Binance will donate all cryptocurrency listing fees to charities
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Answer Binance will donate all cryptocurrency listing fees to charities
Cryptocurrency exchange Binance has announced that, starting today, the company will donate all listing fees for selected new cryptocurrencies to charities.
The move is likely to generate a great deal of media attention for its social role as the world’s largest cryptocurrency trading platform by trading volume.
Previously, the fees for listing new cryptocurrencies on Binance varied based on a number of factors such as: “type of project”, “expected daily volume”, “project importance”, etc.
This move is not without some controversy. It was previously rumored that Binance is charging astronomical fees for listing cryptocurrencies on its platform. Zhangping Zhao, CEO of Binance, commented that these rumors are unfounded.
Zhao said:Read:Coming soon: Dubai World Trade Center transformed into a regulated area for crypto and blockchain projects
“There has been a lot of incorrect data, rumors and a state of (fear and uncertainty) about the listing fee. We care about our community and want to deal with this once and for all.”
When asked if Binance’s move toward greater transparency was motivated by the previous controversy, Zhao answered in the affirmative. Yes, to some extent. We did not charge 400 bitcoins for any project. That was an exaggerated number.
Now, cryptocurrency projects will be able to decide what kind of fees they want to pay. In essence, these fees will be a donation to charities through the “Binance Platform” at which point the platform will disclose the fees to the public through their charitable initiative, the “Blockchain Charity Foundation.”
“This will be revealed in a press release for[Pianence Charitable Foundation]We are discussing with a few large donors at the moment. We don’t want to publish a partial list yet.
Binance will not dictate the number of charities you have to donate to, and there will be no minimum donation when listing a cryptocurrency on the platform. They also want to avoid giving the impression that those with larger donations will receive higher support for their projects. Zhao explained this in a press release, saying:Read:Lucky Ethereum Miner Receives $540K Reward…Details Here
“A large donation does not guarantee or affect in any way the outcome of our currency listing review process.”
When asked if other players (other cryptocurrency exchanges) are expected to seek transparency, Zhao was optimistic:
“We certainly hope so. They have followed us in many other things, and that would be a good thing to do (do the same). There is no competition in philanthropy.”
Binance recently launched the “Blockchain Charitable Foundation” in cooperation with the United Nations, led by Helen Hay, the United Nations Goodwill Ambassador.Read:Over $1 billion worth of BNB moved after launch of DAR cryptocurrency exchange
The objective of the project is to assist the United Nations in addressing the funding gap for the United Nations Development Goals. Currently, the United Nations is struggling to raise the $2.5 trillion needed to help developing countries reach their investment goals. The Blockchain Charitable Foundation was set up to explore the possibilities of blockchain technology for leaders to help in this matter.
One of the next important steps in this process is the meeting of Binance and BCF at the Blockchains for Sustainable Development Forum on October 24 in Geneva.
The forum aims to unite various collective thought leaders with developers and heads of state, with the aim of discussing how blockchain will be used in the future for the greater good.
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