Binance is giving away money to them who are already rich!

[dentolas]

Although I would also prefer that they took care of the small fish... they are running a business, and as such they need to improve their profits constantly and captivate their customers (the larger ones are the most important for any business)... so Binance is just acting like any other business company...
Besides, alll our society is structured to give the wealthy more and more and take from the poor... this is why there are sayings that say "money brings more money"... so why the surprise?

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[alani123]

Welp, it's a free market and exchanges are under no obligation to be charities. Such competition is going to earn Binance more from fees and it's likely that if too many people are eligible that nobody of the participants will even earn more than they spenton fees, (unless they owned BNB from before also). It's a win for the exchange no matter how it turns out.

But don't think that stock markets weren't doing the same. Back in the day where monitors would cost tens of thousands, government controlled stock markets would give free positions to traders with large volumes. And it's still happening with fees. Brokers that bring on more cash tend to be getting better rates than you and I can get in terms of fees.

[JCviggen]

it’s not surprising that rich people get richer. Binance is interested in large volumes in order to make big profits. why should they give out their coins for free to those people whose trading volume does not exceed 1 bitcoin per year? they do not earn anything from such people and that is why they reward those people who bring them money

[jerrison]

Binance is the best exchange for everyone but it seems they don't care every trader rather only the rich one! They are making rich people richer when they have no plan for every type of trader! Binance is giving away 1.1 Million USD worth BNB coin to them who will trade over 1 Bitcoin with some rules! I really don't like this type of movements!

I see it as a way of encouraging traders and also making them increase in their trading opertations and also its gives Binance a major egde, in the sense that, it creates more liquidity for them. I do not consider binance an exchanger that has any challenge with liquidity but in their individual platforms ( i mean the marginal, futures, lending trading platforms) i consider them looking towards a way of increasing liquidity in these areas and that has lead to the giveaway.

[Tduty]

You need to ask yourself why would binance do that, what would be binance gain if investors with 1btc each start trading on their platform, it's simply to have more trading volume and Liquidity so this trading competition is not for those with 0.02btc, binance is doing the right thing, you just don't understand how things works

Mate, I got the points but maybe I failed to express what I wanted to ask! Binance does this trading competition almost every month in a year where they are giving money who are rich, I have no problem with that. But nowadays, when they come to a giveaway, even IEO bounty, they follow the same procedure like the trading competition where eligible entry is 1 Bitcoin! Are they demotivating the low funded users? Aren't they helpful for low amount traders?

[Tduty]

Thank you everyone for replies. I understood my mistakes in thinking. Now, I am confirmed Binance is doing these only to attract big or new investors to gain more volume and to spread it widely! By doing this binance is spending 1.1 million USD, they are not getting money by giving away. So, this is a great and normal promotion scheme. Actually, I expected giveaways from Binance like Kucoin is doing, that's why my thought was that.
Thank you again, this is how this forum helps everyone, I had miss understanding or confusion, now I got the point.