Cole Petersen · 58 mins ago · 2 min read · Insights via Band Protocol
In a stunning move, Binance, the world’s leading cryptocurrency exchange by daily volume, has announced it will be publicizing all listing fees and donating the entirety of proceeds to charity with immediate effect.
As per an Oct. 8 press release by the founder and CEO, Changpeng ‘CZ’ Zhao, cryptocurrency projects will now propose a listing fee-cum-donation, and will not be required to meet any minimum contribution threshold.
Those hoping for a free lunch may be out of luck, however, with CZ assuring that listing fees were still an “appropriate” component of the Binance ecosystem — one that he surmised contributes “significant value” to listed projects.
“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.”
CZ added that listing fees helped his exchange sift through projects and weed out those that felt “entitled”, from those who “appreciate value”.
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
The move would come off as a double-banger, bringing the axe down on the pervasive question marks that have floated over Binance’s supposedly exorbitant listing fees, while bolstering the exchange’s dabblings in philanthropy.
Moving forward, the exchange has called on existing listing applicants to update their proposed fee, while stating that more sizeable donations will in no way be favored.