Binance claims that it does not charge 400 bitcoins for listing, the CEO clarifies


  Binance Zhao Changpeng Sequoia

Changpeng Zhao, CEO of Binance, has officially declared that the company does not charge 400 bitcoins ($ 2.5 million) to list cryptocurrencies on its platform.

Legitimacy of the request

Last week, cryptocurrency researcher Christopher Franko claimed that Binance, the world's largest digital resource exchange, charged a fee of 400 BTC for cryptocurrencies to be integrated into the exchange.

Franko cited a screenshot of an & # 39; e-mail with address [email protected] an address that supposedly said it cost 400 BTC to list Expanse, its blockchain project, on the exchange.

However, on August 12, CZ released an official statement that refuted Franko's claims, saying that the exchange does not list cryptocurrencies for 400 BTCs or even 4000 BTCs without conducting due diligence and subjecting them to a rigorous verification process.

The Declaration of CZ read :

"We do not list shitcoin even if they pay 400 or 4000 BTC ETH / NEO / XRP / EOS / XMR / LTC / other without additional costs. is "how much does it cost to charge Binance?", but "is my currency pretty good?" It's not the tax, it's your project! Focus on your project! "

" Also, the e-mail that Franko showed is a scam / scam e-mail, not from Binance.Binance never quotes taxes in e-mail and not in BTC.The owners of the project should be able to detect the spoofing of e-mail, those that can not do not release a coin The process / method of communication speaks a lot about a currency, "he added.

As a trading company and an exchange, similar to the way in which the major equity markets require listing fees and maintenance costs before listing new assets, it is appropriate for Binance and any other cryptocurrency transaction to accept an entry fee for integrate a cryptocurrency into its platform.

The amount of the commission involved in the listing process is irrelevant, whether it is 4 BTC, 40 BTC, 400 BTC or 4000 BTC, since the blockchain projects that see merit in the listing, even with a commission high, they will take the offer, and that's how the free market works. If there is enough demand and supply shortage, the price of a product inevitably goes up.

But CZ said that Binance does not blindly accept the listing fees to supplement cryptocurrencies, which is important for Binance users, since it shows that even for a large amount of capital, the exchange does not list cryptocurrencies that are not legitimate.

CZ Speaking the Truth?

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Binance, launched only 13 months ago, It is the largest cryptocurrency exchange in the world. | Source: CoinMarketCap

Earlier this week, in an interview with local publications, blockchain operators in South Korea talked about the black market of cryptocurrency lists, where brokers charge $ 2 million to $ 5 million for guaranteed listings.

the offers are illegal and the cryptocurrencies that pay for these services are also part of an illegal group of transactions. Several blockchain operators have reached the first three exchanges in the world, including Binance, OKEx and Huobi, who have stated that they do not accept listing commissions and that cryptocurrencies will have to use appropriate channels to be listed, which means that these brokers, which apply multi-million dollar quotation rates, operate independently without trade authorization.

In conclusion, cryptocurrency trade should apply high quotation rates, given the high demand from the market. But, as pointed out by CZ, and other blockchain operators in the major markets have said, the main exchanges of cryptocurrency like Binance follow appropriate protocols to list digital assets.

Image in evidence from YouTube / Piergiorgio Borgogno

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