Binance’s Strict Guidelines Stop Bitcoin Being Listed Today

August 21, 2018
Binance’s Strict Guidelines Stop Bitcoin Being Listed Today August 21, 2018 Kevin Stokes

binanceFor cryptocurrencies, being listed on an exchange is one of the overriding goals. Without exchange presence, a cryptocurrency would never have a market presence. The bigger the exchange, the more noticeable their market presence is. This is why getting on Binance, the world's largest exchange is a pretty important step for just about all cryptocurrencies.

However, quite a bit of criticism has been leveled against the exchange for its listing guidelines. One of these is its high listing fees. Christopher Franko, the developer of Expanse coin said that the exchange asked for 400 bitcoins to get listed. This is equivalent to more than $2.6 million.

Changpeng Zhao who is the CEO of Binance has been very vocal about his exchange not listing what he calls ‘shitcoins’ and stated that the listing process on Binance is a long process on purpose. According to him, when an application is submitted, most of the time people won't even get a response. Zhao says that Binance focuses on coins that have a good team, a large user base and a developed product.

Additionally, when submitting a coin for listing, the founder is required to fill up the form. This is because if there are any problems with the coin, Binance requires that it talks with a key person in development. Binance aims to protect its users and investors by being strict with its requirements.

Ironically, all of these guidelines would not allow the most successful cryptocurrency of them all to be listed. Bitcoin is missing one key part of the application process: the creator himself has disappeared so they can't submit an application. This isn't just for Binance. Other exchanges have been following their lead and are being strict about having the cryptocurrency's creator actually apply for listing on exchanges.

Bitcoin Is A Hard Act to Follow

Bitcoin is without doubt the number one cryptocurrency in the world that has pioneered the cryptocurrency industry. There are a number of other cryptocurrency developers have been trying to copy its success. The problem is, with the evolving marketplace, the circumstances of bitcoin's launch and rise can't be duplicated anymore.

To be a successful cryptocurrency, it needs to be listed on exchanges. Additionally, the creators, unlike Satoshi Nakamoto, can't disappear into the shadows of the Internet. They will need to be front and center to answer investor concerns and to hawk their product. Initial coin offerings (ICOs) are a required part of crypto development now, something that bitcoin did not do.

About the Author

Kevin Stokes

Kevin Stokes Contributor

Kevin is our crypto expert, he will be keeping us in the know with all the going ons in the market as well as news on ICO's and the latest coins. Kevin has worked previously in the finance sector.

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