One of the largest exchanges in the world is in the recent crypto news for its decision to make all list fees transparent – and donate 100% of them to charity. This move will certainly bring a lot of positive news for Binance.
Before this, the listing fees on Binance have varied based on a number of factors such as the type of tokens, expected daily volume and others. Even though many pointed out to the fees of Binance and described them as “too big”, the CEO of Binance refuted the rumors as baseless and stated:
“There were so much incorrect data, rumors and FUD about listing fees. We care about our community and want to address this once and for all.”
The journalists have asked Zhao if the move towards greater transparency was driven by the earlier controversy, on which he stated: “Yes, partially.” Zhao also continued stating:
“We never charged 400 BTC for any project. That was a purely made up number. The new fees will be disclosed in a subsequent Binance Charity Foundation press release. We are discussing with a few large donors at the moment. We don’t want to release a partial list just yet.”
With this, Binance will not dictate how much projects have to charge – and there won’t be a minimum donation fee when a cryptocurrency is listed. As Zhao stated in a press release:
“A large donation does not guarantee or in any way influence the outcome of our listing review process”.
When asked if other players are expected to follow the transparency move led by Binance, Zhao was optimistic, stating:
“I certainly hope so. They copied us on many other things, this will be a good thing to copy. There is no competition in charity.”
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