Binance US, the American subsidiary of the world's largest cryptocurrency exchange, has confirmed the distribution of FLR tokens to eligible XRP holders. This long-awaited airdrop comes with a distribution ratio of 1 XRP = 0.1511 FLR for individuals holding at least 10 XRP in their wallets. The distribution process began earlier this week, signaling the fulfillment of a promise to the XRP community.
The airdrop was initially launched in early December, coinciding with the start of legal proceedings by the U.S. Securities and Exchange Commission (SEC) against Ripple, a blockchain company that had been accused of conducting an unregistered securities offering through the sale of XRP. The ongoing lawsuit has persisted for over three years, but recent developments have leaned in favor of blockchain firms. Ripple, the defendant in the case, has secured three significant partial victories since mid-July, setting the stage for the final ruling expected in spring 2024.
Binance US's distribution of FLR to XRP holders is not the only one; Japan's GMO Coin, another cryptocurrency exchange, has also promised a special FLR airdrop for its XRP holders. As part of this distribution, GMO Coin is granting the equivalent of 0.1511 Songbird tokens (SGB) in Japanese yen for every 1 XRP held as of December 12, 2020.
Despite the legal challenges and uncertainties surrounding the regulatory status of XRP, these distributions provide some relief to XRP holders and demonstrate the ongoing support and belief in the token's potential by exchanges and blockchain projects alike. The XRP community continues to closely watch the developments in the lawsuit with the SEC and the subsequent implications for XRP's status and utility in the cryptocurrency space.
