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Now developers are allowed to name the amount of the fee they pay themselves, and all the listing fees will be donated to Binance’s recently launched charity division, the Blockchain Charity Foundation.
Binance, the world’s largest cryptocurrency exchange by trading volume, has announced some changes to their listing fee policy, which means that new cryptocurrency listing fees will be transparent. Moreover, the exchange will donate all listing fees to charity.
#Binance Listing Fee Update:
Starting immediately, and going forward, Binance will make all listing fees transparent and donate 100% of them to charity. @BinanceBCFhttps://t.co/addXONK0Ip pic.twitter.com/8WrEfnmz3V
— Binance (@binance) October 8, 2018
Listing fees have been a pain point for many cryptocurrency projects which depend on getting their coins listed on exchanges for liquidity. Getting listed on a major exchange can result in a coin’s spike in value overnight. Yet, many projects have complained of huge listing fees. Binance has frequently become a subject of such grievances, that’s why the company introduces some changes.
According to Binance blog post, crypto projects will be able to name their price. The exchange will neither dictate such fees nor impose a minimum pricing level.
“Project teams will still propose the number they would like to provide for a ‘listing fee,’ or now more appropriately called a ‘donation.’ Binance will not dictate a number, nor is there a minimum required listing fee.”
According to the exchange, it will disclose the fee via its charity arm Blockchain Charity Foundation launched in Malta in July 2018 as a way to funnel some of its profits to charity. The foundation is headed by Helen Hai, a goodwill ambassador for the United Nations Industrial Development Organization.
“This change will further push Binance’s charity initiatives and increase the use of blockchain for the greater good. We will have further updates in this area shortly.”
Binance is the largest cryptocurrency exchange founded in Hong Kong in 2017. By March 2018 the company had established offices in Taiwan. As of January 2018, it was the largest crypto exchange with a BNB market capitalization of $1.3 billion. Such a rapid growth is largely due to the company’s ability to onboard new coins quickly. Another reason of why Binance has succeeded so much is the Binance Coin (BNB). The token was introduced for a small, but significant reason, and from there, its utility and worth has exploded almost as much as the exchange itself.
In August of this year, Christopher Franko, founder of blockchain platform Expanse, claimed on Twitter that Binance had quoted 400 bitcoin in an email as a fee for listing the firm’s asset. But Binance denied those claims. Binance CEO Changpeng Zhao said the exchange never quoted fees via email. He stated:
“We don’t list shitcoins even if they pay 400 or 4,000 BTC. … Question is not ‘how much does Binance charge to list?’ but ‘is my coin good enough?'”
The recent shift in the exchange’s policy is a response to prior accusations. Binance stated:
“If your coin is still in the listing review process, feel free to update your application with an appropriate number. Binance will continue to use the same high standard for the listing review process. A large donation does not guarantee or in any way influence the outcome of our listing review process.”
The company hopes that users will like this change.