According to CZ. the conditions for listing the token on Binance

The CEO of Binance, the world’s largest cryptocurrency exchange by volume, has disclosed some information about the listing conditions on the trading platform.

CEO Changpeng Zhao (CZ) called The most important criterion for listing on Binance is the number of users. Additionally, there are many other factors such as the number of active addresses on the blockchain, social media audience, and commit code.

The “important key figure”, however, is the number of users:

“If a coin has a large user base, then we list it. That is an important metric. Let’s look at the coin meme example, although I do not personally own it, if it is used by a large number of users, let’s list it. We do it for the community, my personal opinion doesn’t matter. “

“If you have a large number of users, valuable products, this is the easiest way to measure it. Include user statistics in the application form. It will be of great help. “

According to Sergei Khitrov, founder of the crypto listing-focused platform Listing.Help, large exchanges like Binance don’t have to list small tokens as they generate income from trading volume and not from listing.

“This is one of the key issues that a lot of projects don’t understand. You should start by building a strong community. And that doesn’t mean 500 or 10,000 people in one Telegram channel, but a much larger number. “

Khitrov added that it is recommended that token makers start from smaller exchanges.

At the time of writing, Binance supports a total of 346 cryptocurrencies, including the big ones like Bitcoin and Ether, as well as popular meme coins like Dogecoin and Shiba Inu. Binance’s daily trading volume is estimated at $ 28 billion.

For comparison: OKEx, the second largest exchange by trading volume, has 312 coins listed and a trading volume of around 7 billion US dollars. The US exchange Coinbase only supports 123 tokens with a daily trading volume of around 6 billion US dollars.

Several major centralized exchanges (CEX) have listed more tokens than Binance, with Bittrex listing over 450 cryptocurrencies at the time of writing.

Unlike CEX, decentralized exchanges (DEX) are the platforms that list the most tokens since DEXs like PancakeSwap do not require permission or contact with the exchange. Hence, PancakeSwap, a DEX running on Binance Smart Chain, has listed over 3,200 tokens while Uniswap lists over 1,800.

Last month, PancakeSwap listed Squid Game (SQUID), a scam inspired by the Netflix show of the same name that grew by over 45,000% in the days after its launch. The token is also listed on Binance’s own cryptocurrency website CoinMarketCap, while competitors such as CoinGecko do not list the SQUID on suspicion of “highly likely fraud”.

Sign up for a Binance account here (10% discount on spot, margin and futures trading fees): https://accounts.binance.com/en/register?ref=29171587

Annie

According to Cointelegraph

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