Bitcoin Forum

Why must Binance exchange subject listing of new coin on election before being listed on its exchange?

Why dont they read the mission of the ICOs and select the best for listing.

I dont think the method will make them select the best since elections can be manipulated.

What is your opinion?

Actually their mission is not to support good projects by listing them in their exchange but to list coins with big community which brings more trading volume :)

Thanks for the clarification

Yes. Crypto exchanges exist to make money and they need to find coins that will have high trading interest and trading volume before they will list them.

Listing a coin requires backend work to ensure they can accept deposits of that coin and to be able to support the withdrawal. This is even more work if it is not an ERC20 token and that the coin have their own wallets.

So if there is no trading volume to make it profitable for Binance, they will not list it.

not just binance who  made selection before the coin listed in they exchanges
Bittrex, Kucoin, HitBTC and other also implement this system.
I think this is normal, because they need a best token or coin to increase their trading volume

yes, agree with your opinion. most exchangers choose coins to be listed in terms of community, with the aim that the market has a large volume.
some exchange will cross out (delisted) coins that have a market with a small volume.

You know, some projects handle a great ICO and gains millions of dollars and it is not a problem for such projects to pay fee on listing on such a big exchange.
But some projects dont have a lot of money to pay exchanges, if they will - they will lost their money for development. And if such coins have a strong community - they can pass through voting process, without paying anything.
So some coins are made for listing and some coins are made for technology. If technologically great coin has strong community that can support it - big exchanges are just a matter of time

The Binance team is very professional and I think they know what they do

I think that all this should most likely be due to whether the community will show interest in this coin, if they see interest in the project from the community, then eventually put it on the stock exchange. I think that they have such thoughts.

I am not sure if I get right, you mean Binance is NOT listing those good projects but instead they just list those with big communities through voting? I think Binance is doing a good job in listing those tokens that are considered a good project even if they are not even included in the list of tokens that received a lot f votes. For sure Binance knows which project is good and which one is not.

Binance my lovely exchange, but I know their requirements to new ICOs - It's money and big community ofcourse.

I think Binance' selection procedure is brilliant. Voting means participation of huge active community and that brings more money to them.
Trade volume is very important in an exchange and that's how they can bring in more money.

Core team member of the coin is sending a request to be in the voting list and Binance is having a screening first[1]. It's not that Binance just list all the coins requested to be listed, they filter it, which means they choose what they think is a good coin/token/project. Then the community votes decide after.

I support a coin which the dev applied to be listed in the voting list, but Binance didn't list it. The reason dev think was maybe it's because Binance wants a working product and since their product isn't fully developed yet, it was not considered for that specific month. That's why I also believe that Binance is having a screening first.

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[1] https://support.binance.com/hc/en-us/articles/115001308592-Binance-Starts-Its-Community-Coin-per-Month-Program