The world’s largest cryptocurrency exchange, Binance, had recently announced that all listing fees will be donated to charity, after some coin developers exposed the exorbitant fees it took to get listed. However, while developers can now set their own listing fee without a minimum, the cryptocurrency on its platform are periodically reveiwed to ensure that the projects maintain a high standard of quality. This operation is done to ensure that Binance protects its users and all its stakeholders.
In a recent announcement, Binance, detailed that it will delist and cease trading on all trading pairs for the following coins and tokens at October 12, 2018, 10:00 AM (UTC), Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), Triggers (TRIG). Withdrawals of these coins and tokens will continue uninterrupted until November 12, 2018, 10:00 AM (UTC).
The delisting is due to a set guideline established by Binance to maintain a user protected trading environment. If the coin’s team or quality diminishes, then the coin is open for delisting. The factors that the coins are graded upon are various. The coin needs to show commitment of team to project. They need to maintain a standard of quality and level of development activity. Network and smart contract stability needs to be established. They must show a level of public communication and activity for the coin.The team must comply with the periodic review and be free from unethical and fraudulent conduct. Finally the coin need to contribute to a healthy and sustainable crypto ecosystem.
The delisting has come after the announcement of the new listing “charity” fee. As long as the coin maintains a certain level of professionalism, they can now set their own listing fee.