Binance Announces Donation of Listing Fees to Charity
Top rated cryptocurrency exchange, Binance announced that it will be donating all of its listing fees to charity and its CEO reported that he “hoped others would follow” the decision. The decision will be effective immediately.
#Binance Listing Fee Update:
Starting immediately, and going forward, Binance will make all listing fees transparent and donate 100% of them to charity. @BinanceBCFhttps://t.co/addXONK0Ip pic.twitter.com/8WrEfnmz3V
— Binance (@binance) October 8, 2018
Further, the platform is not only donating the fees to charitable causes, but developers will be able to determine the amount they pay, without requesting a minimum fee. The announcement states:
“Binance will continue to use the same high standards for the listing review process. . . . A large donation does not guarantee or in any way influence the outcome of our listing review process.”
Binance CEO Changpeng Zhao confirmed on Twitter and ended a controversial period for the platform in which many had criticized it for the high amount of fees it charged developers to list altcoins.
We don't list shitcoins even if they pay 400 or 4,000 BTC. ETH/NEO/XRP/EOS/XMR/LTC/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!
— CZ Binance (@cz_binance) August 11, 2018
Those who have coins that are currently in the listing review process can update their application with an appropriate figure. The platform will use the same standards that it always has for the listing review process.
The platform launched its charity arm in July. The foundation is run by Helen Ha, a goodwill ambassador for the United Nations Industrial Development Organization.