Binance CEO Denies 400 BTC Listing Fee and Says the Exchange Doesn’t List ‘Shitcoins’
A plethora of liquidity-hungry cryptos are fiercely competing to get listed in the world’s largest crypto exchange by volume , Binance. But how does the high-flying exchange decide which coins to get listed, based on the exorbitant listing fee or the project quality?
Binance’s CEO Changpeng Zhao (popularly known as CZ on Twitter and in the industry) refuted the accusation last Saturday on Twitter that the exchange charges surprisingly high listing fees and emphasized that Binance only concentrates on the quality of coins it chooses.
Christopher Franko, the co-founder of the blockchain startup Expanse took to twitter on August 9th, criticizing Binance for quoting him 400 BTC, nearly $2,600,000 at press time, for listing his altcoin token. And the tweet soon caused a stir in the cryptocurrency space.
CZ reacted immediately to Franko’s criticism, by saying that “We don’t list shitcoins even if they pay 400 or 4,000 BTC. ETH/NEO/XRP/EOS/XMR/LTC/more listed with no fee. Question is not ‘how much does Binance charge to list? ’ but ‘is my coin good enough?’ It’s not the fee, it’s your project! Focus on your own project!”
But the dispute did not end there. Frank had also uploaded a screenshot of an email reportedly from a Binance staff about the rates as proof and insisted that the email asked him for 400 BTC listing fee was legitimate. CZ responded that the email Franko showed was a scam email, and warned crypto project owners that binance ‘never’ gives out quotation through emails.
“Also, the email Franko showed is a spoofed/scam email, not from Binance. Binance never quote fees in email, and not in BTC. Project owners should be able to spot email spoofing, those who can’t should not issue a coin. The communication process/method tells a lot about a coin.” CZ said.
In a recent interview with Forbes, CZ also explained the basic metrics Binance adopt to evaluate cryptos, indicating that “ We look at the project itself, the team behind it, and the product being developed. We also evaluate the community for the product, and to some extent we study the source code. ”
Meanwhile, Binance launched the first demo of its decentralized exchange, called Binance DEX, on Aug.9. The exchange is built upon its the company’s own blockchain – the Binance chain.
Although the decentralized exchange is an unstoppable trend, at this point, it still in the early stage. The decentralized trading platforms still provide inferior user experience to centralized exchanges due to immature technology. Also, they also have been hamstrung by security problems.