On 8th October, Binance, the world’s largest cryptocurrency exchange in terms of trading volume, announced certain changes in its listing fee policy.
According to the official post, all the listing fees will be made transparent and will directly be donated to charity. They stated that project teams would focus on proposing a number for the listing fee, or a “donation”. They added:
“Binance will not dictate a number, neither is there a minimum required listing fee”
Binance’s charity initiatives will witness major advancements, along with an increase in the usage of blockchain technology for social development. Furthermore, the exchange platform stated that the standards followed in reviewing the listing process would be similar to the ones followed for listing tokens on the platform. They further stated:
“If your coin is still in the listing review process, feel free to update your application with an appropriate number”
The Blockchain Charity Foundation [BCF] established by Binance will be headed by Helen Hai, the Goodwill Ambassador of UNIDO. The President of Malta, Marie-Louise Coleiro Preca will act as the Chair for BCF’s senior advisory board.
BCF is a non-profit organization which is focused on achieving global sustainable development with the help of blockchain technology. BCF’s main agenda is to transform philanthropy by developing the world’s first decentralized charity foundation. They focus on developing a blockchain technology which can be used to address the problems of poverty and inequality. The initiative will also help in the advancement of sustainable development.
Changpeng Zhao, the Founder and CEO of Binance stated that all the coins cannot be listed on the charity platform because of stability and security reasons. He added that the exchange platform would get an additional 10,000 listing requests and installing these wallets would take several years. Furthermore, a bug in any of the poorly written wallets could result in creating space for vulnerabilities. He added:
“An exchange that lists everything tends to turn into a wasteland, and a graveyard for projects”
With regard to the prices charged for listing new platforms, he stated that the fee was not an important factor but the quality of the project mattered the most. He added:
“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!”
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