Binance Pivots Crypto Listing Fees Into Charity Donations
Kicking the week off with a goodwill-minded shift, global cryptocurrency exchange power Binance announced on October 8th it would be shifting its listing fee model toward a donations system. Now, the exchange will deliver ensuing proceeds to charitable causes.
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‘Hope Others Will Follow,’ Says CEO Changpeng Zhao
Binance, currently the largest crypto exchange in the world per daily trade volume, has updated its listing fees policy and henceforth will be shifting these fees into donations to the exchange’s Blockchain Charity Foundation (BCF).
Hope others will follow. https://t.co/tBWvyAStd2
— CZ Binance (@cz_binance) October 8, 2018
“Project teams will still propose the number they would like to provide for a ‘listing fee,’ or now more appropriately called a ‘donation,'” the exchange explained in their update. “Binance will not dictate a number, nor is there a minimum required listing fee.”
With the shift being immediate, the exchange also invited projects currently in the application process to supply a donation figure for their forms, going on to say that the size of donations would be inconsequential in Binance’s review process:
“If your coin is still in the listing review process, feel free to update your application with an appropriate number. 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.”
A Boon for BCF’s Target Areas
As for what these new donations will be going toward, the BCF specifically has 17 target areas that it’s focused on tackling. These include issues like poverty and hunger reduction, water sanitation initiatives, and clean energy propagation, among others.
The listing fee pivot may mark a widening of Binance’s charitable efforts, but it won’t be the first time the exchange titan has flexed its muscles regarding charity.
For instance, after heavy rains caused disaster conditions in West Japan in July 2018, Binance put out a bulletin asking for donations and offered up $1,000,000 USD for disaster relief efforts.
Scammers Can’t Spoof If There Are No Listing Fees to Scam On
There have been previous kerfuffles over listings on Binance.
One of those incidents came back in August 2018 when Expanse co-founder Christopher Franko alleged that a Binance employee had solicited a 400 BTC listing fee from his project.
Binance CEO Changpeng Zhao wasted little time in contesting that assertion, saying it was “scammers pretending to be [the] Binance Listing team.” Zhao later added “[w]e don’t list shitcoins even if 400 or 4,000 BTC.”
The episode quickly blew over, but with the new BCF donations policy, it seems that any roving scammers inclined to pose as the Binance Listing Team to nefariously solicit fees will no longer have a vector to do so.
What’s your take? Do you think Binance will be an outlier here, or might other exchanges follow suit? Let us know what you think on Twitter or in the comments below.
Images via Pixabay, Blockchain Charity Foundation