Recently, Christopher Franko, crypto researcher claimed that world’s largest crypto exchange, Binance has been charging over 400 BTC ($2.5 million) to integrate on their platform.
If binance wants to charge 400 btc to get listed on their exchange that is their right to do so. They appear to have the most volume in the world. Getting listed there does usually result in higher awareness, but if that is the case.. just own it. "ya its expensive"… why lie?
— Christopher Franko 🧐 (@FrankoCurrency) August 9, 2018
Franko also added a screenshot of an email with ‘firstname.lastname@example.org‘ address which said that it costs 400 BTC to list his blockchain project, Expanse.
However, the Binance CEO, Changpeng Zhao (CZ) clarifies the claim of Christopher Franko via official statement. CZ stated without any strict verification process, the exchange does not list cryptocurrencies for 400 BTC or even for 4000 BTC.
We don't list shitcoins even if they pay 400 or 4,000 BTC. ETH/NEO/XRP/EOS/XMR/LTC/more listed with no fee. Question is not “how much does Binance charge to list?” but “is my coin good enough?” It’s not the fee, it's your project! Focus on your own project!
— CZ Binance 🔶🔶🔶 (@cz_binance) August 11, 2018
Further he also added in a statement;
“Also, the email Franko showed is a spoofed/scam email, not from Binance. Binance never quotes fees in email, and not in BTC. Project owners should be able to spot email spoofing; those who can’t should not issue a coin. The communication process/method tells a lot about a coin”.
Moreover, in order to list new assets any of the major stock markets require listing fees as well as maintenance costs. However, it is apt for Binance or any other crypto exchanges to charge a level of fee to list cryptocurrencies on their platforms. But in this case, the listing process fees is still not cleared that whether it is 4 BTC, 40 BTC, 400 BTC, or 4,000 BTC.
Although, the CEO stated that even for the large amount of capital, Binance doesn’t blindly accept cryptocurrencies to integrate if that are not legitimate.
Noticeably, in South Korea’s blockchain project operators reported brokers have been offering $2 million to $5 million for guaranteed listings.
The South Korea’s blockchain project member said;
“We’ve met with top three cryptocurrency exchanges in the world and they’ve all clarified. However that there is no listing fees involved in the process of listing digital assets. Prior to large exchanges, we were told that we need at least $5 million. Thus to list on a widely utilized crypto exchange”.
However, those particular offers are illegal and also crypto assets that pay for such services. Therefore they are also considered as an illicit group of operations.
Finally, due to its high demand in the market it is legally valid for crypto exchanges to charge high fees. But as per the CEO statement, the major cryptocurrencies are following the strict regulations to list crypto assets.
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Image Source: Changpeng Zhao