Binance has announced that starting immediately the listing fee details will be publicly disclosed and 100% of it will go to charity as a donation.
The projects who want to get listed on Binance should dictate the amount they are willing to ‘Donate’, after which the exchange will review the token. They mention in their blog that a higher fee does not increase their chance to get listed.
A Twitterati Crypto-Bitlord asked if Binance will disclose all the previous listing fees and agreements to which CZ replied the agreements have confidentiality clauses and hence won’t be disclosed.
CEO of Binance Changpeng Zhao hopes that other exchanges will also follow the same norms and donate the listing fees to charities, he also pointed out that his team is also working on bringing transparency to his charity the Binance Charity Foundation (BCF).
We are also working on a charity transparency initiative. Stay tuned.
Back in August, a token project CEO had revealed that Binance demanded 400 Bitcoin to list their token to which CZ had replied:
We don't list shitcoins even if they pay 400 or 4,000 BTC. ETH/NEO/XRP/EOS/XMR/LTC/more listed with no fee. Question is not “how much does Binance charge to list?” but “is my coin good enough?” It’s not the fee, it's your project! Focus on your own project!
— CZ Binance (@cz_binance) August 11, 2018
Getting listed on an exchange especially a giant one like Binance is considered a milestone for tokens, it not only brings more liquidity but also more exposure to lots of users which will likely increase the price of the asset (at least temporarily).
Exchanges have realized this and naturally are taking advantage of it by charging exuberant rates to list tokens. It is a good step by Binance which is arguably the largest in Crypto right now to not only make the process transparent but also donate the proceedings to charity.
We too hope that other exchanges follow Binance on this one:)
Did you like the news you just read? Please leave a feedback to help us serve you better