Bitcoin is experiencing a surge, with growing interest in BTC derivatives reaching near-record levels, and cryptocurrency exchanges are capitalizing on the uptick in Bitcoin trading activity. However, the decision by Binance to launch a “free car giveaway” initiative raises questions about their business strategy.
Binance recently announced the Futures Ultimate Challenge, a month-long campaign aimed at boosting activity on its Binance Futures crypto derivatives platform. New users who sign up for a Bitcoin Futures account and make a prediction on BTC’s price for the following day will be entered into a daily competition to win Bitcoin prizes. The participant with the most accurate prediction will receive a token voucher of 0.05 BTC, valued at $2,612.
This contest will run daily until March 17. Additionally, new users who engage in futures trading for the first time will earn a golden ticket for a weekly raffle, where the grand prize is a Tesla Model Y. Existing users can earn golden tickets by trading more than $10,000 worth of futures or by referring friends to join the platform. Five raffle runners-up will receive $1,000 USDT trading fee rebate vouchers every week.
The timing of this giveaway is noteworthy, considering Binance’s status as the largest crypto exchange and derivatives platform. With Bitcoin’s open interest nearing an all-time high of $24.27 billion, Binance controls a significant portion, with $5.98 billion, or nearly 25%.
While competitors like Bybit and OKX trail behind, U.S.-based platforms like Kraken and Coinbase hold minimal market shares. Surprisingly, CME Group, a traditional derivatives exchange, leads the Bitcoin futures market with over 28% share.
Binance’s move suggests a desire to expand beyond the crypto space and compete with traditional financial institutions. As Bitcoin gains traction in mainstream finance, Binance seems poised to challenge Wall Street giants for dominance.
