Binance has made a sudden change to its fee policy for listing new virtual coins on its platform.
Starting “immediately”, the listing fees will be made transparent, the world’s largest crypto exchange announced today, adding that it would donate 100% of the fees for charity. The company also said that it would continue to allow coin developers to propose their own listing fees and that it would not require a minimum amount. That said, Binance indicated that the size of the “donation” would not affect the exchanges decision on whether to list a token.
“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,” Binance said in the announcement. The company also added that the move would further its charity initiatives and “increase the use of blockchain for the greater good”.
As noted by industry website Coindesk, the move follows recent controversy regarding the listing fees charged by digital currency exchanges. In August a crypto project CEO claimed on Twitter that Binance had quoted 400 Bitcoin in an email as a fee for listing the firm's asset. This claim was later strongly refuted by Binance.
Coindesk also noted that a report from Bloomberg in April suggested that crypto projects could pay anywhere between $1 million to $3 million for their coins to be listed on major exchanges. That report cited a study by analytics firm Autonomous Research.
Binance is currently the largest cryptocurrency exchange in the world, measured by trading volume. According to recent data from Coinmarketcap, the exchange has generated trades worth just over $900 million over the past 24 hours. The exchange currently offers nearly 400 trading pairs, with BTC/USDT, EOS/USDT and TRX/BTC being its most popular offerings.