The first crypto exchange of the CoinMarketCap ranking Binance made an important announcement. From now on, all the fees that the exchange charges for listing different cryptocurrencies will go to charitable organizations.
#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
Most people in the crypto community believe that this was done purely to draw attention to Binance and raise its popularity levels.
However, there is a more interesting version. Supposedly, the exchange used to charge unbelievably high commission fees. The prices could go up as high as 400 BTC for listing a token, so such a noble step would disprove all the accusations.
According to the CEO of Binance, Changpeng Zhao, such a step was carried out to make to commision more transparent. Now all the projects that want to get listed at Binance need to donate some amount of money to the charity.
At present, the list of organizations that are going to receive donations has not yet been published. Moreover, the Binance team emphasizes the fact that any amount of money can be donated, and it will not influence the process of listing.
“Binance will continue to use the same high standard for the listing review process,” says the press release.
When asked what if other crypto exchange might follow the example of Binance, Zhao stated:
“They copied us on many other things, this will be a good thing to copy.”
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