Terra’s Luna 2.0 Airdrop

Binance decided to reverse its earlier decision to disallow users based in Singapore and Malaysia from receiving the Luna 2.0 ($LUNA) airdrop after dissatisfied users took to social media to air their grouses. 

Users eligible for the airdrop from Malaysia and Singapore were left shocked and confused after Binance specifically ousted them in the distribution exercise. Furthermore, the crypto exchange made specific reference to its ‘Terms of Use’ on eligibility. Some Twitter users surprised by the news expressed their dismay: 

Binance, in its ‘Terms of Use,’ excludes users based in the US, Malaysia, Singapore, and Ontario (Canada) from using its platform. However, many affected users felt that the exclusion was unfair and prejudicial. 

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However, later this decision was reversed as Binance took into account the plights of the affected individuals. 

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Geofencing Restricted Jurisdiction

The Securities Commission Malaysia (SC) ordered Binance to halt its services to Malaysia-based users in July last year. Binance.sg, the Binance’s Singapore affiliate, also ceased its operation last February. 

Therefore, the decision to exclude certain users from participating in Luna 2.0’s airdrop was naturally expected. However, users argue that they should have been informed in advance to allow them to remove their assets before the snapshot was taken.

The Luna 2.0 airdrop, unlike other airdrops, was not meant to reward any party. Instead, it is a form of compensation to affected stakeholders. The airdrop was meant to revive the Terra ecosystem. 

Taking into account complaints from its users, Binance made the right decision to help in rehabilitation. 

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What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

Website | Twitter | Discord | Telegram |

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