Binance, the current leading crypto exchange by trading volume made an announcement on Monday to the effect that it will be disclosing the listing fees for new cryptocurrencies and token projects wanting to register with the exchange and putting 100% of the fees towards donation.
According to the announcement, token projects that seek to be listed on Binance will still be allowed to make proposals regarding their own listing fees. As it stands, the exchange is not looking to dictate the minimum pricing level for new projects.
Going all the way in
Binance recently rolled out a charity wing dubbed the Blockchain Charity Foundation. The firm asserted that it will be donating 100 percent of the listing fees to the foundation, which will be publicly listed on the foundation’s online portfolio in a move to increase transparency within the cryptocurrency space.
According to Changpeng Zhao, Binance’s CEO, the donation amount depends on the specific project, and the size of the donation does not in any way guarantee or influence the outcome of the new listing review process by the exchange:
This change will further push Binance’s charity initiatives and increase the use of blockchain for the greater good. We will have further updates in this area shortly. If your coin is still in the listing review process, feel free to update your application with an appropriate number. Binance will continue to use the same high standard for the listing review process. A large donation does not guarantee or in any way influence the outcome of our listing review process.
The exchange’s charity wing came about as a result of company’s wish to pump some of its profits towards empowering communities. The foundation is headed by Helen Hai, who is also a goodwill ambassador for the United Nations Industrial Development Organisation.
The murky area of fee transparency
This development comes on the backdrop of a recent debate regarding the grey area of fees charged by exchanges to list crypto tokens, which in most cases are not declared. In August, a CEO of a crypt project claimed on Twitter that Binance had quoted a listing fee of 400 bitcoins for the firm’s asset through email. However, Zhao was quick to deny the claims, noting that Binance does not its quote fees through email.