Binance is starting the year off with a bang, offering a competition that is offering lucrative prizes to users. The competition was announced 7 hours ago (as of press time), on Binance’s official website.

The competition will end on January 15, 2018 at 0:00 UTC, for those interested. The winners will be announced and broadcast live on “multiple social media platforms”, although the date has not yet been announced.

About The Competition

The total prizes include 33,000 Binance tokens (BNB) and 10 iPhone XS Max’s (256 GB), and anyone worldwide can compete in the competition. Users will be ranked based on total BNB volume, and this includes trading volume across these pairs: BNB/BTC, BNB/ETC, BNB/USDT, and BNB/PAX. For those who are not aware, “trading volume” includes both buys and sells.

It’s important to note that Binance does include the caveat that it “reserves the right to disqualify trades that are deemed unfair or display attributes of market manipulation.” Also, participants “will not be eligible to win multiple prizes in a single competition.”

Prize Details

The total prize pool is 33,000 BNB, which will be split as follows: the first prize will receive 10,000 BNB, the second prize will receive 6,000 BNB, and the third prize will receive 2,000 BNB. In addition, the 4th to 10th place will split 8,000 evenly amongst the users, and the 11th to 20th places will split 7,000 evenly.

For those wondering about the value of the prizes, it comes out to over $200,000, as of press time. Specifically, the BNB token (as of press time) has a price of $6.10. This means that 33,000 BNB tokens have a value of $201,300, at that price. In addition, there will be a lucky draw for the 10 iPhones. For eligibility, all one has to do is have a total trading volume of 1,000 BNB during the competition period.