By Changpeng Zhao is a Chinese-Canadian business executive and the founder and CEO of cryptocurrency exchange Binance. On Monday, October 8 he announced that all listing fees would be donated to charity and that he “hoped others would follow” his lead.
The announcement stated that implementation of this was, to begin with, immediate effect, and Binance would also give developers the choice of the amount they would like to pay, without setting a minimum fee.
The following was said: “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.”
It can be seen in a series of Tweets on Twitter, how Zhao addressed issues with Christopher Franko, founder of the blockchain platform Expanse, who claimed in August that the exchange had quoted him $2.6 million (400 BTC) to list his altcoin token. Both users and industry sources criticized the platform for the allegedly exorbitant fees charged to developers to list altcoins.
Zhao wrote the following: “We don’t list shitcoins even if they pay 400 or 4,000 BTC.” [Ethereum, NEO, Ripple, EOS, Monero and Litecoin and more] listed with no fee. Question is not ‘how much does Binance charge to list?’ but ‘is my coin good enough?’ It’s not the fee, it’s your project! Focus on your own project!”
Zhao also posted the following: “All complaints about listing fee come from projects we did not list, ie, did not charge (did not even ask for a fee). It’s not the fee, it’s the project. Granted, there are many great projects out there we haven’t listed. Working on it.”
Franko went as far as to upload screenshots of email’s regarding representative rates claimed to be sent from Binance customer service. Zhao reported these to be fake saying that quotations were never provided by email, nor in Bitcoins.
Zhao went further, saying that project owners should be able to identify a fake email and those who cannot, should not issue a coin.
Binance exchange platforms latest idea had recently been presented by Zhao. A. decentralized exchange that could possibly be the next big thing. However, Twitter users criticized this again, saying that many aspects of Binance operations were contradictory to the principles of decentralization.
Despite these allegations and criticisms, Binance is currently the world’s largest crypto exchange by daily trade volumes, with a trading volume of $125,066,350 in the last 24hours (9 October). Clearly whatever they are doing, is working!
Do you feel this move is good for the market according to Binance’s Changpeng Zhao, and will this help bring confidence back for global investors? Comment below with your thoughts
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