• NOW

News

  • NOW

Binance Exchange to Replace Token Listing Fees With Donations

The popular Binance exchange has decide to replace its token listing fees with donations. The move follows a recent wave of strong criticism against cryptocurrency exchanges for the supposedly excessive fees they charge projects.

Also Read: Binance Wants to Invest in Africa, Reaches Out to African Projects

Donations Instead of Fees

Binance Exchange to Replace Token Listing Fees With DonationsThe Binance exchange has announced today a major change to its token listing fee policy. The team revealed that: “Starting immediately, and going forward, we will make all listing fees transparent and donate 100% of them to charity.”

According to the new policy, leaders of any project will be able to determine their desired fees (donations) themselves. Binance’s charity initiative will then disclose those sums to the public. The company claims it will not dictate any minimum viable donation fees. “A large donation does not guarantee or in any way influence the outcome of our listing review process,” added Binance CEO Changpeng Zhao.

400 BTC per Listing?

Binance Exchange to Replace Token Listing Fees With DonationsThis move can be seen as part of Binance’s recent drive to push crypto adoption into the philanthropy scene. Back in July of this year the company launched the “Blockchain for Charity” foundation, led by United Nations Goodwill Ambassador Helen Hai in partnership with the president of Malta, with the stated aim of helping the U.N. narrow down its Sustainable Development Goals funding gap.

The change can also be seen as a response by Binance to a wave of strong criticism hitting all popular cryptocurrency exchanges this year for the supposedly excessive fees they charge projects, which desperately need such platforms to reach more investors. This issue has been on the mind of the Binance leadership for a while now and Changpeng Zhao has addressed it before. Back in August we reported that the CEO publicly denounced as a liar a project founder who claimed Binance demanded 400 BTC to list a token.

How should exchanges decide which tokens to list? Is it legitimate to charge a fee? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

Tags in this story
Binance, Changpeng Zhao, Charity, coin listing, donations, exchange listing, Fees, ICO tokens, listing fee, listing policy, N-Markets and Prices, token listing
Related
Thailand Greenlights Japanese Exchange to Operate 4 Crypto Businesses

The Thai government has issued four licenses to a new crypto exchange. Prior to this, only existing exchanges that were… read more.

Liechtenstein Bank Creates Cryptocurrency Trading Platform for Institutional Investors

A private bank in Liechtenstein has established a cryptocurrency trading platform for institutional investors. Balzers-based Bank Frick will offer the… read more.

Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.