Binance to donate the funds to Charity-Binance, the world’s largest cryptocurrency exchange (by trading volume), used to charge a set fee for listing cryptocurrencies on their exchange.
In July this year, Binance launched a charity division: The Blockchain Charity Foundation and declared that the firm wanted to donate at least some of its money for charitable purposes. The charity division is headed by chairperson Helen Hai. Who is a goodwill ambassador for the United Nations Industrial Development Organization.
Here comes the big news!!
Binance announced in a company blog post that it will disclose the amount that was collected as listing fees and donate the entire amount to the charity division that was launched earlier! That is quite a goodwill gesture.
The company blog post also said that projects that want their token to be listed on their exchange can propose their own exchange fees now. There is no longer a set fee, nor is there any minimum price listed for the exchange.
The exchange said that it was to improve the transparency in the listing process of the system.
“The donation amount is down to the projects themselves. The size does not guarantee or in any way influence the outcome of the exchange’s listing review process”.
What are the other factors behind this move?
Binance to donate the funds to Charity-In August, the CEO of a crypto tokens project allegedly reported that Binance asked him for 400 Bitcoins as the fee for listing the token on their exchange. Binance’s CEO denied this allegation, stating that Binance never asks for a listing fee online. He further went on to say “We don’t list shitcoins even if they pay 400 or 4,000 BTC. Question is not ‘how much does Binance charge to list?’ but ‘is my coin good enough?'”
Many firms in the crypto sphere expressed their concerns. About the morally questionable amount of listing fees asked by exchanges to list tokens on their platforms. They alleged that exchanges charge $1 million to $3 million for listing a new token on their exchange.
To tackle the above allegations against exchanges, Binance has taken this measure of increasing its transparency in the system while simultaneously reducing the listing fees for token projects.