Changpeng Zhao Calls Binance Listing Process Broken After TST Token Saga

Highlights

Binance co-founder Changpeng Zhao (CZ) faced criticism over the listing of the Test (TST) token, which surged 300%.
CZ distanced himself from the decision, labeling the exchange's listing process as "broken".
The crypto community has raised concerns over CZ’s involvement with the TST token, a meme coin.
CZ acknowledged the challenges of Binance's listing practices, suggesting simultaneous listings on CEXs and DEXs.

Binance co-founder Changpeng Zhao (CZ) has weighed in once again on the recent Test (TST) token saga calling the exchange listing process ‘broken’. Last week, after CZ shared a video tutorial featuring the Test Token, the TST price saw a sharp surge in a short period. Later, the Binance founder confirmed that it was just for educational purposes and that he doesn’t endorse the TST token.

However, despite this, Binance announced a listing for the TST token while capitalizing on the trading volume. This has caused a major uproar in the crypto community asking CZ about the “fundamentals” of the token and the vetting process at the exchange.

Is Changpeng Zhao Shifting From Fundamentals?

Over the past year, Changpeng Zhao has been known for backing fundamentally strong projects. However, the recent developments around the TST token have prompted the crypto community to question him. Several people have been asking when CZ supports “fundamentals”, then why is he talking about the TST token which is functioning as a meme coin?

This has led to questions like whether CZ is shifting away from fundamentals or is getting into meme coins now. Furthermore, Changpeng Zhao is facing the question of why the TST token got listed on Binance, despite Zhao distancing himself from it. Responding to this, CZ wrote:

“I don’t know for sure. I am entirely NOT involved in their listing process. Based on historical experience, people always complain, “Why do you list this but not the coin I hold?” You might not like to hear this, but the truth is: exchanges must compete to list popular coins (with trading volume) as early as possible. If your coin is actively sought after by traders, you don’t need to talk to exchanges. As I always say, work on your project, not the exchanges”.

Furthermore, commenting on his meme coin involvement, Zhao said: “Memes are fun, etc. It’s a cultural thing. I am not an expert in this area. There are plenty of die-hard defenders of memes. Don’t go against the community”.

Zhao on Binance Listing Test (TST) Token

Changpeng Zhao has expressed concerns over the platform’s token listing process, calling it “a bit broken.” In a statement on social media, Zhao highlighted how the four-hour window between the announcement of a listing and the actual listing creates significant price volatility, especially in the case of TST token.

“The notice period is necessary, but in those 4 hours, token prices surge on decentralized exchanges (DEXs), and then people sell on centralized exchanges (CEXs). Not sure if there is a solution for this though. Just beware,” Zhao noted.

One user suggested that the listing on CEXs and DEXs should be simultaneous, responding to which, Zhao said: “I tend to agree. I think CEX should list (almost) everything automatically, just like DEX. But I am not running a CEX anymore”.

TST Token Pump and Dump

Soon after the Binance listing, the Test price surged by 300% to $0.50 with daily trading volume surging 372% to $1.42 billion. However, this was met with strong liquidations as the TST price tanked 60% from the peak and is currently trading under $0.20. Amid the ongoing TST token saga and Zhao clarification, the BNB price surged 7% earlier today.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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