The CEO of Binance is giving away a custom Tesla and $50,000 worth of dogecoin in a contest on Twitter

·2 min read
In this photo illustration, a Dogecoin sign of a cryptocurrency is seen on a smartphone screen with a Binance logo of a cryptocurrency exchange in the background.
Dogecoin.Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Changpeng Zhao, the CEO of Binance, is giving away a custom Tesla and $50,000 worth of dogecoin in a contest announced on Twitter Monday.

To enter, users must do four things:

  1. Retweet his post

  2. Follow him, his firm, and Elon Musk on Twitter

  3. Have a verified Binance account that cleared "know your customer" (KYC) standards designed to protect against illegal activities

  4. Choose which prize and say why

Binance will pick one winner from each team, referring to dogecoin or Tesla. "Our favorite answer from each 'team' will win," Zhao said in a tweet Monday, accompanied by a 13-second video.

Soon after, dogecoin founder Billy Markus commented: "Important."

The promo period will run between November 29, 12 pm UTC, to December 13, 11:59 UTC. The vehicle to be awarded is a Tesla Model 3, which costs around $45,000. The winner may also elect to receive $50,000 worth of Binance coin (BNB) instead of the electric car, according to the fine print.

Thus far, tweets from contestants ranged from how crypto changed their lives to how the prize will fund their college education. Another said they would use the sum to help people in need.

The contest comes days after Zhao, more commonly known as CZ, had a public spat with Musk, Tesla's CEO.

Musk, who has previously called dogecoin his favorite crypto, tweeted at CZ on November 23, saying: "What's going on with your Doge customers? Sounds shady."

The Tesla billionaire was referring to Binance suspending its dogecoin withdrawals since November 11 due to a glitch after a network update.

CZ responded by pointing to an article on Tesla's recall of nearly 12,000 US vehicles because of a software glitch. The Binance founder later admitted to overreacting with his comment.

The crypto exchange on Monday announced users can now resume withdrawing the 10th largest crypto by market capitalization.

Dogecoin, a meme coin that began as a joke in 2013 has gained around 6,000% in the past year and has been heavily promoted by prominent figures, including Mark Cuban.

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