Cryptocurrency exchange Binance has announced changes to its policy for listing fees. In an online post, the company confirmed that it will be more transparent about those fees and intends to donate all collected listing fees to charity. Binance suggested that the change is designed to enhance its charitable efforts and “the use of blockchain for the greater good.”
Binance has drawn criticism in the past for allegedly charging some altcoin developers fees that many considered excessive. The new policy may at least partially defuse that controversy, especially if the company lives up to its promise of a more transparent fee structure.
According to the announcement, Binance will not be demanding any minimum fees for project listings. Instead, the company will allow each project’s developers to choose their donation amount. However, Binance insists that its listing review process and standards will remain intact:
If your coin is still in the listing review process, feel free to update your application with an appropriate number. 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.
On Twitter, Binance CEO Changpeng Zhao suggested that the move is a “win-win on multiple fronts” and would benefit his company in the long-term: