Changpeng Zhao, CEO of Binance is down to earth for a crypto billionaire. The man people call “CZ” is friendly and quietly focused. He believes the Future is Decentralized but Will Take a While to Arrive.
Earlier this month Binance announced that the company will make all listing fees transparent. In addition, 100% of fees will be donated to charity. The move generated a fair amount of attention for the world’s largest cryptocurrency exchange by trading volume. Previously, listing fees on Binance have varied based on a number of factors such as the type of token and expected daily volume.
Zhao told CCN:
“There were so much incorrect data, rumors and FUD about listing fees. We care about our community and want to address this once and for all.”
He told CNBC’s Crypto Trader it takes an intense amount of research and consideration of three key fundamentals.
The white paper
There should be no points given for this guess. According to CZ, In order to learn about a project, we have to read and understand the whitepaper. Research the community, Look at the source code on GitHub.
He says that they look for products and not just concepts. If a project has a concept, that’s good. But, Binance is presently too big to list concept coins. They advise that if you just have a concept, it is better to list on smaller exchanges first, and Binance can monitor the performance of the business.
A team is the most fundamental factor to the success of a project. Binance works on finding a good team, a team with ability and ideally with a history. It’s kind of hard to tell if they’re going to do the right thing or the wrong thing. But a team with a good history tends to carry on.CZ says that at Binance they dig deep into the community reviews. CZ states,
We have to use our power very carefully. We’re very careful about the projects we support because whichever one we support, everybody rushes in.”
Binance wants a product to have users. They actually check how many users a project has without publishing any hard standards like having 10,000 users on Telegram. Otherwise, people are just going to incentivize others to join their Telegram group.
Changpeng Zhao says,
“If you have a good project, we will list it.”
So, looks like Zhao has set the stage for everyone out there looking to get their coin listed on Binance.