Crypto Exchange Binance CEO Decides To Donate All Listing Fees To Charity

Changpeng Zhao, crypto exchange Binance’s CEO, made an announcement that he has taken the decision to donate all listing fees to charity. Zhao made this announcement on October 8 and stated that he hoped others would follow his decision. As per the announcement, starting immediately and going forward, the exchange will make all listing fees transparent and donate 100 percent of them to charity.

Changpeng Zhao confirmed the news on Twitter. The announcement further stated that Binance will continue using the same high standard for the listing review process. Recently, there was a controversy surrounding the exchange, during which users and industry sources alike, criticized the platform for allegedly charging exorbitant fees from developers to list altcoins.

The creator of the blockchain platform, Expanse, Christopher Franko in August raised an allegation against crypto exchange Binance stating that an exchange representative asked for 400 BTC to list its in-house token on the platform. Zhao, however, refuted the claim stating that the material shared on social media was false. Presently, Binance is the world’s largest crypto exchange in terms of daily trade volume, recording $806.5 million in trades during the last 24 hours at press time, as mentioned in the Cointelegraph report.

Binance in its announcement stated that project teams will still propose the number that they would like to offer for a listing fee. The exchange added that it won’t dictate a figure and there also won’t be a minimum required listing fee. This change is likely to drive Binance’s charity initiatives and also increase the use of blockchain for the greater good. The exchange added that it will have further updates in this area shortly.

Crypto exchange Binance in its announcement also stated that if a developer’s coin is still in the listing review process, they can update their application with an appropriate number. It reiterated that a large donation does not guarantee in any way the outcome of its listing review process, as stated on its website.

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