Sure, your friend could create a giveaway for it, but he wouldn't get any CV from it unless it gained at least 5 entries. Whitelist giveaways are essentially a group giveaway. Same rules apply.
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I searched around but haven't seen any info regarding this. My friend is thinking of creating a giveaway for Christmas, he's only having me on his Whitelist.
Since I read that you need at least 5 entries to get CV anyway, so this is not a case of abusing CV. (Not sure why he wants to use giveaway rather than just gifting directly). But my main question is whether that's ok, and again he's not getting any CV from it.
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