In principle, both the benefits are discounted crypto sale that you become eligible to participate and buy for supporting their own exchange tokens CRO & BNB. On both CRYPTO.COM Exchange & BINANCE Exchange, you will get a pro-rata calculated allocation to participate first based on your eligibility, and then you can use your exchange token (CRO or BNB) to buy the discounted tokens.
However here are 2 key differences and a summary of how to participate.
Staking or Locking Period for Eligibility
In Crypto.com, you will have to Stake the CRO into the 180 day locking period on the Crypto.com Exchange. There are 5 tiers of staking that determines your eligibility. Additionally there is a trading volume requirement which means you should have done a 30 day trading of minimum 5000$ to be able to participate. This means even if you are staking a lot of CRO on the exchange, but have not done 5000$ of trading, then you are not allowed to participate in the Syndication.
In Binance, you don't need to lock up your BNB in staking for the eligibility. (Note that there is a small lock up period for participating on the Sale, but not for the eligibility). The eligibility is just based on your average BNB balance.
Participation & Lockup period for the Sale
This is the big difference. In Crypto.com Exchange you are required to lockup your CRO for the sale for nearly 8 days after your begin participation. This is because Crypto.com have increased the calculation period from 2 days to 7 days. In the below example, the CRO you lock up for Syndication on 31-03-2021 06:00 will only be released on 07-04-2021 06:00 .
In Binance however, your calculation period is only 1 hour. Which means you are only required to lock up the BNB for a maximum of 5 hours or a minimum of 1 hour. For e.g. today morning the subscription deadline was 09:00 GMT and Token distribution is 10:00 GMT. Even though you can subscribe and lock it up from 05:00 GMT.
Hope this was helpful.
You can sign up to Crypto.com Exchange here
You can sign up to Binance here
Also, if you are interested in a detailed demo of Crypto.com Syndication & how it works with a live example, please watch my episode below.
