Binance, world’s number one and largest crypto exchange by trading volume has announced effective changes to its coin listing policy and a 100% donation of all coin listing fees/charges to charity. The term listing involves a process where exchanges add new coins to the list of tradable assets already available on their platform. Previously, Binance varied its listing fees based on a number of factors such as type of token and expected daily volume.
According to the newly proposed policy by Binance, the company posits the following:
Company will disclose publicly and transparently all cryptocurrency listing fees.
Token projects seeking to be listed on the exchange will continue to be allowed to propose their own listing fees.
The exchange will neither dictate such fees nor impose a minimum required listing fee.
Binance will donate 100 percent of the listing fees to its recently launched charity division – the Blockchain Charity Foundation.
As part of its transparency drive, all listing fees will be published on the foundation’s website.
In his words, Binance CEO Changpeng Zhao remarked that the donation amount via these fees is totally the choice of the projects and coin development teams as he implores projects still in the listing review process to feel free to update their application fees. The Binance boss further emphasized
these fees do not guarantee or in any way influence the outcome of the exchange’s listing review process. Hence for either higher or lower fees donated by any coin project, equal chances and rights apply. We hope you like this change, and please join us in our charitable initiatives.
The Binance charity arm is headed by United nations Ambassador of Goodwill, Helen Hai and was launched in July with the aim of giving some parts of its billion dollar profits to charity initiatives especially the UN Sustainable Development Goals; increase the use of blockchain for the greater good and to support wholesome humanitarian projects.
This new policy change comes at a time when lots of debates and questions have been raised on the fees charged by exchanges to list coins and the credibility of the coin listing review process. With a report suggesting a fee of between $1 million to $3 million charged by major exchanges for coin listing.
Earlier this year, a crypto coin executive claimed he received a mail from Binance quoting 400 bitcoin as payable fee to list his firm’s asset. Responding to this report, the Binance boss vehemently denied saying
Yes partially, this new move is linked to this controversy. We do not list shitcoins, even if they pay 400 or 4000 BTC, we also never quote fees via email and the question here should be- Is my coin good enough to be listed?
When asked if other exchanges will take up the listing fee initaiative, Mr Zhao replied “Of course maybe, they always copy us so it’s possible.”
The Blockchain Charity Foundation by Binance is set to hold a meet up titled ‘Blockchains for Sustainable Development’ on October 24th in Geneva.
Exclusive Update: In coming days, Binance exchange is set to delist/remove four dump and shit coins in deep red from its platform; they include Bytecoin(BCN), ChatCoin(CHAT), ICONOMI (ICN) and Triggers (TRIG).