Binance, the largest cryptocurrency exchange by trading volume, said that it will make new cryptocurrency listing fees transparent and donate 100 percent of those fees to charity.The exchange made the announcement today, October 8, 2018, in a blog post where it stated that a listing fee would now be more appropriately called a “donation.” Listing fees have been a pain point for cryptocurrency projects. Projects depend on getting their coins listed on exchanges for liquidity. News of getting listed on a major exchange can cause a coin to spike in value overnight. Yet, many projects have complained of exorbitant listing fees. In April 2018, Bloomberg reported that according to Autonomous Research some crypto trading platforms were charging $1 million to $3 million to list a token — 10 times more than what a traditional exchange, like Nasdaq, demands for securities. Binance, which now handles most of its operations out of Malta, has been a target of many of those complaints. In August 2018, Christopher Franko, co-founder of Expanse, a fork of Ethereum, tweeted that Binance wanted to charge 400 bitcoin ($2.5 million) to list a coin. Binance CEO Changpeng Zhao refuted the accusation. “We don't list shitcoins even if they pay 400 or 4,000 BTC,” he tweeted.Now, according to Binance, cryptocurrency projects will be able to name their price. “Binance will not dictate a number, nor is there a minimum required l...
