Crypto Exchanges Step Up Customer Bounties as Volume Declines

Someone who goes by Gary Cruz says he’s already earned about $10,000 by referring people to Binance, the world’s largest cryptocurrency exchange.

“And if you want to know how I got one Bitcoin from Binance for free, then watch this video,” he says, in his YouTube tutorial, which conveniently mentions his Binance referral ID number. It’s gotten more than 500 views.

Cruz, who didn’t respond to a request for comment, is one of an army of people using everything from Medium articles to YouTube videos to tweets and Reddit posts to push prospective investors to use specific exchanges in hopes of earning some extra money.

The efforts are similar to the multi-level marketing programs involving supplements, cosmetics and kitchen items, where you recruit others to earn income rather than actually selling the products. While the programs have long raised eyebrows, they’re playing a greater role in the crypto world with trading volume down about 50% on some major exchanges in the past month as Bitcoin lingers in a trading range of around $10,000, according to data tracker TokenAnalyst.

Binance, for instance, tuned up its referral program in August to allow for bonus allocations to people who sign up: Essentially, YouTubers like Cruz can now promise people they recruit a reduction in trading fees. The Malta-based exchange has also been aggressively promoting the program. Read More...


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