Binance is one of the biggest in trading volume and fastest developing cryptocurrency exchange in the world. Yesterday, the giant announced that all fees from their listing of new tokens will be going to charity causes.
The step comes not without controversy. The platform was immediately accused by crypto users that their fees are cosmic anyway and should not be required anymore. Another complaint comes from the opinion that Binance should use their revenues for software upgrades and boost their team, instead of to external activities, such as welfare.
The team defended its decision, saying that they ‘decide where to put their income’ and of course, there would be ‘salty’ reactions as expected.
Accusations of high fees were also declined, as the exchange says that it takes all kinds of fees. The announcement of the change reads:
Binance will make a change to our listing fee policy. Starting immediately, and going forward, we will make all listing fees transparent and donate 100% of them to charity.
Project teams will still propose the number they would like to provide for a “listing fee,” or now more appropriately called a “donation.” Binance will not dictate a number, nor is there a minimum required a listing fee.
However, according to the crypto fans on social media, Binance has already made a fortune of listings fees.
Now, the new policy states that companies will already decide by themselves what amount of fee to deposit on the platform. All collected funds will go to the Binance’s charity organization, the Blockchain Charity Organization. The non-profit declares that it is ‘the first blockchain philanthropic organization’, which aims to fight poverty and inequality through the advanced innovations of the decentralized technology. The charity foundation has just started but goals include basically all humanity and nature issues nowadays, such as food/ water/ energy supply, gender equality, economic development, climate change actions, etc.
Despite all the critics, the charity initiative is important for the cryptocurrency market adoption. Through steps like this, the blockchain technology shows more and more utility in the atomic world and reaches people out of the tight crypto trading community.