The world’s number one cryptocurrency exchange, Binance, has announced that with immediate effect all listing fees will be donated to charity.
A listing fee is the price a cryptocurrency project pays to have its asset listed on an exchange. In the past, cryptocurrency projects had the option to submit an application and select the highest listing fee they could afford. Binance reports that this process remains the same but now all listing fees will be transparent and donated to charity.
#Binance Listing Fee Update:
Starting immediately, and going forward, Binance will make all listing fees transparent and donate 100% of them to charity. @BinanceBCFhttps://t.co/addXONK0Ip pic.twitter.com/8WrEfnmz3V
— Binance (@binance) October 8, 2018
“Project teams will still propose the number they would like to provide for a ‘listing fee,’ or now more appropriately called a donation,” Binance stated in an announcement on its website.
Projects with existing applications are invited to update their listing fee price should they desire. Binance has made it clear though that a larger donation will not influence a final listing decision.
All proceeds will go towards supporting the Binance’s Blockchain Charity Foundation.
Binance has been in the news lately over controversy regarding it’s listing fees, with some projects claiming the exchange wanted over $2.6 million to list a coin. It appears, however, that the exchange simply chooses carefully which coins to list. Binance now seems to have taken advice from Twitter user Daniel Pigeon about listing fee transparency.
So why not standardize the process and make all this info public? Let everyone know what criteria a coin must meet in order to be listed for free. It would also be helpful to be transparent about listing fees to avoid confusion and misinformation
— Daniel C Pigeon 🌊🌊 (@danielcpigeon) August 11, 2018
Binance is the largest cryptocurrency exchange by trade volume, with a 24-hour volume just over $800 million dollars – almost double that of the second largest, OKEx. The exchange’s native token, Binance Coin (BNB) is the 14th largest cryptocurrency by market cap, trading at $10.48.