From now on, Binance’s listing fees will be channelled to the company’s blockchain charity

All listing fees will be published openly on the foundation’s website

Binance has gone through a controversial period regarding token listing fees

The world’s leading cryptocurrency exchange has announced it will reveal all cryptocurrency listing fees going forward and donate those fees to charity. The donations will be channelled to the company’s blockchain charity which is supported by leading institutions and blockchain projects.

Listing process unchanged

The announcement came through an official company blog post on Monday. The notice stated that Binance will not change their actual listing process, meaning that all token projects will continue submitting their individual applications with a requested fee value that is based on their own affordability. The exchange stated it will share those values as soon as tokens are accepted.

The company also stated that all the listing fees, which now become donations, will be published openly on the foundation’s website, in a move that should enhance transparency in the listing process.

The donation amounts, according to Binance CEO Changpeng Zhao, will be down to the projects themselves and the size will not “guarantee or influence the outcome” of the company’s listing review process. The CEO said he hoped others will follow suit to make similar donations.

Binance accused of very steep listing fees in the past

Zhao confirmed the news on his Twitter handle and stopped a period of controversy that the exchange has faced during which users and industry sources together criticized the platform for allegedly charging exorbitant fees for developers listing their altcoins.

For instance, Christopher Franko, the developer of the Expanse blockchain platform uploaded to social media in August what seemed to show a Binance official asking for 400 BTC, which is approximately $2.6 million to list its token.

Zhao immediately went on a warpath and claimed the material was fake and claimed it was that quality of the asset that was clinched but avoided speaking about the company’s mysterious listing fee structure. Following Franko’s complaint, Zhao tweeted saying the company had listed several assets free. He tweeted:

“…[The] 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!”

Although young, Binance is the world’s leading cryptocurrency exchange by trade volume.