In a tandem effort to offer peace of mind to exchange members, and constructive actions to the world Binance has made a bold announcement. Effective immediately, Binance will make all listing fees (fees charged for the listing of a particular coin on their exchange) transparent, and also plans to donate 100% of those fees to charity. This new direction has not just come out of thin air, as it may have something to do with August’s well-publicized back-and-forth between Binance CEO, Changpeng Zhao (CZ, for short) and Expanse project founder, Christopher Franko.
First reported by Ethereumworldnews.com, Franko alleged that Binance determined a listing price of 400 BTC to allow for Expanse coins to be listed on the Binance exchange. However, CZ alleges that the email requesting the inflated listing fee was a “spoof” email from a masked non-Binance email address, despite the fact the the email received by Franko was indeed (at least in surface appearance) from an official Binance email account. Whichever the case may be, it did spark a Twitter war between the two CEO’s with CZ firing some very harsh criticisms toward the Expanse project CEO:
“We don’t list shitcoins even if they pay 400 or 4,000 BTC. ETH/NEO/XRP/EOS/XMR/LTC/more were listed with no fee (paid). 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!”
Other community members then found fault with CZ’s approach and/or lack of transparency in regards to Binance’s terms for listing fee criteria:
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
This may help point to today’s decision to offer greater clarity and include charitable nature to their listing process. Now referring to the listing fees as “donations”, Binance further itterates:
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.
It’s likely will use their own charitable arm, Blockchain Charity Foundation, to handle the donations related to listing fees on the Binance exchange.