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The world’s largest cryptocurrency exchange, Binance, has decided, almost abruptly, to donate all of its listing fees going forward.
In an announcement that has caught the crypto world by surprise, Binance said that “starting immediately and going forward, we will make all listing fees transparent and donate 100% of them to charity.” The announcement also says that projects wanting to list their coins on the platform will suggest a listing fee or “donation,” and that Binance will not dictate what amount they wish to donate.
Binance was caught in an ugly social media battle with Expanse.tech’s founder and CEO Christopher Franko who had accused the exchange of charging around 400 BTC to list the EXP token. This argument led to many industry insiders questioning Binance’s not-so-transparent method of listing coins and charging exorbitant fees for listing.
Binance CEO Changpeng Zhao vehemently denied Franko’s allegations on social media and said that the emails Franko received were fake and not from Binance. He later said that platform had listed many major assets without charging any fees.
This announcement is seen by experts and insiders as the exchange’s way to ease tensions between many project developers who were critical of the listing process. According to the new listing policy, all coins still in the listing review process can update their application with a “donation” they wish to send. It also says that a “large donation does not guarantee, or in any way influence the outcome of our listing review process.”
In a tweet, Zhao confirmed the news saying that he hoped “others will follow.”
The proceeds will go to the Blockchain Charity Foundation, a not-for-profit initiative by Binance that is dedicated to the advancement of blockchain-enabled philanthropy to achieve global sustainable development.