The biggest cryptocurrency exchange in the world, Binance, has just announced the decision to make its coin listing process more open and transparent. Binance made a sudden announcement via a Medium post on Monday that moving forward, they will disclose listing fees for all coins. Not only will the exchange disclose what fees are being collected for coin listings, but they will also donate all of the listing fees to charity.
“Starting immediately, and going forward, we will make all listing fees transparent and donate 100% of them to charity”, read the post.
All the listing fees will be donated to Binance’s own non-profit organization Blockchain Charity Foundation. According to the Medium post, any team who is trying to get their coin listed on the exchange can name their own fee, which the exchange now calls ‘donations’. The post also stated that the exchange will not decide the fees nor will there be a minimum fee.
“Binance will continue to use the same high standard for the listing review process. A large donation does not guarantee or in any way influence the outcome of our listing review process” the announcement said.
This announcement serves as a part of Binance’s recent drive to push crypto adoption through philanthropy. A few months ago, Binance launched the “Blockchain for Charity” foundation, led by United Nations Goodwill Ambassador, Helen Hai and the President of Malta.
The policy change can also be considered as a response by the exchange to criticism hitting all the major cryptocurrency exchanges this year, for the excessive fees they charge to list new projects. Earlier this year, a person named Chris Franko claimed that he was asked to pay 400 BTC for a listing position on Binance. This incident caused a backlash for Binance and aroused many questions regarding the exchange’s listing process.