The popular crypto exchange Binance announced it will be donating listing fees paid by projects to different charities. The decision comes months after controversies arose around the fees paid by blockchain companies to list their tokens on the platform.
Binance to Donate Listing Fees
The Malta-based company Binance announced that it would be changing the listing fee policy. The official announcement, made by the company a few days ago, will be making listing fees transparent and donate 100% of them to charity. As per the official post, the new policy enters into effect immediately.
Binance wrote about the decision:
“Binance will make a change to our listing fee policy. Starting immediately, and going forward, we will make all listing fees transparent and donate 100% of them to charity.”
Project teams will have the possibility to propose the listing fee they would like to pay. This listing fee would be called a ‘donation,’ since it would be entirely donated to charity. In this way, Binance will be pushing charity initiatives related to blockchain technology.
The startup also informs that the listing fees would not determine or influence the outcome of the listing review process. Additionally, Binance is pushing projects in the listing review process to update their fees.
“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.”
Back in August, Binance was accused of asking 400 BTC to list a virtual currency. Chris Franko, part of the Expanse team, said that the exchange was asking this amount to list their token. This situation generated some angry reactions in the community against the exchange.
However, Changpeng Zhao, CEO and founder of Binance, responded that they do not list ‘low quality’ cryptocurrencies, independently from the fees paid.
In order to make the process more transparent, Binance has decided to inform the listing fees paid by projects and donating them all to charities.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.