Binance Will Donate All Of Its Listing Fees To Its Charity Arm

Oct 8, 2018 at 18:37 Update Date :Oct 8, 2018 at 18:37 UTC

Binance, right now the world’s biggest cryptocurrency exchange by trading volume, has reported that it will now unveil all crypto money listing fees and will donate it to charity.

As indicated by an organization blog post published on Monday, token projects looking to be listed on the trade will keep on being permitted to propose their listing charges. The exchange will neither dictate such fees nor impose a minimum valuing level, the post indicates.

Notably, Binance said, it would donate 100 per cent of listing fees to its recently launched charity division, the Blockchain Philanthropy Foundation.

The trade included that all the listing fees that are now effectively donations will be published on the foundation’s website, in a move to increase transparency in the listing process.

Binance CEO, Changpeng Zhao expressed in the post that the donation amount is down to the projects themselves and the size does not “ensure or in any way influence the outcome” of the trade’s listing review process.

The trade’s charity arm was launched in July to put atleast a portion of its billions of dollars in benefits into charity initiatives. The establishment is led by Helen Hai, a goodwill envoy for the United Nations Industrial Development Organization.

The present charity also follows recent discussion over the murky area of the fees charged by trades to list crypto tokens, which are generally not declared. A Bloomberg report in April, published by an industry analysis firm, suggested crypto projects could pay anywhere between $1 million to $3 million for expansion to major trading platforms.

In August, a crypto venture CEO claimed on Twitter that Binance had quoted 400 bitcoin in an email as a charge for listing the firm’s asset in August. Zhao later denied the claim, saying Binance never quoted fees using email.

 

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