Bittrex Listing “Likely Better Indicator of Coin Credibility than Binance”
It is the world’s leading crypto-currency exchange, and a coin listing on its platform has been thought to cost anything up to $1m USD for a single trading pair.
“It’s another example of Binance demonstrating lack of interest in coins they list,” states one user on Reddit. “80% of Bytecoin is pre-mined and held by an unknown user, why aren’t Binance asking about that?”
The implication is that Binance simply ignored any potential conflicts of interest raised by what was a 600%+ pump in the price of Bytecoin in the hours following its listing on the platform.
The approach taken by Binance appears to contrast with that of Bittrex, another top ten exchange but which provides free listings. “Every token we consider listing on Bittrex goes through a comprehensive review to determine if it’s a good fit,” Bittrex claim.
As a result, its interest automatically are more likely to align with those of users. Bittrex has also been know to proactively de-list coins on its platform when the project team behind a coin does not appear reactive to addressing technical or compliancy concerns.
There may be signs, however, that Binance is starting to address at least some of the concerns relating to its internal policies. After the fiasco of the Wepower / Elastos stand-off of late February which resulted in a surprise and largely unexplained listing for third-placed Zilliqa in its Coin of the Month competition, Binance has since held off on staging another such contest in a move that some interpret to be the result of a revising of its listing procedures.
Whilst the Bytecoin episode appears to indicate that Binance’s approach to listings still has room for improvement, it appears the market itself, however, has handed out its own verdict with Bytecoin currently trading at below its pre-Binance listing price.