The Binance exchange plans to run a competition where it will give away 150,000 PAX. This competition will start on November 29, 2018, 1 PM (UTC) and end on December 6, 2018, 0:00 (UTC).
It is being held as part of the celebrations for the launch of six PAX trading pairs. The PAX tokens will be the base pair in the recently launched Stablecoin Market on Binance. Thus far, PAX and Binance have said they will offer 150,000 PAX to their global user base.
During the competition, the users who get the tokens will be ranked according to the PAX effective volume they trade on their account across the various PAX trading pairs. The tokens are going to be allocated in two competitions being run on Binance:
The 145,000 PAX Giveaway Trading Competition
First Place: 50,000 PAX
Second Place: 30,000 PAX
Third Place: 10,000 PAX
Fourth Place to Tenth Place: 40,000 PAX split even
Eleventh to Twentieth: 15,000 PAX split even
• The Lucky Draw
50 lucky winners will all win 100 PAX
Users that have a PAX trading volume of 1000 PAX or above will be placed in this Lucky Draw. The Binance Company will then pick 50 winners at random. Each of them will be awarded 50 PAX.
To ensure that the draw is transparent and fair, the company will broadcast this lucky draw live on various social media sites. The live draw will be announced later on once the first competition is done.
The trading volume will comprise of sells and buys but does not include any wash trades in all the six pairs for the PAX tokens.
Binance will have the right to disqualify any traders that are unfair or show attempts of market manipulation.
The exchange may without warning cancel the competition or amend the rules of the competition.
Participants will not be allowed to win multiple prizes in one competition.
The rewards will be handed out two weeks after the competition closes. Any participant can log in and see their prize through Distribution History> Account Center.
The Paxos Company issues PAX tokens. The company wants to modernize the finance world by mobilizing assets with the use of the internet. It is creating a world where all assets can be digitized and moved instantly. There will no longer be any settlement risk if the Paxos Company succeeds in its mission. Thus, trillions of dollars in capital will be unleashed in a frictional financial world.
Binance is a blockchain firm that consists of an exchange, labs, info, Launchpad, a charity foundation, and academy. The exchange is the world’s largest crypto exchange by the trading volumes. It is capable of processing more than 1.4 million orders a second. This makes it one of the biggest exchanges globally. The platform has a major focus on robustness, security, and speed of execution. It attracts professional and enthusiasts who wish to make money in the crypto world.