The volume of trading on cryptocurrency exchanges fell by 80% in comparison with indicators of January. In order to remain profitable, many of the exchanges began to use controversial tactics.
Fee per listing
One way of monetization that is now actively used cryptocurrency exchanges is the fee for the listing.
The two largest exchanges in the world Binance and KuCoin willing to charge a fee for listing a new token at the site. Both exchanges claim that the fee depends on how much you can trust the project. CEO Binance Chan Peng Zhao, remarked that “we are not salesteam shidoin”, even if his team will offer 4000 BTC.
Condition for listing on Binance
Christopher Franko, who heads the blockchain startup Expanse said that Binance requested 400 BTC (2.6 million USD) for the listing of their token on the platform. Franco also claimed that KuCoin demanded 50 BTC. Although both exchange dispute these figures, Binance claims that the price for the listing may vary depending on the quality of the project.
However, what is a “quality” project, representatives of the Binance not explain. This project has long ceased to be simply by the exchange of a whole ecosystem, which is often in a difficult relationship with cryptocurrency projects and blockchain startups. It would be much easier, more transparent and more honest if Binance set a fixed fee for the listing. At this moment it seems that the main criterion is the amount you can pay for the project.
Innovations in the field of motivation from OKex
OKex, the second-largest cryptocurrency exchange, which formally does not charge for a listing. However, they require all candidates to contribute to the development of the community, namely to attract 50,000 new users, 20,000 of which must be active, i.e. to have the balance of a minimum of 1 ETH and actively engage in trading.
OKex also offers users to vote for the candidates for listing. Bitfinex also uses this tactic and encourages the most active and loyal traders. Binance also allows you to vote for new tokens, and also charge a fee for it (though symbolic).
Que Sera, Sera
The market is full of tokens, and therefore exchanges can afford to choose what to list and what not. Quite naturally, they choose the projects that can pay a pretty penny or bring some benefit to the site.
Probably even bitcoin, if it was launched today, hardly made it to any of the top exchanges.