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Binance Argues it Does Not Charge 400 Bitcoin For Listing, CEO Clarifies
Changpeng Zhao, the #CEO of #Binance, has officially stated that the company does not charge 400 #bitcoin ($2.5 million) to list #cryptocurrencies on its platform.
Legitimacy of the Claim
Last week, cryptocurrency researcher Christopher Franko claimed that Binance, the world’s largest digital asset #exchange, has been charging cryptocurrencies a listing fee of 400 #BTC to integrate them on its exchange.
Franko cited a screenshot of an email with the address firstname.lastname@example.org, an address which allegedly said that it costs 400 BTC to list Expanse, his #blockchain project, on the exchange.
However, on August 12, CZ released an official statement refuting the claims of Franko, saying that the exchange does not list cryptocurrencies for 400 BTC or even 4,000 BTC without conducting due diligence and putting them through a rigorous verification process.
The statement of CZ read: “We don’t list shitcoins even if they pay 400 or 4,000 BTC. #ETH/#NEO/#XRP/#EOS/#XMR/#LTC/more listed with no fee. Question is not ‘how much does Binance charge to list?’ but ‘is my coin good enough?’ It’s not the fee, it’s your project! Focus on your own project!” “Also, the email Franko showed is a spoofed/scam email, not from Binance. Binance never quote fees in email, and not in BTC. Project owners should be able to spot email spoofing, those who can’t should not issue a coin. The communication process/method tells a lot about a coin,” he added.
As a commercial company and an exchange, similar to the way major stock markets require listing fees and maintenance costs prior to listing new assets, it is appropriate for Binance and any other cryptocurrency exchange to accept a listing fee to integrate a cryptocurrency into its platform.
The amount of the fee involved in the listing process is irrelevant, whether that is 4 #BTC, 40 BTC, 400 BTC, or 4,000 BTC, as blockchain #projects that see merit in the listing, even with a high fee, will take the offer, and that is how the free #market works. If there is enough demand and low supply, the price of a product inevitably goes up.
Telegram users can now send and receive Litecoin tokens
Telegram, the famous encrypted messenger app is now allowing users to sent and receive LTC thanks to the blockchain developed by Zulu Republic. This new Litecoin feature has been designed to allow users to securely check their LTC balance and send the amount of LTC they wish to the end receiver’s wallet or email address.
The company also plans to later allow LTC transactions to be completed via text messages (SMS) for those who do not have access to internet connection or who have poor signals.