Important Binance Update That Concerns Ripple (XRP) Holders

TL;DR

• Binance US confirmed the distribution of FLR to eligible XRP holders, with a ratio of 1 XRP = 0.1511 FLR for those holding at least 10 XRP.
• Despite the ongoing lawsuit with the SEC, which started three years ago over XRP’s status, Ripple has recently secured three significant partial victories. The final verdict is expected in spring 2024.
• The Japanese cryptocurrency exchange plans to airdrop Flare and Songbird tokens (SGB) to its XRP holders.

The American subsidiary of the world’s largest cryptocurrency exchange – Binance US – assured that the FlareNetworks airdrop that is supposed to reach eligible XRP holders is “finally here.”

The marketplace said it has successfully distributed FLR earlier this week to investors with a balance of at least 10 XRP. “If eligible, you should have received FLR tokens at a ratio of 1 XRP = 0.1511 FLR,” it clarified.

The offering was introduced at the beginning of December, at the same time when the United States Securities and Exchange Commission (SEC) launched a legal battle against Ripple, alleging its sale ofXRP was an unregistered securities offering.

The lawsuit has been ongoing for more than three years as latest developments indicate that the blockchain enterprise has the upper hand. Recall that Ripple has won three major, but yet partial victories, since mid-July and the outcome of the case remains to be resolved in a grand trial scheduled for the spring of 2024.

Another cryptocurrency exchange that promised a special FLR airdrop to XRP holders is the Japanese GMO Coin. Apart from sending Flare tokens to some of its clients, the company displayed intentions to distribute the yen equivalent of 0.1511 Songbird tokens (SGB) for every 1 XRP held as of December 12, 2020.