Binance Completes SafePal (SFP) Token Sale – Product Release & Updates

On the 8th of February, Binance held the opening of subscriptions for the SafePal (SFP) token sale on the Binance Launchpad.

The opening of the SafePal (SFP) token subscription by Binance Launchpad was for four hours in the early hours of Monday, the 8th of February. Once users ascertained that they were eligible for the process, they were advised to commit their BNB to the SafePal (SFP) token sale. This commitment was based on the past 6-day average BNB holdings of the users.

Purchasing SFP Token With BNB

To purchase SFP, users had to make use of their BNB. The BNB rate for the SFP token sale was set as:

1 SFP = 0.00144927 BNB or 0.10 USD. This applied to the case where the BNB price was $69.00.

The process lasted from 4:00 AM (UTC) to 8:00 AM (UTC). Before committing their BNB, users were required to sign the SFP Token Purchase Agreement. Based on the user’s past 6-day average BNB balance, the user would know the maximum amount of BNB he could have committed to the subscription.

Besides, it was important to note that users could only commit to the subscription using BNB in their spot wallets. For BNB in Launchpool or BNB Vault, users had to first redeem them to their spot wallet before committing to the subscription. Upon commitment, the BNB became locked and unable be redeemed. Such BNB would not be able to access other functions including withdrawals, transfers, or trading till the final token distribution.

Who Was Not Eligible To Participate?

To be eligible to participate, users had to make sure that their account verification was complete. Also, such users had to be from an eligible jurisdiction before being allowed to participate in the token sale. Some countries and regions were restricted from participating in the token sale. Therefore, users from such countries were not eligible to participate.

Restricted countries and regions included Belarus, the Democratic Republic of Congo, Cuba, Iraq, Iran, Mainland China, North Korea, Sudan, Syria. Other restricted places included the United States of America and its territories (American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Islands) and Zimbabwe.

As a final note, the Binance team warned participants about the risk associated with cryptocurrency trading. They also advised that users should make trades carefully. Even as Binance works to ensure that high-quality coins are chosen, they will not be held responsible when trading losses occur.

Token Sale Completion and Raffle

Now that the SafePal token sale is over, users can check the final token allocation here. A whopping total of 47,286 participants took part in the subscription, committing a total of 11,262,241.5940 BNB. 26 users reached the maximum 200,000 SFP hard cap.

Binance is holding a raffle for those trading with SFP. The exchange notes, “All users that achieve a total effective trading volume of 1,000 USDT or more (including buys & sells) between 2021-02-08 1:00 PM to 2021-02-15 11:59 PM (UTC) across any SFP trading pairs will automatically be entered into a lucky draw, with 30 winners each receiving a hardware wallet.”

Recently, Binance announced support for RIF tokens. RSK Infrastructure Framework (RIF) joined the multitude of cryptocurrencies already supported by the cryptocurrency exchange.

SFP Price

As of the time of publication, SafePal price was $2.77, with a 24-hour trading volume of $1,496,201,574. SFP price also went up 64.3% over the last 24 hours. Besides, it has a circulating supply of 108 million SFP coins and a max supply of 500 million. Binance is the current most active market trading SFP.

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