ensure fairness and transparency of the draw, we will broadcast the lucky draw live on multiple social media platforms. The live draw time will be announced at a later date.
- Effective trading volume consists of buys and sells (excluding wash trades) in BNB/PAX, BTC/PAX, ETH/PAX, XRP/PAX, EOS/PAX and XLM/PAX trading pairs.
- Binance reserves the right to disqualify trades which are deemed unfair or display attributes of market manipulation.
- Binance reserves the right to cancel or amend the competition or competition rules at our sole discretion.
- Participants will not be eligible to win multiple prizes within a single competition.
- Rewards will be issued within 2 weeks after the competition ends. You will be able to login and see your prize via Distribution History > Account Center.
Competition period: 2018/11/29 1:00 PM to 2018/12/06 0:00 AM (UTC).
Regardless, this still isn’t “free money”. It isn’t necessary a free giveaway by Binance. You would still need to trade, but it’s a good move on their end to promote PAX and the Binance platform.