Binance, the largest crypto exchange, on Tuesday announced its biggest prize pool ever of $10 million in rewards for the Binance Traders League. Participants can qualify for the event by hitting $500 amount in traded volume with several other ranges of competition criteria.
The exchange has set up the traders league in two main competitions which are Spot Traders League and Futures Traders League. The qualification and winning standards have been fixed differently for both leagues.
Binance Traders League offers $10M in rewards
According to the release, the Binance Traders League will feature both solo and team competitions where trader turned participants can showcase their trading skills or even collaborate with others. The exchange has committed its highest total rolling prize pool of around $10 million in rewards. It is expected that the competition will eventually strengthen the trading community.
To qualify for the event the users need to reach a minimum of $500 in trading volume during the competition period for spot trading. For future competitions, the qualification requirement is extended from the beginning of 2024 through the duration of the League.
Rachel Conlan, CMO at Binance, stated “We’re creating a space where retail traders can compete alongside larger ones. Every participant has the chance to learn, grow, and earn rewards for their efforts.”
Jump into two different trading leagues
Binance mentions that the Spot Traders League will be rolling a prize pool of up to $3 million in BNB token vouchers. Qualified participants will be ranked by total spot trading volume and ROI. However, the top performers will share $1.5 million of BNB in each competition.
It added that a limited-time mission campaign offers an additional $200K USDC for participants exploring Spot Copy Trading and Trading Bots. The solo competition is scheduled to run from October 8 to October 28, 2024.
The other contest announced is the Futures Traders League with a prize pool of up to $7 million in USDT token vouchers. Competitors are allowed to participate in both solo ROI and Team PNL competitions. It highlighted that the first-time futures traders will share a welcome prize of $700K USDT. Its solo competition will also run on similar dates, while team competition registration opens on October 10 with trading from October 17 to November 6, 2024.
Binance’s BNB has seen a decline of around 3% in the last 7 days while it remained up by 12% over the past 30 days. The initiation of the trading competition is expected to boost the coin’s value ahead. BNB is trading at an average price of $563.06, at press time.
