In a massive move that certainly has larger implications for the cryptocurrency world in general, Binance, the world’s largest cryptocurrency exchange by daily volume, has announced that it will be donating all listing fees to charity. The company also elaborated that they will no longer be asking for a minimum fee. Many view this as a move towards transparency that will certainly help bring legitimacy not only to the exchange, but to the broader cryptocurrency markets, as well.
Ending the Controversy
The CEO, Changpeng Zhao, confirmed the news in a tweet, adding that he hoped “others would follow”. This comes after Binance itself has been criticized for charging excessive fees to list certain altcoins. Specifically, Christopher Franko alleged that Binance wanted to charge his platform Expanse 400 BTC to list the project.
Mr. Zhao vehemently denied the claims, dismissing the e-mail as fake. Although many pointed out that he would not elaborate on the company’s listing fee structure. There are many in the cryptocurrency community that have felt that Binance and other exchanges should list projects based on their merit, and not by whether they have the funds to be listed. This practice would be detrimental to both investors and traders worldwide.
Mr. Zhao has always maintained that Binance’s integrity was intact. He pointed out that many projects, such as Ethereum, Ripple, Litecoin and others, were listed with no fee. He went on to retort that “we don’t list shitcoins even if they pay 400 or 4,000 BTC”.
The announcement stated that the practice will begin “immediately”. The announcement states that the donations will be for “the greater good”, although no further detail was given about which exact charities would benefit. This certainly should help comfort investors and traders everywhere, although time will tell whether other exchanges will follow Binance’s lead.