Binance, a prominent cryptocurrency exchange, has introduced Megadrop, a new platform for airdrops and web3 quests.

Megadrop, launched on April 18, serves as a token launch platform that offers airdrops and Web3 quests by integrating the Binance Simple Earn program and the Binance Web3 Wallet. The platform aims to enhance user engagement during airdrops.

Megadrop grants exclusive access to specific web3 projects ahead of their official listing on the global exchange. Users can achieve this by either locking their BNB holdings for a specified duration through its Locked product program or by completing Web3 quests to earn points within their Binance Web3 wallet.

Scores earned through BNB locking duration or completed Web3 quests will determine users' reward levels. These rewards will be accessible through the Megadrop section on the Binance app.

BounceBit (BB), a Bitcoin restaking chain, is the initial project to launch on Megadrop, offering users a chance to earn up to 8% of the token supply, which amounts to 168,000,000 BB tokens.

Furthermore, Binance recently obtained a full virtual-asset services provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA) after passing through the final stage of the licensing process in the nation. Binance CEO Richard Teng expressed the exchange's dedication to compliance and innovation with the acquisition of this license.

The report from Bloomberg highlighted that Binance co-founder Changpeng Zhao had agreed to forfeit his voting rights for the local entity, leading to the approval of the VASP license. Zhao's settlement with the U.S. Department of Justice has resulted in his awaiting sentencing.

For further discussions on Binance's stablecoin regulation and the situation of the detained executive, you can refer to the news coverage of the Binance CEO at Token2049.