World’s largest crypto exchange to donate listing fees to charity
The world’s most popular crypto exchange, Binance, will donate all listing fees to charity
The CEO of one of the world’s largest cryptocurrency exchanges has announced that the company will donate all of its listing fees to charity amid community concerns.
Binance, one of the fastest growing and most popular exchange platforms in the world, has made changes to its listing fee policy to ensure that it is transparent and that all fees transferred by cryptocurrency developers will go to charity.
On Twitter, Binance said: “Starting immediately, and going forward, Binance will make all listing fees transparent and donate 100% of them to charity.”
The new initiative will allow developers to name the amount that they pay for listing, without the demand for a minimum fee. Confirming the news on Twitter, Binance CEO, Changpeng Zhao, said that he hoped other cryptocurrency platforms will follow.
This will remove the long-held community concerns that cryptocurrencies could get listed on exchange if they offered enough money, despite insistence on dependence. The announcement follows a period of controversy in which developers criticised the platform for its allegedly exorbitant fees it charges to list altcoins.
The new policy will also advance the charity’s initiatives, which the company hopes will advance global use-cases and education regarding blockchain and DLT technology.
In the announcement, Binance said: “This change will further push Binance’s charity initiatives and increase the use of blockchain for the greater good.”
The announcement explains that what was previously known as listing fees will now be referred to as a “donation” and that companies that are looking to get their crypto listed should not believe that a higher donation will increase chances of approval.
“Binance will continue to use the same high standard for the listing review process. A large donation does not guarantee or in any way influence the outcome of our listing review process,” the announcement added.
Cryptocurrency has become a new, advanced way for charities and not-for-profits to access donations. Executive Project Manager at Blockchain Relations, Jonathan Keim, recently told Third Sector that it was a revolutionary method to access payments.
“There has been a great deal of wealth created because of the recent crypto boom and these new high-net worth individuals would prefer donating in a cryptocurrency as opposed to converting fiat money,” Keim said.
“It could open up a very large funding source to accept payment from those who have done very well in the crypto markets.”