Binance To Donate All Future Listing Fees For New Coins And Tokens To Charity

Binance, the world’s leading cryptocurrency exchange, announced via a blog post on October 8 that it is planning to disclose all listing fees going forward, and donate the proceeds to charity.

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Binance, the world’s leading cryptocurrency exchange, announced via a blog post on October 8 that it is planning to disclose all listing fees going forward, and donate the proceeds to charity.

Coin listing fees to be disclosed

According to a Medium post by the company, the fees it charges in the process of listing a coin on the exchange would be published, and 100 percent of that money would be donated to charity.

The exchange stated that the funds would be donated to Blockchain Charity Foundation, a charity organization it founded that is dedicated to the development and advancement of blockchain-enabled philanthropy.

Binance explained that projects looking to be listed on the exchange will have to propose their own listing fees, which will be donated to the Blockchain Charity Foundation.

Binance stated that it would not dictate the amount to be paid nor will it set a minimum required listing fee, adding that the size of the donation will not in any way affect the outcome of the listing of cryptocurrencies.

According to the exchange, this latest development will be very positive for Binance’s charity initiatives and will spur the use of blockchain technology for the greater good of humanity.

For the sake of transparency, Binance will publish all listing fees on its official website. This development comes after the exchange was accused of charging as high as $2.6 million for projects that sought to get listed.

Binance refuted those claims and maintained that projects pay for listing fees without the company dictating what should be paid.

In September, Christopher Franko, creator of blockchain platform Expanse, provided evidence supporting allegations that Binance asks for 400 BTC to list cryptocurrency tokens.

The CEO of Binance, Changpeng Zhao claimed that the materials provided by Franko were fake as he stated that the quality of an asset is what determines if it gets listed on Binance or not.

Binance announced in its blog post that projects currently in the listing process should update their application with an appropriate number, adding that it would continue to use the same high standard for the listing review process.

Changpeng Zhao wants others to be like them

Zhao stated on Twitter that he hopes other cryptocurrency exchanges would follow in their footsteps as he believes that would be for the best of the cryptocurrency space.

Binance launched its charity just three months ago, as the exchange looks to improve blockchain adoption and implementation across various sectors, including philanthropy. Helen Hai, who is a goodwill ambassador for the United Nations Industrial Development Organization, is currently leading that division.

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