Major cryptocurrency exchange Binance announced on Monday that it will now provide full transparency regarding cryptocurrency listings fees, while also donating these funds to charity. The changes are effective immediately.
Currently, token projects that wish to be listed on the exchange platform propose their own fees for this. In an official company blog post detailing the policy changes, the process for the project team is said to not change, but rather than being dubbed a listing fee it will now be regarded as a charitable donation.
Binance says it will not impose a figure for the token projects to pay, nor a minimum donation.
The exchange’s charity division, the Blockchain Charity Foundation, was launched in July this year with an aim of promoting blockchain solutions for humanitarian projects. Helen Hai chairs the foundation, in addition to her position as a goodwill ambassador for the United Nations Industrial Development Organization.
”A large donation does not guarantee or in any way influence the outcome of our listing review process,” Binance’s CEO Changpeng Zhao writes in the post, who has remained throughout Binance’s history adamant that the company will not be influenced by large amounts of capital to list subpar tokens.
The platform has indeed come under scrutiny this year over these particular fees, which until today have remained nearly always undisclosed by both parties.
Just got a new @binance listing quote. 400 BTC
— Christopher Franko 🧐 (@FrankoCurrency) August 8, 2018
When the CEO of a cryptocurrency project Tweeted in August that Binance had supposedly quoted him BTC 400 in order to have his company’s token listed, Zhao denied that Binance would ever quote fees to a potential client in an email. “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?'” he stated.
Binance is currently the world’s largest cryptocurrency exchange by trading volume.
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