We’ve listened to your feedback and are excited to announce that Binance.US has completed the Songbird (SGB) airdrop distribution to eligible XRP (XRP) holders. Customers who are eligible for the airdrop can confirm receipt of these tokens via the Wallet page.
- Binance.US customers who held 10 XRP tokens or more in their accounts at the time of the snapshot were eligible to receive the airdrop.
- Snapshots were taken at the first validated XRP ledger index number with a timestamp of 2020-12-12 00:00 UTC (Dec. 11, 2020 at 7 p.m. EST / 4 p.m. PST).
- The SGB airdrop amount is calculated based on the ratio of 1 XRP to 0.1511 SGB.
- Withdrawals for SGB tokens have been enabled; however, deposits for SGB tokens are not supported. Please do NOT make SGB deposits to Binance.US.
- Songbird (SGB) is not listed on Binance.US. Binance.US has yet to determine whether it will support the buying, selling or trading of SGB on our platform. Before we make any listing decision, SGB will go through the same strict listing review process that Binance.US does for all of its token listings. Supporting this airdrop does not guarantee the listing of SGB on Binance.US. For more information on our listings process, please see our Digital Asset Listings article.
- Binance.US only supports this airdrop as an accommodation to customers by allowing SGB tokens to pass through Binance.US into eligible customer wallets. Binance.US does not charge any fees for this service. Once Binance.US customers receive the SGB tokens, they will be able to promptly withdraw these tokens from Binance.US.
- The Songbird (SGB) token airdrop is separate from the Spark (FLR) token airdrop.
- Only the Songbird network is supported for SGB withdrawals.
- Binance.US did not participate in the EXFI airdrop and does not currently plan to support EXFI.
What is Songbird?
Songbird is a Canary network for Flare and features its own native token, Songbird (SGB).
How will I receive my Songbird (SGB) tokens?
If you qualified for the airdrop, your SGB tokens have been airdropped into your Binance.US wallet.
How many SGB tokens will I receive?
The amount of SGB tokens you receive depends on how many XRP tokens you held in your Binance.US account at the snapshot time. For eligible customers, 0.1511 SGB are airdropped for every 1 XRP that was held at the time of the snapshot.
Do I need to pay taxes on my SGB tokens?
Receiving crypto from an airdrop is similar to winning money from a giveaway. Generally, this is taxed as ordinary income at the fair market value on receipt date. Note that if the airdropped tokens are stored in a wallet without being traded, there is no further taxable event. Further taxability only occurs when one sells, exchanges, or transfers the asset. See the IRS FAQs (Q21 - Q24) and Rev Rul 2019-24 for IRS guidance on forks and airdrops. Note: Transactions must be reported at their fair market value, and in US dollars. Refer to our Cryptocurrency Tax Reporting 101 article for more information.
For more information on the airdrop, please refer to:
- Introducing Songbird, the Canary Network for Flare
- Putting Songbird in Flight
- Binance.US to Provide XRP Balance Snapshots in Advance of Flare Distribution
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Binance.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.