The Binance Listing Fee Change - One Week Later...

Cryptocurrency exchange giant Binance announced last Sunday that all cryptocurrency listing fees will be put towards charity. While the details about which charity the funds are given to are unclear, this is a bold move from the exchange. Binance hopes this change will help raise awareness about blockchain technology while linking it with doing good for the world.

In the past Binance has received lots of comments for their unclear and absurdly high listing fees. Some reports have Binance charging in the millions for a listing making it so only the largest of projects are able to get onto the exchange.

With this new system, it’s up to the applicant to state the amount they want to donate upon listing. If Binance deems the project worthy and the amount sufficient, then they will add the cryptocurrency to the exchange.

Binance CEO Changpang Zhao also spoke on Twitter stating “A large donation does not guarantee or in any way influence the outcome of our listing review process.”

This is not the first great PR move that Binance has made. A few months ago after an incident on the exchange where hackers laundered stolen funds, the exchange created SAFU (Secure Asset Fund for Users) which will collect 10% of all trading fees earned by Binance into a cold wallet to reimburse and protect users if similar events happen again.

It will be interesting to see if other exchanges will follow in Binance’s footsteps and start donating listing fees.

In this cryptocurrency bear market, exchanges have started to buckle down and started making sure only legitimate projects are traded on the platform. In addition to this listing fee announcement, Binance reported the delisting of Bytecoin, Chatcoin, Iconomi, and Triggers from their exchange. These projects were delisted for the following reasons:

The commitment of the team to the project
Quality and level of development activity
Network / smart contract stability
Level of public communication and activity
Responsiveness to our periodic due diligence
Evidence of unethical/fraudulent conduct
Contribution to a healthy and sustainable crypto ecosystem

Circle, who recently purchased the exchange Poloniex announced they have a new framework with similar conditions for listing assets.

Due to the new structuring of listing fees, it’s possible new projects that never even considered being added to Binance will now have the opportunity. By giving more coins exposure, trade volume can increase on smaller coins across the market.