Earlier today, Binance, the world’s number 1 cryptocurrency exchange by trading volume, released their official stance on listings and partnerships on the platform. This was released on their Medium page and aims to provide clarity on the platform’s services.
The list of rules enforced by Binance starts off with the advanced disclosure of listing or partnerships. This is to prevent insider trading of any sorts, as a listing on Binance for any coin is bound to increase the price.
In their Medium page regarding the details of their policy, Binance emphasized the fact that the teams of ICOs cannot disclose if they will get listed on the exchange. This can only be done after news of the announcement breaks through their official channels. They also warned projects looking to break this rule, stating:
“If any information about a potential listing or partnership leaks out beforehand, we will put the listing or partnership on hold; possibly indefinitely.”
Continuing in the same vein, Binance stated that any unofficial claims of listings or partnerships are always false. They proceeded to mention that there is a “strict policy” put in place against the unauthorized use of the Binance name.
This seems to be a move by Binance against fake news of coin listings or partnerships. The move is targeted squarely at projects that claim that they will be listed or are a partner of Binance without their consent.
This is further cemented by their next policy, which applies the ‘Binance Application in Progress’ logo to the fitting cryptocurrencies. The logo is provided during the process of application to the exchange. However, they clarified the meaning of the logo, stating:
“Community members must be aware that this image does not imply any response, listing progress, or endorsement whatsoever.”
Binance has made it clear time and again that there is only one valid way to apply for listing on the exchange. There is a form that willing ICO’s CEOs must fill in order for the application to be reviewed. The CEO of Binance, Changpeng ‘CZ’ Zhao, has offered clarity on this multiple times.
In a blog post, he asked ICO leaders to not send them their whitepaper or ask for a meeting with him. He also explicitly stated that he does not have the time required to do an initial review of the product, as he is “not Superman”. Moreover, he also asked them to go through the form, as it is the only official way of applying to be listed on the exchange.
After clarifying the route of information to the exchange, Binance also warned the community to demonstrate “extreme caution” against fake communication.
This comes after the cryptocurrency community conspired for a long period of timing regarding Binance’s role in insider trading. The release of this official stance clears any confusion that the community might have regarding the same.
The post A move to stop rumours of insider trading? Binance’s official stance on listings and partnerships appeared first on AMBCrypto.