Binance has a reputation in the sector for being a market leader offering a clean and easy to use exchange with low fees and exceptional security but is the exchange really all that good.

But Stories have come out that the exchange is rife for extracting high listing fees off projects to get onto the exchange claiming they will receive a huge pump on listing as justification.

Extortion of Digibyte

Digibyte was an example of this, it won a vote on the exchange to be listed and once Binance contacted Digibyte about the offer they demanded a really high fee and even threatened to sue the project if they talked about it.

This is clearly an abuse of power and Binance had no right to ask for a huge fee when they clearly won the vote to be listed onto the exchange.

But the listings allegations don’t stop there they will openly list your project for a set fee even if it has a bad reputation in the crypto space.

Binance is all about money, they will take your money to be listed or a certain supply of currency to dump on investors after the initial pump but once the volume starts to dry up they will remove your project from their exchange without warning, which is what happened to 5 projects recently.

Binance Launchpad

The Binance launchpad is another money grab by the Binance exchange offering projects no one has heard of before effectively offering ICO’s in a 10 minute first come first service dash.

The first token offered on the launchpad was the long-awaited Bit-Torrent token that was offered in partnership with Tron. There was a set supply of tokens to be offered in which you had to buy with Tron or Binance coin offering both coins pumps in the days before the exchange effectively pump and dumping the coins.

But this was if you were lucky enough to buy the tokens, the launch pad crashed and wouldn’t let a lot of users to buy the Bit-Torrent tokens causing users on Reddit to claim it was pre-planned in the favor of heavy-handed investors.

So much for being decentralized

Binance is billed as a decentralized exchange platform but their own angel investors own over 67% of the Binance tokens so they hold 67% of the voting power on the exchange so they could easily vote in what in Binances favor whilst making their selves more money.

My general thoughts on Binance

I think the Binance exchange is easy to use and is pretty diverse for projects but behind closed doors, they are one of the shadest exchanges in the sector.

The CEO “CZ” is always promoting the exchanges and having updates on what's next for the exchange being portrayed as a golden boy by the news outlets but watch out he will take your head off for a few bucks.