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Binance claims to donate listing fees to Blockchain Charity Foundation for “greater good”

Ajay Narayan

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Binance claims to donate listing fees to Blockchain Charity Foundation for "greater good"
Source: Unsplash

On 8th October, Binance, the world’s largest cryptocurrency exchange in terms of trading volume, announced certain changes in its listing fee policy.

According to the official post, all the listing fees will be made transparent and will directly be donated to charity. They stated that project teams would focus on proposing a number for the listing fee, or a “donation”. They added:

“Binance will not dictate a number, neither is there a minimum required listing fee”

Binance’s charity initiatives will witness major advancements, along with an increase in the usage of blockchain technology for social development. Furthermore, the exchange platform stated that the standards followed in reviewing the listing process would be similar to the ones followed for listing tokens on the platform. They further stated:

“If your coin is still in the listing review process, feel free to update your application with an appropriate number”

The Blockchain Charity Foundation [BCF] established by Binance will be headed by Helen Hai, the Goodwill Ambassador of UNIDO. The President of Malta, Marie-Louise Coleiro Preca will act as the Chair for BCF’s senior advisory board.

BCF is a non-profit organization which is focused on achieving global sustainable development with the help of blockchain technology. BCF’s main agenda is to transform philanthropy by developing the world’s first decentralized charity foundation. They focus on developing a blockchain technology which can be used to address the problems of poverty and inequality. The initiative will also help in the advancement of sustainable development.



Changpeng Zhao, the Founder and CEO of Binance stated that all the coins cannot be listed on the charity platform because of stability and security reasons. He added that the exchange platform would get an additional 10,000 listing requests and installing these wallets would take several years. Furthermore, a bug in any of the poorly written wallets could result in creating space for vulnerabilities. He added:

“An exchange that lists everything tends to turn into a wasteland, and a graveyard for projects”

With regard to the prices charged for listing new platforms, he stated that the fee was not an important factor but the quality of the project mattered the most. He added:

“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!”





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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

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Bittrex opens its USD markets to customers in Rhode Island with Money Transmitter License

Priya

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Bittrex opens its USD markets for customers in Rhode Island with Money Transmitter License
Source: Unsplash

Bittrex, one of the leading cryptocurrency exchanges in the world, announced the addition of another state to its USD market, earlier today. Bittrex has thus expanded its presence to around 40 United States territories, including South Carolina, Washington D.C., Montana, Kentucky, Arizona, Colorado, Iowa, and Massachusetts. Notably, this news comes days after the New York State Department of Financial Services [NYDFS] rejected Bittrex’s BitLicense application.

The Twitter announcement read,

“#Bittrex Community: Bittrex has been approved as a Money Transmitter in the state of Rhode Island! NMLS ID 1544336. We’re excited to welcome Rhode Island customers to join our USD Markets.”

Money Transmitter Act [MTA] or a Money Transmission Business Licensing Law requires any individual or business providing money transfer services by any means within the United States to procure a license from the State Banking Board.

The application of this law to platforms providing cryptocurrency services has been one of the main concerns for business ventures in the United States. This is mainly because states such as Pennsylvania have outrightly stated that this law did not apply to Bitcoin and other cryptocurrency exchanges, while others have not provided clarity on the subject.



The blog post read,

“Bittrex now supports eligible personal and corporate accounts for US Dollar (USD) trading, USD deposits, and USD withdrawals. Identity verified (personal or corporate) customers operating outside the United States or in one the […] US states/territories are eligible to participate”

Recently, the exchange was in the limelight over contradictory statements issued by the exchange and the NYDFS, pertaining to the former’s BitLicense application. The regulatory body had released a statement listing the reasons why the BitLicense was disapproved, with one of those reasons being the exchange’s North Korean accounts and the platform’s lack of ability to be updated in line with OFAC compliance. This was countered by the exchange, which went on to state that the North Korean accounts, in reality, belonged to South Koreans who “mistakenly selected North Korea.”





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