Cryptocurrency exchange Binance announced on March 25 that it will be hosting a trading tournament where participants could compete in teams and win a prize pool of up to $1 million in BNB tokens.
According to the announcement, the tournament will take place between April 10 and April 25, and will take place in two ways:
Overall USDT team profit tournaments
🏆 #Binance Futures Tournament 🏆 Over $1,000,000 of $BNB in prizes! From now until 2020/04/10 0:00 AM (UTC) you can either sign up to be a team leader or join an existing team. Check it out for yourself: ➡️https://t.co/EjRMp5mgaI Post your Futures referral links ⬇️ pic.twitter.com/7qNYb0ZM0n — Binance (@binance) March 31, 2020
Binance explains that all teams that trade in perpetual contracts on Binance Futures during the competition period will be ranked based on the total USDT profit of the team, which corresponds to the sum of the top 10 individual results within the team.
The exchange adds more details on how the total $ 1M prize pool in BNB tokens will be split: First place will receive 30% of the total reward. Second and third place will each get 20% of the total reward. Fourth to tenth place will split the remaining 40%.
Among other conditions, Binance says that the distribution of the rewards within each team will be made on the basis that each team leader will receive 30% of their team’s total reward.
The top 10 individual USDT profit contributors will receive the 20% divided equally, while the other team members will receive the remaining 50% equally.
Binance clarifies that team members must register for the competitions between March 26 to April 10, further explaining that there will be no changes after the registration period has elapsed.
Besides, a “bonus popularity” award of USD 5,000 in BNB tokens will be awarded to that leader with the largest team.