{"id":180747,"date":"2018-10-08T12:45:07","date_gmt":"2018-10-08T16:45:07","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/binance-makes-updates-to-listing-fee-policy-to-donate-100-to-charity\/180747"},"modified":"2024-07-05T14:57:32","modified_gmt":"2024-07-05T14:57:32","slug":"binance-makes-updates-to-listing-fee-policy-to-donate-100-to-charity","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/binance-makes-updates-to-listing-fee-policy-to-donate-100-to-charity","title":{"rendered":"Binance Makes Updates to Listing Fee Policy, to Donate 100% to Charity"},"content":{"rendered":"

 <\/p>\n

In a recent announcement on the Binance website, the major cryptocurrency exchange explained that they would be introducing an unprecedented policy that makes coin listing fees completely transparent, with 100% of those fees being donated to charity. The move comes as exchanges face growing criticism regarding their listing policies.<\/p>\n

In\u00a0the post<\/a>, the exchange explains that \u201cgoing forward, we will make all listing fees transparent and donate 100% of them to charity,\u201d removing the long-held community concerns that cryptocurrencies, despite their utility, team, or trustworthiness, could get listed on an exchange simply if they offer enough money.<\/p>\n

In addition to removing this long-held community concern, the new policy also advances Binance\u2019s charity initiatives, which mainly help to advance global use-cases and education regarding blockchain and DLT technology.<\/p>\n

The post explains that what was priorly known as listing fees will now be referred to as a \u201cdonation,\u201d and that companies looking to get their crypto listed should not in any way believe that a higher donation will increase their chances of approval.<\/p>\n

\u201cBinance 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,\u201d the post explains.<\/p><\/blockquote>\n

Despite this, the post also interestingly notes that companies whose coin is currently in the review process should \u201cfeel free to update [their] application with an appropriate number,\u201d signaling that money is still an influencing factor.<\/p>\n

The Binance Listing Update Comes After Criticism Regarding Their Listing Process<\/strong><\/h2>\n

Concerns regarding Binance\u2019s listing procedures first sparked earlier this past summer, when Bytecoin<\/a>\u00a0was unexpectedly added to the exchange. Prior to its arrival to Binance, the cryptocurrency had only been listed on several small exchanges.<\/p>\n

The reason the token hadn\u2019t been widely listed was mainly due to its controversial pre-mining that occurred during its 2014 launch, which put as much as 82% of the coin\u2019s ownership<\/a>\u00a0into the hands of one single entity.<\/p>\n

Following the listing, the coin\u2019s price pumped 270% in just a few hours, before plummeting, leaving its total daily gains at a \u201cmere\u201d 71%, burning investors who had bought in at higher prices while the coin was skyrocketing.<\/p>\n

Following the pump and proceeding crash, Coincodex, a cryptocurrency analysis and comparison site, called into question the legitimacy of the pump, saying:<\/p>\n

\u201cWho in the world was buying BCN at a price which was 10 times higher than elsewhere? Perhaps there were some unwitting traders who didn\u2019t want to miss out on a token that was going vertical and bought before checking prices on other exchanges, but it seems very unlikely that BCN trading activity on Binance today was entirely organic.\u201d<\/p><\/blockquote>\n

It is likely that the latest Binance announcement, which comes five months<\/a>\u00a0after the Bytecoin debacle, is a result of the widespread criticism of the exchange\u2019s less-than trustworthy listing practices.<\/p>\n

Featured image from Shutterstock.<\/pre>\n
 <\/p>\n
The post Binance Makes Updates to Listing Fee Policy, to Donate 100% to Charity<\/a> appeared first on NewsBTC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"
  In a recent announcement on the Binance website, the major cryptocurrency exchange explained that they would be introducing an unprecedented policy that makes coin […]<\/a><\/div>","protected":false},"author":1285,"featured_media":180749,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-180747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"\nBinance Makes Updates to Listing Fee Policy, to Donate 100% to Charity - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Binance website explained that they would be introducing an unprecedented policy that makes coin listing fees completely transparent.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/180747\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance Makes Updates to Listing Fee Policy, to Donate 100% to Charity\" \/>\n<meta property=\"og:description\" content=\"Binance website explained that they would be introducing an unprecedented policy that makes coin listing fees completely transparent.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-08T16:45:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-05T14:57:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/10\/cropped-favicon-200x200-72.png\" \/>\n\t<meta property=\"og:image:width\" content=\"200\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/180747#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/180747\"},\"author\":{\"name\":\"Cole Petersen\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/5f52abf441915df6c28f8870017655a8\"},\"headline\":\"Binance Makes Updates to Listing Fee Policy, to Donate 100% to Charity\",\"datePublished\":\"2018-10-08T16:45:07+00:00\",\"dateModified\":\"2024-07-05T14:57:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/180747\"},\"wordCount\":505,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/180747#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/10\/cropped-favicon-200x200-72.png\",\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/180747\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/180747\",\"name\":\"Binance Makes Updates to Listing Fee Policy, to Donate 100% to Charity - 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