ExchangeNews

Binance CEO Clarifies Allegations on Listing Charges

Binance was claimed for charging excessive fees from smaller coins to be listed on its platform. But now CEO has clarified against the allegation via official tweets.

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.

Franko also added a screenshot of an email with ‘oyyq@binance.com‘ address which said that it costs 400 BTC to list his blockchain project, Expanse.

mail

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.

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.

Market cap binance

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.

Share your feedback with us on Twitter and Telegram.

Look out for PR service? Send us the mail today at info@coinpedia.org

Image Source: Changpeng Zhao

Tags
Show More

Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

twenty − 8 =

Back to top button
Close
whatsapp