Binance Issues Official Exchange Listings and Partnerships Memo to Address Insider Trading Rumors
Binance Launches Official Stance On Listings and Partnerships To Stop Rumors of Inside Trading
Binance, the number one cryptocurrency exchange by trading volume in the world, has recently decided to release an official document that announces the stance of the company on listings and partnerships on the crypto platform.
The document was released via the Medium page of the company and its main goal was to upgrade the clarity and transparency of the company for the public.
Binance’s list starts off with a disclosure about how partnerships and listings work. The company decided to release this as all the tokens that are listed on the company rise in price, so it has to take measures to prevent insider trading.
The company has emphasized that no ICO team can disclose whether they will be listed on Binance of not, according to the company rules. Also, they can only do it after Binance states on its official channels that a token will be listed on the platform.
Non-Compliant Projects To Be Put On Hold
Any project that is not compliant with this rule and announces that it will be listed on Binance before the company officially reveals this information will have its potential listing or partnership put on hold, possibly indefinitely.
The company expects that with these harsh measures, it will be able to protect itself and the customers against insider trading and forbid companies from having this behavior.
Binance has also taken the step of confirming that any unofficial claim of listing should be considered false. According to the document, there is a strict policy against unauthorized use of the Binance name and, if someone leaks information, the partnership may even be canceled.
This move was important because it shows that Binance is taking a stand against fake news and fake listings. No token will be listed on Binance without the consent of the company, so they reserve the right to be the only ones to announce, centralizing themselves as the only trustworthy source of information for this subject.
It was affirmed that “Binance Application in Progress” should not mean anything other than the companies are trying to contact Binance. The image does not imply that the listing is in progress, though, only that the company has filed to be accepted, which does not guarantee anything.
Only One Way To Apply For Binance
According to Binance, there is only one way to apply for the exchange: the ICO’s CEO must fill in an order for application and it will be reviewed by the Binance team. The CEO of Binance, Changpeng “CZ” Zhao, has told this several times already and this was repeated in the document.
He also asked for ICO leaders not to ask for personal meetings with him or send White Papers. According to him, he is “not Superman” and does not have time to be a part of the initial review of the products. This way, they should use the form, which is the only official way for listing. If the product is good, they will have a shot of talking in more detail about it later.
Finally, Binance has warned the community to take extreme caution against fake news and told that the release of this document was to ensure that Binance was not involved in insider trading and calm the community.