Binance is one of the biggest cryptocurrency exchanges on the market, offering an immense number of altcoins and trading pairs. Today, they had a very surprising announcement for its community.
One of the things that really allowed Binance to grow at an unprecedented rate, is its referral system. Ever since it was introduced, users of the exchange could earn a 20% commision on all fees paid by the people they referred to the exchange.
However, today in a post by the exchange, it was revealed that Binance is doubling the commission rate of the referral program from 20% to 40%. This does, however, only apply to those holding 500 or more Binance Coins in their account. At the current market price, 500 Binance Coins costs $7650, so you’ll probably want a good amount of active referrals before you start filling your account with 500 BNB.
Binance Coin is up more than 22% in the last 24 hours because of this announcement, peaking at around $16.22 according to Coinmarketcap, but has now stabilized somewhat around $15.3.