In an email to Fortune responding to questions for this story, a Binance spokesperson stated that fewer than 50 affiliates earn over $1 million a year. And for those atop the trading structure, the rewards can be huge: A Binance blog post from 2019 reported that the top affiliate made $10.4 million in two years. Crypto proponents argue that such networks expand access to new forms of investment to underserved populations who have been largely ignored by traditional financial institutions. Multiple sources told Fortune that Binance’s affiliate arm is focused on enlisting influencers whose followers are below the age of 35 and live in developing nations. Binance incentivizes influencers to rapidly sign up their followers using affiliate codes, then the original influencer gets a cut of every trade each follower makes for their lifetime on the platform. We may be deep into a Crypto Winter, but may not know it perusing some accounts of commission-based influencers around the world who have become a key part of the growth strategy for Binance. In Costa Rica such riches are attainable, at least if you sign up for Finnish “online entrepreneur” Roope (Robert) Kiuttu's Binance Affiliate Rewards Bootcamp, a seven-step training program in which aspiring members learn such skills as “transform your invitees into active users.” And in Manilla, Archie Lim, known to his nearly 100,000 TikTok followers as can be found touting the potential upside of myriad coins while inviting viewers to tour the world (he's recently been spotted on social media riding the Binance jeepney in Manilla, and posting from a summit in Vietnam). He even paid to have his face appear on a Formula 2 race car as a high-speed billboard for his brand. In Sweden, Carl Runefelt uses the handle and invites his 255,000 Instagram followers to pine over his 1,001-horsepower Bugatti Veyron, tour what he describes as "my yacht" in the Monaco harbor, and his $1 million watch. Nobody does FOMO quite like crypto influencers. “I’m from Africa, and if someone sees me standing next to a Lambo dressed nice, at some place that they could never imagine themselves, it will make them believe that ‘Okay, this crypto thing seems to be real, if this guy can make it, I can, too,’” says Jabesi. Now, Jabesi says, he makes between $3,000 and $5,000 every month. With every trade his referred users make, Binance sends Jabesi rewards equivalent to as much as 40% in commissions. Having built a following of upwards of 8,000 followers across platforms, Jabesi qualified as a recruiter who could earn big commissions on the trades placed by every user he attracted to register on the global Binance platform. In 2020, he learned of the “Affiliate Program” offered by Binance, the company that in just two years had raced from nowhere to reign as the world’s largest crypto exchange. Jabesi’s trading flourished over the next several years as Bitcoin’s price kept surging. dollars and local currencies, he pivoted to full-time day trader and crypto evangelist. Realizing that he could exchange the signature crypto for U.S. He started accepting Bitcoin for odd jobs in coding and graphic design.
The eureka moment came in 2013, when Jabesi attended a Reddit AMA where Bill Gates praised Bitcoin’s potential for regular folks to make routine payments in developing countries. Upon graduating from high school, he traveled over 2,000 miles to Cape Town, where he marked time as a gardener and laundromat operator while looking for a big break. But rather than pursue a path of hard labor on tobacco or cattle farms, Jabesi dreamed of a different life. Growing up in Malawi, Grey Jabesi spent most of his childhood sleeping on a sand floor.
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