The Binance exchange does not charge 400 bitcoins for listing cryptocurrencies on its platform, according to CEO, Changpeng Zhao, as stated in an official statement. This clarification was made by Zhao, because last week, Christopher Franko, a cryptocurrency researcher claimed that the Binance exchange has been charging cryptocurrencies 400 BTC as a listing fee in order to integrate them on its exchange platform.
Franko shared the screenshot of an email which allegedly mentioned that Binance is asking for 400 BTC to list the blockchain project, Expanse, on the exchange. However, Changpeng Zhao refuted Franko’s claims by releasing an official statement on Aug 12. The exchange in its statement said that it does not list cryptocurrencies for even 4,000 BTC, leave alone charging 400 BTC, without conducting due diligence and making them go through a rigorous verification process.
The CEO also added that the email cited by Franko is a scam email and not from Binance. He also mentioned that the exchange never quotes its fees in email and not in BTC. He further said that project owners should be able to identify an email spoof. Those who can’t spot an email spoof should not issue a coin, he said. Zhao also shared that the communication method/process issued tells a lot about a coin.
Changpeng Zhao said that Binance never blindly accepts listing fees of 400 bitcoins or whatever the amount may be. Thus it is important for the users to understand that the exchange does not list cryptocurrencies that are not legitimate. As stated in the CCN report, the amount of fees involved in the listing process is irrelevant. That’s because blockchain projects that see merit in the listing, will take up the offer even if the fee is high. That is how the free market works.
While it seems appropriate for crypto exchanges to charge high listing fees, considering the high demand from the cryptocurrency market, but Binance CEO stressed that their platform follows proper protocols and does not charge 400 bitcoins as accused by Franko.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]