

Risk warning: Buying, selling, and holding cryptocurrencies are activities that are subject to high market risk. For more information regarding the Binance.US XRP delisting, please refer to our support article. As a reminder, Binance.US no longer lists or supports XRP. You acknowledge and accept the risks of any changes to digital currency protocols and agree that Binance.US is not responsible for any such changes and not liable for any loss you may experience as a result of such changes. The decision of Binance.US in relation to any disputes you raise with respect to this airdrop shall be final. Your access and use of our services is subject to our Terms of Use. Please note: Binance.US has yet to determine whether it will support the buying, selling or trading of Songbird (SGB) regardless, any SGB held in your Binance.US account will be available to withdraw.

Binance.US to Provide XRP Balance Snapshots in Advance of Flare Distributionĭownload the Binance.US app to trade on the go: iOS | Androidįollow us on social media to stay up to date with Binance.US news and announcements:īinance.US reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.Introducing Songbird, the Canary Network for Flare.

Refer to our Cryptocurrency Tax Reporting 101 article for more information.įor more information on the airdrop, please refer to: Note: Transactions must be reported at their fair market value, and in US dollars. See the IRS FAQs (Q21 - Q24) and Rev Rul 2019-24 for IRS guidance on forks and airdrops. Further taxability only occurs when one sells, exchanges, or transfers the asset. Note that if the airdropped tokens are stored in a wallet without being traded, there is no further taxable event. Generally, this is taxed as ordinary income at the fair market value on receipt date. Receiving crypto from an airdrop is similar to winning money from a giveaway. For eligible customers, 0.1511 SGB are airdropped for every 1 XRP that was held at the time of the snapshot. The amount of SGB tokens you receive depends on how many XRP tokens you held in your Binance.US account at the snapshot time. If you qualified for the airdrop, your SGB tokens have been airdropped into your Binance.US wallet. How will I receive my Songbird (SGB) tokens? Songbird is a Canary network for Flare and features its own native token, Songbird (SGB).
