Binance Chooses “Quality Over Money” While Listing it Says CEO CZ

Changpeng Zhao also known as CZ, CEO of Binance has come out clear on the allegation that Binance charges BTC 400 which approx. USD 2.6 million to list a coin on its exchange. He used his twitter handle to counter this allegation saying that Binance lists coin based on their quality and said that many major coins were listed on the exchange without any fees.

CZ replies strong says Binance is an integral exchange

Binance, on being accused of charging exuberant fees for listing, CZ- the CEO took the twitter handle to say the allegations were fake. He said, for Binance, a coin or project is selected on the basis of how good it is and not the fees which it pays. He also mentioned that Ethereum, NEO, Ripple XRP, EOS, Monero Litecoin and many other coins were listed on the exchange without being charged a single penny. He also said the exchange will never list a coin which doesn’t qualify the screening criteria even if they pay BTC 400 or BTC 4000. CZ terms all these fake coins as shitcoins.

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!

— CZ (not giving crypto away) (@cz_binance) August 11, 2018

In reply to email screenshot Christopher Franko, co-founder of Blockchain platform Expanse shared CZ replied saying the email Franko showed is a spoofed/scam email, not from Binance. He mentioned that Binance never quotes fees in email and does not quote its fees in BTC. He also said that project owners should be more watchful and aware to spot email spoofing, those who can’t should not issue a coin. The communication process/method tells a lot about a coin.

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.

— CZ (not giving crypto away) (@cz_binance) August 11, 2018

Reiterating his opinion and transparency of Binance CZ said

“All complaints about listing fee come from projects we did not list, ie, did not charge (did not even ask for a fee).  It’s not the fee, it’s the project. Granted, there are many great projects out there we haven’t listed. Working on it.” “Lastly, shilling on my twitter doesn’t do anything… If I could I would penalize it, but I am not involved much in the listing process anymore, not even to that extent.”

Also, read: Binance CEO Concerned of USDT’s Collateral Damage in Case of Tether’s Downfall

The story behind the tweets

The biggest crypto exchange by global trade volume, Binance was accused of charging 400 BTC ($2.6 million) to list a token on its platform, at least according to Christopher Franko, co-founder of Blockchain platform Expanse. After submitting a listing request to the exchange this month, Franko got a reply from the Binance team asking for the massive fees 400 BTC to be listed. Binace reportedly sought to deny the claims, with support staff claiming certain information had come from a “spoofed email.”

So he is trying to say it was a spoofed email. But um.. it came from https://t.co/bTYQp6cgHK so either…

1. He is lying to save face.
2. someone has hacked their servers and sending emails out from it.
3. he has a rogue employee

I literally have nothing to gain from this.. pic.twitter.com/ubfyuxREEs

— Christopher Franko ? (@FrankoCurrency) August 9, 2018

Franko also offered to clear this confusion by asking Binance to provide a real quote.

Ok, @cz_binance if you are being genuine that it really doesnt cost 400 BTC to list @ExpanseOfficial there, then send me a DM with a real quote so we can clear this up. I believe you are probably an honorable person and the people want to know you are who you say you are.

— Christopher Franko ? (@FrankoCurrency) August 9, 2018

Although Binance did not answer it then, CZ tweet now provides his counter as an answer to questions that Franko and other twitter users had raised on Binance.

Definitely, the position and credibility that Binance holds today this looks more of email spoofing than reality. To add up further CZ’s answers do look to be genuine.

Is there someone trying to use Binance’s name to extort money similar to fraudulent lottery emails? Do let us know your views on the same.